One major question is: How do you get out? Unlike a job, you may not be able to just quit. Ordinarily a member cannot quit unless the...

I am looking to buy a taxi cab company but the seller has IRS problems. How to I buy it without taking on her legal issues

When buying an operating company you can never be sure what liabilities it may be subject to. In that structure the best you can do is get...

Capital Gains on a real estate sale - taxable?

Well, I am sorry, but she owes the capital gains tax. Since she has sold it she can’t un-ring that bell and do any planning.

If you dissolve the LLC properly, it’s similar to a bankruptcy. Creditors who are listed in the Notice of Dissolution and receive the notice are...

You may be better off letting it die on the vine. You have no personal responsibility for the taxes as long as you have not taken a distribution...

Do I need foreign qualification for a traveling vending business?

For years, the test for “doing business” has been whether you have an office, employees or inventory in the state, aka a “nexus.” Since you have...

Can I name the business owners individually in a lawsuit?

Yes, you should name the owners personally, particularly since the company has dissolved. A judgment against the LLC may now be worthless, since a...

Does my father who is over 85 need to file federal and state income tax?

Generally a guardian is required to file a tax return as an agent for a legally disabled person if the individual would otherwise be required to...

How I can claim the amount of a promissory note. The responsible party is not responding

You must take action soon or the statute of limitations will bar your collection. Either file in small claims court if the amount is small enough...

What to do with an IRA distribution check that's past the 60 days?

As you have learned, generally the rollover must be made within 60 days or it will be taxed as a distribution from the IRA. IRS has authority to...

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