Tagged Questions

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1answer
36 views

Do I need my own lawyer on a partnership agreement modification

Back story: I'm the majority equity and voting power holder in a multi-member LLC (Three members, I will call partnership). A year ago we had a partner's wife, who is a corporate lawyer, create a ...
2
votes
1answer
82 views

Existing Consulting Biz - Looking to grow, considering new partners

This is a difficult question(s) to get in a succinct message. I run a profitable consulting firm since 2003, specializing in IT consulting. We focus on 1 'package' from a large software company ...
2
votes
1answer
108 views

What should I watch out for when closing an LLC?

I'm declaring one of my startups kaput and moving on to another. The first venture, Stronico Contact Management, was an llc and had a ten percent partner. We declared it closed by mutual agreement ...
1
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1answer
102 views

Partners in an LLC

I'm about to bring on two partners in my LLC. However both have indicated that the "partnership" would be between my company and each of their incorporated entities. Is that normal? What is the ...
0
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4answers
943 views

Is 50/50 partnership in an LLC a good idea when partner has idea and money?

I have seen similar questions, but am curious if this seems like a fair arrangement. Partner and I have already started a 50/50 split LLC. Myself: Technical vision, skills, no capital investment ...
2
votes
4answers
1k views

How to take a draw in a multi-member LLC?

My business partner and I are forming an LLC. As I understand, members of an LLC are not employees and therefore are not on payroll. Instead they pay themselves by taking a draw from the LLC funds. ...
1
vote
2answers
353 views

How to split up LLC ownership?

My friend and I are planning on forming an LLC around some services we are providing. I am working fulltime on our services and started the initial work 6 months in advance My partner has a fulltime ...
0
votes
1answer
170 views

Pay a lawyer to convert partnership to LLC or do it myself?

I recently started a partnership (4 months ago) and now I want to convert it over to an LLC. We are starting to generate profit and we would like the limited liability protection. I've been thinking ...
2
votes
4answers
318 views

One-man startup wondering if I should recruit help, and the smart way to go about it

I'm looking to start a website to supplement my day gig. I have the ideas, funds, and skills to do pretty much everything by myself, except for the front-end design. I plan to own the site under my ...
1
vote
3answers
497 views

How many companies or LLCs exist where at least one of the partners did not put up capital to receive equity in the LLC?

How many companies or LLCs exist where at least one of the partners did not put up capital to receive equity in the LLC? For example, in an online business one partner may pay all of the bills while ...
1
vote
2answers
200 views

Switching from a partnership to an LLC

I started my company as a General Partnership - partly to avoid fees while still ramping up, and partly because I wasn't foreseeing large revenue in the intial year. Time went by, and now I need to ...
2
votes
4answers
225 views

Need advice on partnership issues

There are 3 partners in my company. One of them has been causing some problems lately and has made some mistakes that has caused problems for many of our company's clients. I have had to send out ...
1
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2answers
2k views

LLC for virtual company with members in multiple states

I am starting up a small business software company with a friend who happens to live in another state (I am in MA, he is in IL). We are planning on creating an LLC for liability protection, and are ...
4
votes
3answers
3k views

Multi-Member LLC - question setting up my EIN

Thanks in advance for any help answering this question. I have already set up a multi-member LLC in New York State. I attempted to register for an EIN as an LLC but was told by the IRS that I would ...