Form a Company

Post image for Basic Training: Bookkeeping and Business Startup

Today’s post deals with the conundrum, how to account for business expenses without a company bank account, and how to set up a company without business funds? Q.:  “I recently formed an LLC to create an online store. Because I saved diligently I had enough money in my personal savings account to cover all setup […]

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Post image for Diversify, But Keep It Legal

Here are tips to help you avoid multiple headaches from having multiple business lines. Tough times call for creative measures. So it’s no surprise that many of the entrepreneurs I’ve encountered are taking on something new: a new line of business, a new venture, a new alliance, a new target market. Let’s look at a […]

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Post image for Basic Training: P is for You Can Pick Your Partners, You Can Pick Your Nose . . .

. . . but you can’t pick your partner’s nose. (Or can you?) I received an inquiry from someone who, I’m sorry to say, is going at this bass-ackwards. She’s chosen a business partner, but not the kind of business she wants to set up. She wants to control all the decisions, but seems more concerned […]

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Many entrepreneurs have law questions about the process of transfer of ownership and closing a business. Sometimes, the transfer of ownership takes place in the context of a company merger or company acquisition. Other times, you may just be looking to sell a corporation, and that’s where a stock transfer takes place. Want to know […]

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Q.:  In a privately held company, is it necessary for a stock transfer between two directors to be approved by the shareholders?   A.:  Under most state laws, shareholders have the right to approve (or disapprove) any transferring ownership is involved, including a stock transfer.  If the company has multiple classes of stock, the shareholders’ […]

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Q.:  I have started two companies one an LLC and the other an S Corp that I used for a very short time and would like to stop using. How do you go about the process to close a business?   A.:  Just as you needed your Secretary of State’s permission to open your business, […]

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Q.:  I work for a company that has branches in three separate countries, as three separate businesses. Each is owned and operated by the same people. The owners would like to go through a company merger so that these three entities form one company. Is this possible, or do they need to form an entirely […]

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Post image for Basic Training: N is for Never Practice Medicine without a License

You’d think that would be self-explanatory. But with the proliferation of the internet, holistic products and that gray area of “wellness,” who’s to say? Today’s Basic Training entrepreneur already had a website selling a product that’s 100 percent natural. She didn’t disclose the product to me but says that it could be perceived as medicine […]

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Q.:  Can Subchapter S retired stock be un-retired?   A.:  Generally, when you have gone through a stock transfer to sell your shares back to a corporation, when you later buy back in to the company ownership, the corporation simply issues new shares to reflect the new purchase. In an ideal world, when someone sells […]

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Q.:  I’m a Canadian wanting to buy a small to medium-size business. Are there restrictions to purchasing a U.S.-based company? I have no credit history in the U.S. I have $300,000 to $500,000 to invest. I’ve also heard that any non-U.S. citizen who invests more than $100,000 in a business gets fast-tracked for a green […]

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