Form a Company

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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Q.:  We have built enterprise-class software products for banking, education and manufacturing segments. We have an established set of clients and a recurring revenue stream.  How do sell a corporation in the technology industry? A.:  There are a number of issues to consider when you’re looking at how to sell a corporation: When do you […]

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Q.:  I started a business about 15 years ago. Because of sickness, I couldn’t get it off the ground. I never had any revenue or inventory. Now the credit people have it listed as a current business. How do I unincorporate?   A.:  The proper way to close a corporation is to file a certificate […]

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