All Forum Posts by: Ryan Seib

The existing name may be copyrighted, trademarked, or unavailable for a state level entity name. Also you would ideally get permission from the neighbor in writing first to avoid myriad issues.

Nitpicking on which skills are worth what between partners is a headache. Better just agree on a percent ownership split and what things you will do for the partnership. Or just 50/50. A confused mind says no.

Agreed. $4000 may be just an estimate. There are lots of estates attorneys. So I would recommend finding one that is easy to communicate with, available, and has some staff but not so many that you know they are not personally looking at your documents.

A trust is really for planning your estate after death. If you want to pass on the LLC in accordance with your wishes and the trust spells that out, there is usually no good reason not to use the trust for what it is intended for.

Yeah this is potentially serious. And what you mentioned (selling the real estate and presumably disbursing the proceeds to the LLC owner) could potentially mean personal liability for the owner(s). A judgment means the lawsuit was already decided. So you would want to try to appeal if there is possibility of doing so. There are time limits on how long you have to appeal. So the person would need to contact a lawyer as soon as possible in my opinion.

That said if the real estate is sold out of the LLC, that is not necessarily wrong. It may not violate the judgment (though you would want to confirm that by reading the judgment). But the LLC likely has to pay the judgment as part of disbursing the proceeds to owners. If the LLC has a correctly written operating agreement, it has more options to decide when to pay, or to keep reinvesting the proceeds perhaps near indefinitely, and/or continue to disburse income without paying the judgment.

Justin Dobson is a local dedicated property manager. There are many others, many great ones.

In some states everyone has workers comp by default through a state uninsured employers fund. If a business owner fails to buy insurance, workers comp still covers losses, but the business owner has to pay penalties and could be subject to jail time and so on. Also the workers comp statutes in some states only protect the direct employer, not a client of the employer, from a lawsuit. So the workers comp system actually functions to limit claims by employees against employers. If you are not the employer, then someone else's employees may have claims against you. Workers comp will not cover those unless you are able to qualify as an employer by definition. That could happen if you work with a temp agency for example.

So in short the failure of a business you hire to obtain workers comp could be a problem in some states. In general, you are only indirectly affected by it because you are choosing to hire a company that probably cuts corners. 

Usually parent-child relationships would take advantage of the gift exemptions as much as possible as well.

It is fairly simple in half the cases. Most of the time forming a partnership is just forming an LLC with 2 or more owners. When you have passive investor partners, you start talking SEC issues. You can form your own LLC and then have that LLC join the partnership LLC if you want. These complexities are simple in concept, but are necessarily based on written agreements: entities are mute and do not talk to each other other than what is written down. I hope that helps.

State Bank of Cross Plains maybe; Bank of Lake Mills is flexible; Monona Bank.