If you have a general partnership through an LLC that you own, would you still be liable for debt?
348510
i believe the structure you are describing is:\n\nYou \n |\nLLC\n |\n GP---Other G/L Partner(s)\n\nThe LLC will be liable for debt to the general partnership.  You yourself may still be liable if the LLC corporate veil is pierced (research the case law of the state in which you organized your LLC to find what standards are used to determine whether the LLC veil can be pierced.)
839169
This question screams for a lawyer.\n\nIf both businesses are sole proprietorships, you could make the case that you had sold the business to him to make good your rental debts. Technically, in a transaction like this, the buyer of a company takes on both the assets AND the liabilities... Unfortuantely this sounds like a sales contract was not drawn up.\n\nI suggest, since you're obviously not rich, that you at least seek some pro bono guidance from a legal clinic. Good luck.
72887
You can.  I currently have a 12 1/2 % investment in a company that was started about 8 years ago by 2 partners.  The partners each put in $x thousand and paid themselves back over time.  \n\nYou do need to either have the debt currently available to you (probably as an individual) or you need to have you or someone else loan you/your business the money.  Failing that, you could go to the SBA, but you may have to put your house or some other asset against the loan as collateral.
1090284
check this....http://www.tsha.utexas.edu/handbook/online/articles/CC/llc1.html
763303
They are relatively similar in that company income is passed through to the owners. However, with an S-Corp an owner is expected to report a "reasonable salary" where a partnership doesn't have that requirement. \nTaxing requirements for different types:\nhttp://www.irs.gov/businesses/small/article/0,,id=98359,00.html\n\nYou will of course to talk to an accountant before you decide because states have different requirements after that. But Tax advantages and disadvantages are not the best differentiators when determining your business structure. An S-Corp offers more flexibility in the long run and other benefits on top of that. If you are wavering on the two you should look at LLC as well.
587904
Anything is possible. It depends if the other person had the authority to "bind" you.  In other words, did the agreement specify who has the authority to do what?  Did you have an oral agreement with person number two before the lawyer got involved?  You need to obtain a copy of the written agreement and GET A SECOND OPINION FROM YOUR OWN LAWYER.\n\nI am not a lawyer, so I am not permitted to give legal advice.  I am an accountant who has cursory knowledge of only the theory of such matters.  You need to see your own lawyer.\n\nBy the way, LLCs are normally taxed as partnerships for federal tax purposes.  Good luck!\n\nThank you for allowing me to be of service to you.
610903
A business owned by one person, who is entitled to all of its profits and responsible for all of its debts, is considered a sole proprietorship. This legal form is the simplest, providing maximum control and minimum government interference. Currently used by more than 75 percent of all businesses, it is often the suggested way for a new business that does not carry great personal liability threats. The owner simply needs to secure the necessary licenses, tax identification numbers, and certifications in his or her name, and you are now in business!\n\nThe main advantages that differentiate the sole proprietorship from the other legal forms are (1) the ease with which it can be started, (2) the owner's freedom to make decisions, and (3) the distribution of profits (owner takes all).  \n\nStill, the sole proprietorship is not without disadvantages, the most serious of which is its unlimited liability. As a sole proprietor, you are responsible for all business debts. Should these exceed the assets of your business, your cred­itors can claim your personal assets--home, automobile, savings account, and investments. Sole proprietorships also tend to have more difficulty obtaining capital and holding on to key employees. This stems from the fact that sole proprietorships generally have fewer resources and offer less opportunity for job advancement. Thus, anyone who chooses the sole proprietorship should be prepared to be a generalist, performing a variety of functions, from accounting to advertising. \n\nAdvantages\n \nYou're the boss.     \nIt's easy to get started.    \nYou keep all profits.    \nIncome from business is taxed as personal income.  \nYou can discontinue your business at will.   \n\nDisadvantages \n\nYou assume unlimited liability. \nThe amount of investment capital you can raise is limited.  \nYou need to be a generalist. Retaining high-caliber employees is difficult.  \nThe life of the business is dependent on the owner's.
167111
Nothing really. It is just an entity ending. When you file with your state you will file as a corporation. The different business entities would be a corporation, a limited liability company or a partnership ( general, or limited partnership)You would be best to call the Corporation Commission in your state.
309783
depends on the debt...child support etc yes
818748
Refer to your partnership agreement.  You do have a legal agreement, right? If not, find a lawyer and be prepared to write some unpleasant checks.
170503
Partnerships strugle. Especially if one person isn't lifting their portion of the work. If your partner is not willing to sell or give up his portion, you can't kick him out of your partnership without first desolving the company. Additionally, the risk is shared. So if your partner screws up, you're held responsible.\n\nPartnerships can be good if both communicate and are clear on their expectations of each other. Specifying criteria in writing before creating the business partnership will help you out in the long run.
761763
From what I understand generally about estate law, your parents' debts should not roll over to you and your siblings when they pass away. However, if you or your siblings are co-owners or partners with your parents in any business enterprise or are gurantors to any loans taken by your parents, then yes, you may become liable to their debts when they pass away.\n\nIn short, you will not be liable for their liabilities unless you are somehow a party to the liability to begin with.
797834
you will probably qualify as a partnership, not a Corp (Ther are certain guidelines to both).  You should talk to the small business association to get that information tho.  You are right though, it is mostly about taxes.  If you are a corporation, you are what they call, double taxed, but you are only liable as far as the business itself.  As a partnership, you are liable for everything you own.  Meaning that if someone sues you, they can take everything as a partnership, but the upside is that taxes are lower.
108027
The successor company may be liable under the continuity of enterprise doctrine and/or the defacto merger doctrine.  Additionally, the principals of the two companies may be personally liable if you are able to "pierce the corporate veil" (very difficult but not impossible).  Depending on the amount of money at issue, you may wish to file a lawsuit yourself in small claims court.  But beware, if you sold the products/services through a corporation, you cannot represent the corporation in court in most states - you will have to hire an attorney.  If a significant amount of money is involved (and probably in any case), you should consult with an attorney.  It would help if you had a written contract providing that the prevailing party in any dispute arising out of the contract is entitled to attorneys fees.  Commercial disputes are difficult, and you would be wise to invest a little time/money with an attorney to see whether this claim is worth pursuing.  Best of luck.
947334
Would depend on the nature of the mistake, but ultimately you're responsible for paying the correct amount of tax.  If you were billed wrong, then there shouldn't be penalties associated with not having paid the whole amount you should have, but if they bill you later for the balance, then you'd owe it.
231011
why would you have legal action against you? is the llc in default or what.\nplease give us more detail and we may be able to help you get answers, \n\n\ni am not sure of your meaning but i assume this big company is a lien holder? but if it has been 7 years u should ask an attorney about the staute of limitations, i can only guess what your situation is but if you want to email me with more detail you can do so at rsgreenhoe@yahoo.com
419979
Open another LLC so that you don't have one LLC's liabilities conflicting with the other's.