Questions tagged [partnership]

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What happens if a LLC Member fills out the LLC license with Malicious intent in the state of Mississippi

If There are 2 members of a LLC and a verbal agreement in which one Partner has 65% of the company and the other Partner had 35% of the company but the Partner with 35% of the company set up the LLC ...
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3answers
105 views

Commissioning work: Who owns the rights in this scenario?

My Colleague is currently in debate with someone they previously worked with last year in collaboration, under who owns the rights to the items in the following scenario. The scenario is: A group of ...
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0answers
42 views

Why would a company with a market cap over $100 million choose to be a non-limited, general partnership?

Why would such a significantly profitable company choose to have unlimited liability? What benefits would still be afforded by the non-limited, general partnership structure? United States especially.
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1answer
60 views

How much are partnerships and LLCs really taxed?

Based on the IRS website, partnerships and LLCs being taxed as partnerships appear to only file (at the federal level) 1065 forms with schedule K-1 forms (for each partner/member). If I'm reading ...
-1
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1answer
225 views

What legal entity(s) would be best for startup funded by kickstarter or other investment?

Assuming someone is going to start a business that is to design, build and manufacture a small electronic handheld device. They post campaigns on Kickstarter, Indiegogo, and other crowd-funding ...
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1answer
15 views

How should we document % ownership in our company? [closed]

My friend and I launched a web application. We intend to make it a paid service by the end of the year. He has 1/3 shares and I have 2/3 (per a verbal agreement). We haven't yet established any LCC,...
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1answer
341 views

Must a partnership agreement contain 754 provisions in order to make a 754 election?

I am a limited partner in a nearly 40 year old limited partnership agreement governed by the laws of the state of Nevada. The partnership agreement is silent with respect to 754 elections. Can this ...
1
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1answer
53 views

Can this contract be valid without any signed agreements and who owns the product?

I'm trying to figure out this scenario - Company X (US based company) agreed to do a Joint Venture with an individual (let's call him B, he's non US citizen) to create a software product. X were to ...
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1answer
174 views

Promissory Note Versus Loan Agreement for Real Estate Investment

I have a friend that has been flipping houses for years and I have an opportunity to invest in one of her upcoming deals and would like to do so. However, I am not sure what the proper way for me to ...
0
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1answer
34 views

Who is liable when the membership of a partnership changes?

Suppose there is a partnership with five members. On Monday, someone commits a tort on behalf of the partnership (e.g. assaults a customer). On Tuesday, one of the partners leaves the partnership and ...