QUESTION on How to Handle Resignation of LLC Member Hi. My mother and I started a LLC back in 2003. We are both equal share 50/50 members. However, my mum is getting on and just doesn't want to bother to be part of this any longer. She would like to resign. What do I need to do? Is it a matter of getting the right form and filling it out and filing it and if so what form is … [Read more...] about How to Handle Resignation of LLC Member
How to Change Business From Sole Proprietorship to an S-Corporation
QUESTION ON How to Change Business From Sole Proprietorship to an S-Corporation Hi. I am planning to open a retail store next year and have spent some money on researching the idea, location, etc. I plan to form an S Corp when the store opens, but would like to know if it makes sense to file a sole proprietorship in the mean time so I can write off the expenses this tax … [Read more...] about How to Change Business From Sole Proprietorship to an S-Corporation
How to Issue Employee Stock Options for an S-Corporation
QUESTION ON How to Issue Employee Stock Options for an S-Corporation We have a small S-corp with 3 partners. Two of us have 35% and one has 30%. We hired an employee in March of 2007 and promised him we would each give him 2% after he'd been with us for a year. What are our options in doing this? Do we have to make him a partner or can we just give him the 6% and have it in … [Read more...] about How to Issue Employee Stock Options for an S-Corporation
How to Form LLC or LLP for a Start-Up Home Business
QUESTION ON How to Form LLC or LLP for a Start-Up Home Business I am in the process of starting a partnership for a cleaning company. I have a partnership agreement form, and would like to know what what the principal office of the business is and who it should be. - Jessica W, Maine ANSWER Dear Jessie: The principal business address is typically … [Read more...] about How to Form LLC or LLP for a Start-Up Home Business
Leaving a Startup Company and Non-Compete Agreements
QUESTION ON Leaving a Startup Company and Non-Compete Agreements I am a young professional. I recently chose to withdraw from a startup company prior to its incorporation. I had approached the other key individual with the idea for the startup in fall of 2005. Over the course of 6-8 months of working with the individual I discovered that I could not work with him over the … [Read more...] about Leaving a Startup Company and Non-Compete Agreements