Recent LLC Expert Legal Chats

Dolan W.

Answered on Mar 6, 2025

Hello! My name is Dolan and thank you so much for contacting us.

Dolan W.

Answered on Feb 18, 2025

Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: Did you get an email from the IRS yet about the EIN? How long ago did you do this?

Dolan W.

Answered on Feb 3, 2025

Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: What is the nature of the work you do for the client? Do you work full time in NY?

Dolan W.

Answered on Dec 2, 2024

Hello, and thank you for your question. My name is Dolan, and I’d be happy to help with this. I carefully review each question and provide responses based on my years of hands-on experience as a lawyer. Yes, your LLC can purchase a car. Since an LLC is a legal entity, it can own property, including vehicles. However, there factors to consider:
1. Business Purpose: The car must be used primarily for business purposes to justify the purchase through your LLC.
2. Financing: If you’re financing the car, lenders may require a personal guarantee, especially for newer LLCs.
3. Tax Deductions: Purchasing a car through your LLC may offer tax benefits, but proper documentation is key.
Could you provide a little more detail about the intended use of the car and your LLC’s structure? That will help me give you more tailored advice.

Dolan W.

Answered on Dec 2, 2024

Hello *****, and thank you for your question. My name is Dolan, and I’d be happy to help with this. I carefully review each question and provide responses based on my years of hands-on experience as a lawyer. The short answer is yes, an LLC can buy a business. This is a common structure for business acquisitions because it provides legal protections and flexibility for the buyer. Here are a few things to consider: 1. Asset vs. Entity Purchase:
- The LLC can either purchase the assets of the business (i.e., equipment, inventory, intellectual property) or the entity itself (i.e., the corporation or LLC).
2. LLC Agreement:
- If your LLC has multiple members, you’ll need approval from all members or a majority vote, depending on your operating agreement.
3. Due Diligence:
- The LLC should thoroughly review the financial, legal, and operational details of the business before completing the purchase. Could you provide more details about your LLC and th...

Dolan W.

Answered on Nov 22, 2024

Hello ****, and thank you for your question! My name is Dolan, and I’d be happy to help with this. I carefully review each question and provide responses based on my years of hands-on experience as a lawyer. Keeping your LLC in good standing involves a few critical steps. These vary slightly by state, but the most common requirements include:
1. Annual or Biennial Filings: Most states require you to file an annual or biennial report. This updates your business information, such as your registered agent and business address.
2. Paying State Fees: These are usually tied to your annual report filing and vary by state.
3. Maintaining a Registered Agent: Every LLC must designate a registered agent to receive legal and tax documents.
4. Keeping Business Licenses Current: If your business requires any local, state, or industry-specific licenses, ensure they’re up to date.
5. Separate Business Finances: To maintain your LLC’s liability protect...