Category FAQ

If you’re like the hundreds of thousands of businesses who received an SBA loan under the Paycheck Protection Program, you’re likely wondering what comes next? Like you, many business owners are facing a new challenge; employees are refusing to come back to work upon reopening.

Whatever the reason may be, an employee refusing to come back to work could have an impact on your PPP loan forgiveness. Thus, it’s a problem that needs solving.

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The IRS defines a Partnership as “relationship existing between two or more persons who join to carry on a trade or business.” As such, the partnership does not pay taxes but enjoys pass-through taxation. Each partner shares in the profits and losses of the business. The partners are given a Schedule K-1 (Form 1065) for their taxes.

Every state has its own laws, but typically, there are no formal requirements to establish a partnership, such as filing a document with the state (as is typical for corporations and limited liability companies) or drafting an agreement between the partners.

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The term force majeure has been in the news a lot lately due to the coronavirus pandemic. Still and unsurprisingly, many startups, small businesses, and individuals are unaware of what that clause refers to.

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If you plan on forming an LLC in New York, you may find yourself googling, “how much does an LLC cost in NY?” or “how to form an LLC in NY?” You may also be wondering what the NY LLC publication requirement is. This FAQ discusses the various costs and documents associated with forming and maintaining a NY LLC.

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If you plan on starting a business in NJ and forming a New Jersey limited liability company, you probably find yourself googling, “how much does an LLC cost in NJ?” or “how to form an LLC in NJ?” This FAQ discusses the various costs and documents associated with forming and maintaining an NJ LLC.

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The question, “should I form an LLC or Corporation?” will come down to a handful of factors. These factors include your short & long term goals, business model, and potential tax liability.

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