All Forum Posts by: Brian Boyd

@Christopher Smith you would likely be audited, fined, and assessed. Report ALL income from ALL sources.

Eamonn is correct. Based on the pass through treatment of LLCs, this would not be a liquidation event since this is not a corporation. 

Are these monthly expenses? Surely not. However, these are legitimate expenses that create a valid entity. These documents make the difference between a piercing the corporate veil and not. I suggest you keep the course. These are simply start up costs.

@John Thornley 👍

@Monica Morff send me your contract, I’ll look over it for the fee provision.

@Monica Morff your financial history has no bearing on the contract. They are scaring you.

@Monica Morff Most real estate purchase and sale contracts have an Attorney’s fee provision that allows for recovery of reasonable Attorney’s fees if you prevail.

Listen to your lawyer and try to see the 30,000 foot picture: from the sound of it, they are not going to let it go. If I were advising my client, I would advise them to wait until the otherwise actually files a suit. This really sounds like a shakedown.

Look over your property disclosures as well.

If you provided a property disclosure report identifying the property's water then you will have provided them notice. Moreover, they had the opportunity to inspect the property prior to closing. If your contract provides for legal fees, you may want to consider looking at this from the other side of the spectrum. The more they cost you and you win, the more they have to pay out of pocket. Read your contract and call a lawyer. It does not sound like it will go away. Best of luck.

@Timothy Williams what process exactly? The business formation, bank account or the credit card? Each one has its own process and if you open an LLC that process has to be step A. Then the bank account would be step B, then the credit card would be step C. But, I have a feeling your questions are more acute. Just fire away and I'll help you with what I can.

Just looking to invest passively for the time being.