All Forum Posts by: Al Wilson

What you describe is a custom piece of legal drafting, not off-the-shelf boilerplate. I would suggest that all of the partners sit down with your attorney and have him or her draft an Operating Agreement for you. Good luck.

I am confident that my CPA's have saved me in taxes many times the money I have paid them to file returns over the years. Get yourself a good CPA, who will likely prove to be a resource for a lot of things other than simply filing tax returns. Good luck.

Interesting legal question. As a practical matter, it is unlikely to cause a problem. If you want an answer you can count on, you will want to consult a lawyer who is licensed in your state. Good luck.

Excellent question for your CPA. Good luck.

You will likely want to give your sister a second lien position. Your lawyer can draft that document and a promissory note. I would recommend that you have your CPA run an amortization schedule for you, so that you and your sister will know exactly how much loan interest is due. Good luck.

Since you are new to all if this, I would recommend that you take the financing proposal to your attorney and discuss it with him or her. Good luck.

I always have my attorney write this sort of letter, since it has legal consequences and needs to meet your state's contract law requirements. Good luck.

I would run away from this one as fast as possible. Life is too short to deal with people who are irrational. Good luck.

Yes. Your CPA can take care of this for you. It entails electing to be treated as a corporation for tax purposes and then making a Sub-S election. Good luck.

This is a good question for your engineer. Good luck.