New York Corporate Legal Questions

One way is to estimate the value of his/her work and have the person earn his/her interest as the work is satisfactorily performed. Otherwise, you could have the person own a forfeitable interest with a work requirement before the interest stops being forfeitable. Perhaps, the main and most important thing you have to determine is how much this person's work is worth. This is not intended to be legal advice, and is general in nature.No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

It does not look like the suspension was as a shareholder, but as an employee which would be totally independent of his rights as a shareholder. Are there any written agreements among the shareholders or between your husband and the company? Such agreements might contain applicable provisions which could affect his rights. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

Generally, the board of directors would have to approve the share buy- back, subject to legal restrictions under state law depending upon the financial condition of the corporation. This is not intended to be legal advice, and is general in nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

Secretary can probably also be treasurer but it depends on corporation's by- laws and your state's   corporate law. This is not intended to be legal advice, and is general in nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

The owners of a New York corporation are called "shareholders." The evidence of ownership is called a "stock certificate." You give away (or sell) an interest in your corporation by issuing stock to the new owner. The stock can be stock you own or new stock issued by the corporation. An attorney can assist you in making these transfers. The new owner should consent to the S election.  ... Read More

You will need to consult with a registered agent in Grand Cayman (such as Citco) to assist you in forming the entity. You should note that tax-avoidance opportunities that you may imagine from such an arrangement are limited. Moreover, it will be a crime to fail to disclose to the IRS your control over a foreign bank account. If you intend to use the vehicle to buy income-producing property in the U.S., you would probably be better served forming the entity in New York.... Read More

As a general matter, the retirement plan is a legal entity separate from your employer. Your rights are limited to those set forth in the plan document. If you dispute the amount of your accrued benefit or the manner of payment, you need to pursue the proper defendants -- usually, the trustees of the retirement plan, not the employer -- and you need to know your rights under the plan itself. You should review the plan for how disputes are handled and resolved. You will have extremely limited rights to have judicial review of a determination by the plan trustees.... Read More

People 18 years of age can vote because of the 26th Amendment to the US Constitution. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

That is a vary subjective question.  As with all law practices, there are pros and cons for practicing corporate law.  Additionally, there are numerous specialties within the broad practice area of corporate law, such as corporate taxation, corporate governance, or incorporation.  If you have questions concerning practicing law, try contacting a local attorneys to see if they offer any internships for high schoolers to see what practicing is like. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.... Read More

Setting up a corporate structure that would work in this situation depends substantially on the reason your new employee wants the 10%. If it is for income purposes, setting up a preferred stock with dividends but non-votiing rights might work, but if it is for control reasons, you would probably not be able to give him 10% and not reduce the principals percentages.Thus it is important to get answers to more questions before a structure can be devised. This is not intended to be legal advice, and is general in  its nature. No attorner client relationship exeists or is formed by this information.Furthermore, this does not represent the views of Lexis Nexis or its affiliated company.... Read More

There is no reason not to create an entity in New York. From the limited information provided in your question, it is unclear why you want a single corporate umbrella. Moreover, a corporation is different than an LLC(limited liability company)- there are advantages or disadvantages, dependent on your needs, the tax consequences, the entity's operation, etc. You should consult with qualified counsel, in determining which path to take. Gerry Wendrovsky, Esq.www.upperwestsidelawyer.com    ... Read More

In order for your donors to receive a tax deduction, your theater company must receive tax-exempt status from the IRS.  The application for filing is Form 1023; the instructions will guide you as to what additional documents are required.  You must also file with the state as a nonprofit corporation; that is done through the state government. If you are able, I would suggest that you receive assistance from a local attorney with nonprofit experience.... Read More

Certainly you can be sued, but the question will be whether you will defeat the lawsuit. As a board member, various questions arise- what is your fiduciary duty, to the board or the association? What efforts did you make to reveal the truth? Is there insurance that will cover your representation available, and for what purpose? You should discuss these issues with a qualified attorney. Gerry Wendrovsky, Esq.- Upper West Side Lawyerwww.upperwestsidelawyer.com  ... Read More