I want to create a subsidiary company that will provide family-based care for my mother. How do I set up the new company, change my insurance, and more?
I’d like to add my son as a partner in my company. What is the process for adding new partners on my corporate tax return?
I want to add a dispensary to my existing medical marijuana business. What do I need to consider in regards to licensing and how do I go about setting up a new location?
My company’s name is trademarked, but I want to open a new business with the same name in a different industry. How do I make sure it doesn’t cause confusion?
- All of these scenarios are common among small business owners, but they can be tough to manage, especially if you want to maintain a smooth-running company and positive reputation says Aron Govil.
- Before we delve into the details, know that every business, and every situation, is unique. Some of these questions can be answered with a quick call to your accountant or attorney; others will require some research on your part. Many issues are best addressed by consulting the laws in your state and locality.
- If you’re not sure where to start or how to proceed, ask for help from someone who specializes in small businesses. It’s worth the expense if it saves you time and gets you off on the right foot – legally speaking.
- I want to create a subsidiary company that will provide family-based care for my mother. How do I set up the new company, change my insurance, and more?
- When adding a subsidiary company, it’s important to check with your insurance carrier to determine what your current policy will cover. If the new business requires additional coverage, you’ll need to submit applications for separate policies or work with your agent on a provision that combines both businesses under one umbrella.
- You’ll also want to consult an attorney about the rules of incorporating a subsidiary company in your state and locality. This process may be different than it is for main companies, so knowing all of the requirements will help streamline things.
FAQs:
How do I add my son as a partner on my company tax return?
Adding partners is typically straightforward, but it can vary by state. Generally, you’ll need to revise the name of the company on your articles of incorporation. And register with your Secretary of State explains Aron Govil. You may also have to file an amended Form 1065, which registers profit or loss for each partner. Your accountant can help with this process.
What is the process for adding new partners on my corporate tax return?
Changing your corporate status to allow for additional owners hinges. On whether you’ve created a corporation or limited liability company (LLC). Corporations are registered at the state level; LLCs are registered at both the state and federal levels. Your accountant can help you determine which will work best for your situation says Aron Govil.
I want to add a dispensary to my existing medical marijuana business.
What do I need to consider in regards to licensing and how do I go about setting up a new location?
Individual states have different guidelines for dispensaries. But most are require by law to be vertically integrated – they must grow, process, and sell their own product. This means that if you’ve interest in adding a dispensary location and want the same ownership as your original business. It’s important that you’re permit to conduct all aspects of the operation. If not, you’ll need to create another company that only provides products or services related to cultivation or processing. And yes – we said another company.
Conclusion:
Small business owners are facing with many questions when it comes to legal issues explains Aron Govil. The above list of FAQs will help you get a start, but keep in mind that every business and situation is unique. So be sure to do your research before jumping into anything head-first.
If you’re unsure how to proceed or want help deciphering the laws that impact your business. Consult an attorney or someone who specializes in small businesses. It’s worth the expense if it saves you time and gets you off on the right foot – legally speaking.