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    1. N

      Can I switch from form1065 to $3000 annual ordinary?

      What is the name of your state? Kansas My status is a shareholder that has filed losses on Form1040x for 2000 and 2001 using a Form1065 (sch-k). I need to file for profit for tax year 2002,but manager/owner honestly believes all liability lies with him and as such will not spend the $1000 for...
    2. N

      Schedule K tied-up for three years..what now?

      What is the name of your state? Kansas - Our health club LLC is the claimant in a property lawsuit since 2001 and finally in the appeals process. The club closed in 2004. I am one of 5 shareholders besides the owner/manager. Schedule K for 2002, 2003, or 2004 have not been distributed. I...
    3. N

      42year old nephew has moved-in, how to rid?

      What is the name of your state? Kansas - 76yr old man/72yr old woman have allowed a 42yr old nephew to move-in to re-cuperate from brain injury and the nephew seems determined to stay forever. Occupancy is now at 60days, nephew has no job, no future, has numerous child support problems, credit...
    4. N

      Judgement set aside... Good? Bad?

      What is the name of your state? Kansas Our health club sued landlord for $800k and jury awarded $676k. Evidently the defendant argued inadequate defense by his lawyer and had the verdict set aside. New jury trial set for Dec. 3, 2003. My question is: Everyone presents new figures or does the new...
    5. N

      interim appeals lawsuit?

      What is the name of your state? Kansas 700k has been awarded in my favor (silent partner in LLC), the 'other side' will most likely file for appeals. Is there any way to file a lawsuit (against judicial system?) to lay claim on my share and only my share of the original investment? thank you
    6. N

      file claim lawsuit while being appealed?

      What is the name of your state? Kansas. If an award of $500,000 has been awarded to an LLC against a former landlord, but has been appealed. It is possible to file a lawsuit during the appeal process to lay 'claim' on my original investment of 3%? Would want a guarantee should the parties agree...
    7. N

      Paying for schedule K.

      What is the name of your state? Kansas Our business manager is indicating that the shareholders of an LLC will have to pay a portion to the accounting firm to obtain the final paperwork for taxes. Does this should proper? We have never paid in prior two-years...THANX
    8. N

      Sharing cost to pay for accounting

      What is the name of your state? Kansas Our business manager is asking the shareholders to pay a portion of services rendered by the accounting firm before we can receive our final tax statements? Is this legit? Thanx
    9. N

      2% shareholding now worthless

      What is the name of your state? Kansas 3% share (30k) has become worthless in a Health Club L.L.C. due to the fact the biz is shutting its' doors. Initial investment was year-end 2000 and declared 39dollar loss. 2001 was 3285dollar loss and nothing yet on 2002 but owner is giving-up because of...
    10. N

      Suing a business thats' closing it door

      What is the name of your state? Kansas. My question regards an investment (3% share @30k) into a health club that is closing its doors due to legal fees against a former landlord. No details if biz is filing for bankruptcy or what entails (found out today). Due to this 30k investment, I too...
    11. N

      investment shares must be sold?

      What is the name of your state? Kansas The health club, l.l.c. that we invested 30k in October 1999 was involved in a fire totalling everything in March 2000. The value has dropped from 1.5million to 500,000thou and of course the original capital (2%) is next to nothing. The LLC agreement says...
    12. N

      How/with whom do investors file a complaint?

      What is the name of your state? Kansas Would like someone in authority to begin an investigation into possible mis-appropiations of investor funds. As an individual, I handed over 30k for a 2percent share of a health club in Oct.2000 (total of seven investors 30k each)...Some updates to the...
    13. N

      What is deemed necessities or luxuries?

      What is the name of your state? Kansas - General idea as to what would be allowed to maintain standard of living for a Chapter 13: Telephone? basic television cable? 3 low-value cars? How does one find what the Federal exemptions are as opposed to our local state exemptions. Thank you....
    14. N

      Are verbal agreements at startup binding?

      What is the name of your state? Kansas - October 2000, My wife and I were informed (many, many times) by a business owner and business consultant that if we could invest $30,000 in this new LLC, our monies would be returned within two-years at the latest. Well, the club caught fire within...
    15. N

      Is an attorney necessary?

      What is the name of your state? Kansas If the Bankruptcy court assigns a mediator, of which I assume is the reason for a cost on filing, then how would a third-party attorney be beneficial on a Chapter 13 filing? I haven't yet seen any information on 'how soon' does one file for chapter-13...
    16. N

      No Show or discovery requested from lawyers

      What is the name of your state? Kansas - Leased building burnt-down and owner had stipulated in terms-of-agreement contract to re-build right away, but for unknown reasons -did not comply (even now almost two-years!). The lawsuit premilinary hearing was not even attended by the persons named...
    17. N

      dissolving an L.L.C...best avenue to take?

      What is the name of your state? Kansas. Our Health Club is being sued by the state A.G. office due to a recent buy of another health club and the members evidently are not 'assignable' and funds are to be returned. $7k loss per month. Our Health Club is struggling due to a recent fire and...
    18. N

      adjusted basis

      What is the name of your state? Kansas if the first year in business for a health club LLC shows a loss of 340dollars and in the following year, the club suffers a fire and the loss on my k-1(1065) is $3800. (thus $340 and then $3800) $30,000 is my initial investment for a 2percent share...
    19. N

      Capital loss carryover in profit year

      What is the name of your state? Kansas - Health club LLC experienced a fire causing a total loss to business. Owner had 'business continuation' insurance, so as a party to the LLC, I had loss of $3,800dollars. I understand that the max loss for tax year is $3,000dollars, but my question is what...

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