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This section of our site is geared towards understanding the world of Multistate Corporate taxation. First, we will give you an introduction into multistate corporate taxation, what it is and why it is critical if you operate your business through a corporation. Many, with the help of our website, now understand that if you have a Nevada corporation, in 95% of the cases, you have established nexus in some other state and will have to register as a foreign corporation in your home state. But, you may also have to register in other states and apportion income tax to several Read the rest…

Before you buy an Interest in an LP or LLC You Must Read This!

Protecting Partnership and Partner’s Assets from Tax Collections Claims

The IRS argues that a demand on the partnership for delinquent taxes is a demand upon all the partners and is sufficient to comply with both Section 6321 and 6303 of the IRC. Thus taxes assessed against the partnership generates a lien on the property of the individual partners.

Section 6321 creates a federal tax lien by providing the following:

If any person liable to pay any tax neglects or refuses to pay the same after demand, the Read the rest…

The courts in Ohio have upheld the use of choice of law clauses by parties to a contract. See Schulke Radio Productions Ltd. v. Midwestern Broadcasting Co., 6 Ohio St.3d 436, 453 N.E.2d 683 (1983), and its progeny. While the parties may specify that a particular state’s law applies, they may not realize that this refers only to the substantive law of that state, and not to the procedural rules, including statutes of limitation. See Cole v. Mileti, 133 P.3d 433 (6th Cir. 1998)(case brought in Ohio governed by Ohio’s 15-year statute of limitations for contract actions, although the law chosen by Read the rest…

Nevada’s homestead law is of constitutional origin. Article 1, § 14 of the Nevada Constitution states, in part:

The privilege of the debtor to enjoy the necessary comforts of life shall be recognized by wholesome laws, exempting a reasonable amount of property from seizure or sale for payment of any debts or liabilities hereafter contracted[.]

More to the point, Article 4, § 30 of the same document deals specifically with homestead exemptions:

A homestead as provided by law, shall be exempt from forced sale under any process of law, and shall not be alienated without the joint consent of husband Read the rest…