N.C. audit slams Golden Leaf Foundation Nov 4, 2009
As of June 30, 2008, Golden Leaf had 37 percent of its portfolio, nearly $270 million, in limited partnerships and limited liability companies and was not subject to state laws limiting such allocations to 20 percent. Wood says the General Assembly should study the issue. (Charlotte Business Journal, NC)
Appraiser, law firm in land deals linked Nov 3, 2009
That September, the two bought the property for $185,000 using the name of a limited liability corporation, Chestnut Towers, property records show. The men still own the property and rent it out, Pickens said. (Atlanta Journal-Constitution -- Metro)
2 sides debate offshore drilling Oct 29, 2009
Opponents demanded to know all of the members of the Florida Energy Associates, the driving force behind the push in the Florida Legislature, a limited liability company that has hired more than 30 of the state's leading lobbyists to push for lifting the ban. FEA's public face is Lance Phillips, a Republican Party activist and independent oil producer from Mexia, Texas, and Doug Daniels, a lawyer from Daytona Beach. (Florida Today)
Tribune's Greising joins O'Shea's Chicago News Cooperative Oct 28, 2009
The cooperative, now a non-profit, will use a new Illinois law to change to a low-profit limited liability company next year. The structure allows it to take money from foundations as well as private investors. (Crain's Chicago Business)
NuStars third-quarter earnings in line with estimates Oct 28, 2009
NuStar GP Holdings is a publicly traded limited liability company that owns the 2 percent general partner interest, the 18. 4 percent limited partner interest and the incentive distribution rights in NuStar Energy. (San Antonio Business Journal, TX)
Scientists discover, patent, sell waste-water tech Oct 27, 2009
After an extended search for a business partner, Sam Houston State selected a private firm, PCD Inc, of Palestine Texas, to form a limited liability corporation company named Active Water Sciences (AWS), to manufacture, market, sell and further develop the systems. The University retains a majority interest in the corporation and has licensed the technology to AWS for three years. (EurekAlert! -- Business News)
Unique approach buys NMSO time to reach financial harmony Oct 24, 2009
But in an unusual move, it s borrowing money from a newly formed limited liability corporation. NMSO Building Fund LLC raised $655,000 from about 20 investors. (New Mexico Business Weekly, NM)
TSX Venture Exchange Daily Bulletins for October 23, 2009 Oct 24, 2009
Property-Asset or Share Purchase Agreement: TSX Venture Exchange has accepted a Share Purchase Agreement dated February 21, 2009 (the "Agreement") among Gulfside Minerals Ltd. (the "Company"), and Allied Mega Investments (the "Vendor"), a limited liability company registered in Hong Kong and 100% owner of mineral exploration licenses 9304X and 12835X located in Mongolia (the "Property"). Pursuant to the Agreement, the Company has the right to acquire a 100% interest in the Property from the... (CCNMatthews Press Releases)
BB&T seeks foreclosure of Barfield Bays Brentwood Apartments Oct 23, 2009
It s the second lawsuit brought by against a limited liability company in Hillsborough County owned by of Naples and Ronald Glas, firm president, court records show. The most recent lawsuit, filed Oct. 13 in the 13th Judicial Circuit, seeks to foreclose on the 180-unit complex at 8741 Grove Trail for a $9. (Tampa Bay Business Journal, FL)
Investors in now-defunct Hawaii company sue its founder Oct 22, 2009
According to the lawsuit filed Feb. 27 in 1st Circuit Court, Turk Cazimero solicited $244,800 from Gino and Jill Marzo in October 2004 to form a limited liability corporation called Hawaiian Huricane Productions. (The company s official name has one r in Huricane. (Pacific Business News, HI)
Partying and explosions at dunes irk neighbors Oct 20, 2009
The property owner is listed as Desert Sands Enterprises, a limited liability company with an Ashton address. Romrell asked Hibbert to find out the names of the owners and invite them to a commission meeting to talk about compliance with their permit for the RV park. (Rexburg Standard Journal, ID)
Finance and Economic Growth, Remarks by First Deputy Managing Director John Lipsky Oct 20, 2009
All of these had limited liability, which was innovative for the time ... In contrast, among English banks at the time, only the Bank of England was granted limited liability. (IMF News)
US climate debate goes nuclear Oct 19, 2009
More than three years over time and 55% over budget $4400 per installed KW. GOVERNMENTS subsidise nuclear power through govt loans, funding R & D, direct ownership, funding decommisioning and waste management, providing limited liability for accidents, with transfer of capital costs to TAXPAYERS. All of you pro nuclear free marketeers need to read the previous sentence a few times to digest. YOU (WE) WILL PAY. (Sydney Morning Herald -- Opinion)
Nigeria: I Do Not Owe Any Nigerian Bank a Dime -- Albishir Oct 18, 2009
"In spite of his generosity, as he is not under obligation to use his personal resources to pay a limited liability company loan, moreso when the aircraft are under lease, we received a letter from Bank of the North Ltd to accelerate the repayment," Ringim said. He said the company was surprised that Senator Albishir's name was drawn up even after the company settled the bank draft it took and Unity Bank had taken custody of the two aircraft and sold them. (allAfrica.com)
'The last thing we want to do' Oct 18, 2009
The Wyoming Transportation Commission wants about 29 acres owned by the Schlidts -- through their Flying Seven One, Two and Three limited liability companies -- immediately south of the North Platte River. Wells Fargo Bank also is named as a defendant in this lawsuit. (Casper Star-Tribune, WY)
Did authorities ignore alerts? Oct 18, 2009
Records show the company was incorporated as a limited liability corporation in 2007 and is registered as a pooled investment fund with the Securities and Exchange Commission, listing revenues of under $1 million. The investment firm, located at 39 North Pearl St., has allegedly garnered several million dollars in investments from more than 350 people who were recruited through various means, including by a former Countrywide mortgage broker who had access to their financial backgrounds,... (Albany Times Union)
Read the story Oct 18, 2009
" I was wondering why U.S. government unemployment never showed up in the monthly stats. THERE IS NONE! IT JUST KEEPS GROWING AND GROWING AND GROWING! by WHOmentorsdotcom April 18, 2009 9:54 PM EDT It's not enough to simply graduate from a college or a university. Scholars, especially F-1 OPT international students, may want to learn how to incorporate as a Nonprofit Public Benefit Organization or to organize as a Limited Liability Company before graduation. Direct-hire employment may trend... (CBS News -- Evening News)
McNair's portion of restaurant can be sold Oct 17, 2009
White said in a court filing that he wanted to dissolve the limited liability corporation that owned the restaurant. In your voice. (The Clarion-Ledger)
Lawyer Charged With Lying About Knowledge of 'Pump and Dump' Scheme Oct 17, 2009
But according to prosecutors, Brown helped his co-conspirators profit from the fraudulent transfer of more than $25 million to a set of limited liability companies ... The stock was later sold through one of the limited liability companies, generating total proceeds of $200,000 ... In 2007, the Federal Bureau of Investigation began interviewing Brown and a family member about the business dealings of the limited liability company involved in the stock sale. (Law.com)
Yerkes researchers present at 39th Annual Society for Neuroscience Conference Oct 17, 2009
Emory Healthcare includes: The Emory Clinic, Emory-Children's Center, Emory University Hospital, Emory University Hospital Midtown, Wesley Woods Center, Emory University Orthopaedics Hospital, the jointly owned Emory-Adventist Hospital, and EHCA, a limited liability company created with Hospital Corporation of America. EHCA includes two joint venture hospitals, Emory Eastside Medical Center and Emory Johns Creek Hospital. (EurekAlert!)
Nigeria: Anti-Corruption Body Storms Lagos to Recover Bank Debts Oct 16, 2009
Addressing Journalists in Abuja yesterday the Group Managing Director of Savannah Airline Ltd, Abdul Ringim also affirmed that, though Bashir was the chairman of the Savannah Airlines that was indebted to the defunct Bank of the North to the tune of N14m but "the airline was a limited liability company". By Emmanuel Aziken, Emma Ovuakporie, Peter Egwuatu, Yemi Adeoye and Chinyere Amalu. (allAfrica.com)
Opus South condo towers to change hands Oct 15, 2009
Three limited liability companies that have the same Charlotte, N.C., address as Wachovia Bank won the bids. Water s Edge Clearwater LLC agreed to pay $20 million for Water s Edge where only 10 of the 156 units have previously sold, records show. (Tampa Bay Business Journal, FL)
Mitsibishi Corporation Announces Comprehensive Alliance with Sinopharm Group and Investment in Beijing Huahong Oct 15, 2009
Huahong is incorporated under Chinese law as a Limited Liability Company with a registered capital of 40,000,000RMB. Sinopharm Group own 60% of Huahong, and ChangXinYiDa 40. Through this joint venture, Mitsubishi will acquire 9% interest in Huahong from Sinopharm Group and 16% interest from ChangXinYiDa, for a total of 25. (JCN Network, Japan)
Developing at dumpsite Oct 14, 2009
Jay Eastwood, a member of the limited liability company formed to develop the property, said he would ensure any contamination at the site is cleaned up before development begins. Eastwood said he knew nothing about the 25-acre property when he purchased it through a foreclosure eight to 10 months ago. (Klamath Falls Herald & News, OR)
Proposal would build homes on former dump siteNeighbors concerned about possible soil, other contamination Oct 14, 2009
Jay Eastwood, a member of the limited liability company formed to develop the property, said he would ensure any contamination at the site is cleaned up before development begins. Read the full story in Wednesday's Herald and News print edition. (Klamath Falls Herald & News, OR)
Unhappy LPs limit funds to PEs, VCs Oct 14, 2009
A venture capital firm is usually structured in the form of a limited liability partnership and people who invest in it are limited partners. Seen in the Indian context, the bulk of venture capital inflow is from overseas markets like the US and Europe, with limited partners mostly being institutional investors such as pension funds and insurance companies and family offices (high net-worth individuals) who are mostly based out of the US.. (India Times, India -- Intl Business)
GOP uses ACORN to fight bank redlining law... Oct 13, 2009
A JPMorgan Chase mortgage officer, Guilermo Loaiza, until recently was on the board at ACORN Housing Corp. He also served as presidents of Arizona ACORN Housing Corp. and ACORN Beverly, a limited liability corporation through which ACORN developed a Phoenix subdivision with help from $4. 8 million in credit from JPMorgan Chase. (The Drudge Report)
No tax-free conversion into LLPs yet Oct 12, 2009
00004000 NEW DELHI: The government will look at withdrawing capital gains tax that is levied when unlisted companies convert to limited liability partnerships (LLPs) once the new business vehicle finds acceptance in the country ... The government will look at withdrawing capital gains tax that is levied when unlisted companies convert to limited liability partnerships (LLPs) once the new business vehicle finds acceptance in the country. (India Times)
Uncle Sam Demands More Than Valentine From Farmers (2) Oct 11, 2009
This includes the following: Net Schedule F income; your share of net income from a S corporation, partnership or limited liability company; wages received by a S corporation shareholder from the S corporation; and gain from the sale of assets used in farming and reported on Form 4797 and/or Schedule D (Form 1040), but not gain from the sale of land or timber. Farmers are allowed to use a negative farm income for calculations in the base year, they say. (Agri-View, WI)
FDI norms to cover LLPs Oct 10, 2009
NEW DELHI: The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been allowed in India. LLPs, which combine the features of partnerships and limited liability companies, are the preferred corporate structure for the services sector globally, particularly tax-accounting and law firms ... Govt is working to... (India Times)
210 Trade developer files Chapter 7 Oct 8, 2009
filed the bankruptcy proceedings Oct. 2 for its affiliate Charlotte FC, the limited liability company developing the 48-story, 419-unit tower that is partially constructed at the EpiCentre complex. The company filed in Indianapolis, which is where Flaherty & Collins is based. (Charlotte Business Journal, NC)
Starwood Capital takes over failed Corus Oct 7, 2009
Under the deal, the FDIC will sell a 40 percent equity interest in a limited liability company created to hold the Corus assets to the Starwood group, which also includes , Perry Capital and WLR LeFrak, the FDIC said in a news release. The FDIC will hold a 60 percent equity interest in the LLC. The closing is expected to happen this month. (Pacific Business News, HI)
Real estate flippers back in South Florida, but this time they could help Oct 5, 2009
Jupiter-based Pudlit Joint Venture incorporated as a limited liability partnership in mid-June and began paying cash for Costco-style home buys. In August and September, Pudlit purchased 42 Palm Beach County homes, according to the property appraiser's office. (The Palm Beach Post)
Demcores ripple effect Oct 5, 2009
Jason Goldberg, who is part of the limited liability companies that own the buildings, said Friday hes working with the bank to renegotiate the loan. A foreclosure wouldnt force tenants to leave, he said. (The Herald-Mail Online)
UTrucking gets blast from past Oct 5, 2009
The limited liability company (LLC) now has 100 to 150 student employees and more than 1,400 customers every year. Although Needle and Laranch had only broken a few plates in their transportation process, an insurance policy has been installed and updated, which has become a major source of pride for the business. (Washington University Student Life, MO)
Feds probe money firm Oct 4, 2009
Swiss Capital, which has a Web site displaying photos of Switzerland, has literature stating the limited liability company has branches around the world, including plans last year to open a ''headquarters'' in Manhattan. Bass, who lives in a spacious Tudor-style home on Park Hill Lane in Menands, is listed in material as a former Italian ''vice consul'' and international financier. (Albany Times Union)
Police probe strange actions by company Oct 2, 2009
Fruitland Police Chief J.D. Huff asserted the firm, Urban Marketing Media, a limited liability company, approached the Fruitland and Payette chambers of commerce in 2008 about selling advertising for a coffee table book that could be used as a relocation tool for the chambers. The magazine was to be completed earlier this year and distributed to the local chambers of commerce. (Ontario Argus Observer, OR)
Suit: Mastro moved assets to defraud creditors Oct 1, 2009
Commercial developer Michael Mastro Sr. transferred a $15 million Medina home, multiple diamond rings and a 2008 Rolls Royce into limited liability companies owned by an off-shore trust, according to a complaint filed Wednesday against Mastro in federal court ... The complaint also names Mastro s wife and related limited liability companies ... According to the suit, Mastro transferred his house into LCY LLC, a Delaware limited liability company with membership shares that are owned by a... (Puget Sound Business Journal, WA)
Judge stalls bid to wrest control of Super 88 Sep 30, 2009
Through a limited liability company, Wu purchased the debt of the homegrown Boston chain and scheduled an auction of its three stores and other assets for next week, possibly planning to buy them back himself ... The amount of Super 88 s debt was seven figures, according to Wu s attorney, Hayes Young, who said that Wu has a substantial interest in Lucky Star Elmhurst, the New York limited liability company that purchased Super 88 s debts. (Boston Globe)
Time for a 'Business Divorce' Sep 26, 2009
And where there is no pre-existing agreement like a shareholders' agreement, a limited liability company operating agreement, or a partnership agreement with a road map that governs the separation, business divorces can quickly become very nasty. Are you seeing business divorces triggered by situations specific to this recession. (BusinessWeek)
A year later, despite TARP, construction bumpy Sep 26, 2009
Projects that are moving forward are getting help from the state and counties, or by developers pooling resources to form limited liability corporations. waffled over its Rio Rancho customer service facility because of financing issues with construction last winter. (New Mexico Business Weekly, NM)
Truth about health care, illegal immigrants Sep 24, 2009
Instead, lower malpractice premiums by providing limited liability protection for the hospitals and doctors treating patients without insurance coverage. That, he said, would save money for premiums as well as reduce some of the costs associated with defensive medicine. (Athens Banner-Herald)
The Valley's priciest home sales Sep 24, 2009
The home was sold by Joanne Tedesco, managing member of JHT 1 LLC, an Arizona limited liability company. $2,635,000. (AZCentral -- Business)
Risking all often the point Sep 22, 2009
Its worth recalling that before the introduction of limited liability in the 19th century, investors in stocks stood to lose it all, even for making a minor investment ... We could do well to consider a return to unlimited liability if only to better focus the actual meaning of risk ... It's like everyone wants a limited liability in life. (Sydney Morning Herald -- Opinion)
Tri-board meeting has Feoffees in cross hairs Sep 22, 2009
The Feoffees formed a limited liability corporation, LNSW LLC, and received a 20-year loan to pay for the system. As an LLC, there are no obligations for public reporting of disbursal of income. (Ipswich Chronicle, MA)
Blumenthal: State Marshals Broke Law By Double-Charging For Deliveries Sep 22, 2009
The opinion also says that under state law, marshals may not operate under limited liability corporations and may not hire other marshals on salary. The legal opinion will likely affect the state's top-earning marshal, John T. Fiorillo, who collected $3 million in foreclosure work last year and cleared more than $1 million after expenses. (FOX61, CT)
Granite City swaps debt for equity Sep 22, 2009
The shares will be turned over to DHW Leasing, a limited liability corporation. However, Granite City will reserve rights to buy back some of the stock issued to DHW. Granite City would pay. (Twin Cities Business Journal, MN)
Kenya: Tea Farmers Set to Earn More Despite Drought Sep 22, 2009
KTDA also recently registered a microfinance firm, Greenland Fedha Ltd, a non-deposit-taking limited liability company with an initial share capital of Sh160 million. Although the move was met with stiff opposition from other players, the firm shall offer loans to tea farmers at an interest rate of 8. (allAfrica.com)
More business registration forms online Sep 20, 2009
Documents available today for immediate purchase include articles of incorporation, annual filings, partnership and limited liability company formation documents, and foreign statements of qualification. The DCCA's online registration service is part of the Lingle administration's efforts to provide individuals and businesses with innovative and efficient online government services. (Honolulu Advertiser)
Ice cream shop soon to come Sep 20, 2009
The ice cream shop will be a Limited Liability Corporation, a for-profit business under Circle of Friends. Volunteers from Citrusuco and Hutto s Construction Company showed up at Bargain City shortly after 10 a.m. Wednesday to unload the ice cream parlor equipment, which has a story of its own. (Lake Wales News, FL)
Sumant Batra, President of UK-based INSOL Sep 19, 2009
Personal insolvency law should be under the administrative domain of the ministry of corporate affairs, which has learnt so much from preparing the corporate insolvency law and insolvency of limited liability partnerships. The proposed reforms were conceived before the global financial crisis. (India Times)
Opening a Home Based Upholstery Sho... Sep 19, 2009
Business type refers to whether the business will be a sole proprietorship, a partnership, or a limited liability corporation. This is an especially important consideration for an upholstery shop. (Suite101.com)
Budget problems threaten state corporation panel Sep 19, 2009
On one hand, there is money coming in, to the tune of about 233,000 a month paid by individuals who file papers for new corporations at 60 a pop and 50 fees for limited liability companies. But there is no statutory authority to use that money to pay the bills. (Sierra Vista Herald, AZ)
Three parcels of land and four developers that have taken interest Sep 19, 2009
Though ownership of the planned Symmes development transferred from E. A. Fish to JPI a few years ago, Fish, a Boston-based developer, is still listed as the resident agent and manager, through a chain of limited liability companies. Brigham s. (Arlington Advocate, MA)
Find the Joy in Real Estate Sep 18, 2009
They would be smart, for example, to seek the advice of a tax professional to create an S corporation or a limited liability corporation, which would lower their tax bills by allowing them to deduct business expenses. Agents also would be wise to spend more time on lead management, as dedicating too much time to marketing makes little sense if they have not cultivated the necessary leads. (Realtor Magazine Online)
FDIC sells off Franklin assets Sep 18, 2009
The FDIC has set up a limited liability company containing the Franklin assets, and Residential Credit will pay $64 million for a 50 percent equity stake in the company, which in turn will issue a note in the amount of $727. 7 million to the FDIC as receiver. (Houston Business Journal, TX)
RCS to Purchase $1.3 Billion in Residential Mortgage Loans From FDIC Sep 17, 2009
The LLP is part of the Public-Private Investment Program announced in March by the Secretary of the Treasury, the Federal Reserve, and the FDIC. In the pilot sale, RCS will purchase a managing membership interest in a limited liability corporation (LLC) that will hold the entire pool of mortgage loans. RCS and the FDIC will each own a 50% equity interest in the LLC while RCS will manage and service the loans on behalf of the LLC. As part of the LLP pilot program, the FDIC is providing a funding... (PR Newswire)
Residential Credit Solutions wins FDIC bid Sep 17, 2009
2 million in cash for a 50-percent equity stake in a limited liability company, to which the FDIC will convey the residential mortgage loans. The LLC will then issue a note of $727. (Dallas Business Journal, TX)
Michael Mastro Sr. in court, answers first wave of questions Sep 16, 2009
Rigby questioned Mastro closely about the purchase of the rings and other significant jewelry and the transfer of these and other assets into a limited liability corporation. Mastro said the transfers were made on advice of a lawyer as part of his estate planning. (Puget Sound Business Journal, WA)
Doing Business in Iraq: 10 Smart Rules Sep 15, 2009
For foreign companies wishing to establish a separate corporate entity for doing business in Iraq, rather than a branch office, there are a range of incorporation options, including the limited liability company, joint stock company, joint liability company, sole owner company, and simple company ... The most popular forms of incorporation for foreign-owned entities are the limited liability company and joint stock company. (BusinessWeek)
SEC goes after SoBe condo-hotel developer Sep 15, 2009
is alleged to have fraudulently offered and sold about $9 million of securities to about 55 investors in the form of membership interests in various limited liability companies that he controlled and operated, according to an SEC news release. According to the complaint, filed in federal court in Illinois, Falor was to use the investors money to buy old hotels and convert them to condo-hotels and sell them at a profit. (South Florida Business Journal, FL)
Xavier Charter School grows, plans new building Sep 14, 2009
Through a limited liability company, Paragon Schools will own the new building after constructing it and lease the school to Xavier. Such arrangements give schools time to get established before seeking financing for buying buildings and lease agreements typically include the option to purchase in the future, Fairbanks said. (Burley South Idaho Press, ID)
Scottsdale home building off 63% for year Sep 11, 2009
Barry Gabel and Mindy Korth of CB Richard Ellis represented the seller, Mesquite Corporate Partners, an Arizona limited liability company with offices in Parsippany, N.J.. Developed by Trammell Crow in 1999, the building is along the Kierland Golf Club. (AZCentral -- Business)
Preuksa Signs an MOU to Establish its First Joint Venture in Vietnam - The Company's First Project in Haifong is Worth Over One Billion Baht Sep 10, 2009
BANGKOK, Sept. 8 /PRNewswire-Asia/ -- Mr. Thongma Vijitpongpun, President and Chief Executive Officer of Preuksa Real Estate Public Company Limited, revealed that, "We are delighted to announce that we have recently signed a Memorandum of Understanding (MOU) with Mr. Do Huu Ha, the President of Hoang Huy Services Investment Joint Stock Company, to jointly invest in Vietnam. Through this collaboration, a joint venture under the name Preuksa Vietnam Limited Liability Company is established with a... (PR Newswire)
Business.view: The voice of business Sep 9, 2009
This ruling was later clarified by the Supreme Court under Chief Justice William Rehnquist, who had dissented from the Bellotti ruling, noting that a state grants to a business corporation the blessings of potentially perpetual life and limited liability to enhance its efficiency as an economic entity. It might reasonably be concluded that those properties, so beneficial in the economic sphere, pose special dangers in the political sphere. (The Economist)
