Canada's Corporate Tax Rate among the Highest in the World, but Cuts are Closing the Gap Sep 18, 2008
Some provinces are also cutting their corporate rates (Canada Newswire)
Schwarzenegger Sets California Budget Veto; Record-Long Impasse Continues Sep 17, 2008
The spending plan also requires limited liability corporations to remit business fees earlier, and would force businesses to make larger estimated tax payments sooner in the year. It also asks voters to approve selling $5 billion of bonds backed by the state's lottery, money that would be used to balance next year's budget. (Bloomberg -- US)
Legislators reach accord on state budget Sep 16, 2008
The compromise would raise additional revenue by eliminating tax deductions that businesses take when they have net operating losses, creating an amnesty program for cheats who pay their overdue taxes, requiring limited liability corporations to pay their fees earlier, and requiring businesses and individuals to make bigger estimated tax payments sooner - 60 percent of taxes to be paid in the first half of the year rather than 50 percent ... 3 billion); earlier payment of fees on limited... (San Francisco Chronicle)
California lawmakers reach compromise on budget Sep 15, 2008
Limited liability companies would have to prepay fees that normally would not be due until the next fiscal year. The state would give tax cheats amnesty to encourage them to pay what they owe. (Los Angeles Times)
Efficiency of personal service company Sep 15, 2008
The PSC is set up as a limited liability company and with some exceptions (where professional rules do not permit) this could have the effect of offering protection to professionals offering consultancy services. The risks associated with the professionals business would usually be covered by indemnity insurance but by using a PSC, such risk is reduced even further. (The Star Online, Malaysia -- Business)
McCain wealthier than Obama, Palin and Biden Sep 14, 2008
Cindy McCain, 54, and the McCain children are also partners in a number of limited liability partnerships and corporations that own real estate in Arizona and California. The McCains file separate tax forms but U.S. Senate financial disclosure protocols combine spousal wealth. (Atlanta Business Chronicle, GA)
Health clinic plans still under way Sep 13, 2008
Aside from finding a location, the group is working to put together a limited liability company to potentially run the clinic, but other questions remain, Poorten said. The physicians and mid-level providers, do they work for NIU, the hospital or the new corporation. (DeKalb Daily Chronicle, IL)
Health clinic opens Monday Sep 13, 2008
It was established by the Wyoming Quality Healthcare Coalition, a limited liability company that includes Rio Tinto Energy America, Powder River Coal Co. and Foundation Coal West. Coalition spokesman Bob Green said the Monday debut was a soft opening, and that a more formal ceremony should come in October. (Gillette News-Record, WY)
Regulators visit Sunwest-tied firm Sep 12, 2008
Many are limited liability companies that individually own the chain's 280 retirement homes. The retirement communities, which offer independent living, assisted living and some "memory care" units for sufferers of Alzheimer's, pay 5 percent of revenue to Sunwest to manage the facilities. (OregonLive, OR -- Business)
Legal Filing Online Easy for Entrepreneurs Sep 12, 2008
The cost of hiring a lawyer or law firm on a per-hour basis for basic legal services like forming corporations, limited liability companies and nonprofits can be detrimental to a new, family-owned business like Long's. But she needed help getting the job done. (Pekin Times, IL)
Real estate scam in Triangle, Fayetteville halted Sep 11, 2008
Under the court order signed by Judge Paul Gessner, defendant Maurice Jenkins and the limited liability corporations he manages -- Lessane Properties and Fayetteville's Property Center -- are prohibited from continuing "unfair and deceptive business practices" in the real-estate venture. The case against two other defendants, Arkansas resident Holly Stevens and The Eddie Peyton Group LLC that she managed with Jenkins, are pending. (News & Observer -- News)
Anurag Goel, Secretary, Ministry of Corporate Affairs Sep 10, 2008
Not just companies, even partnership firms and LLPs (limited liability partnerships) could benefit from this facility. Continued. (India Times)
Bet might turn profit for fledgling horse owners Sep 8, 2008
The limited liability company's intention is to disband by the end of the year, with each partner sharing in the profit or loss. Most owners maintain a horse or stable of horses throughout the year. (San Diego Union-Tribune)
Seattle bankruptcy trustee sues CEO of mortgage lender MILA Sep 6, 2008
The suit also names Sapp s wife, Cari Sapp, as well as six limited liability companies affiliated with the Sapps. When reached Friday afternoon, Layne Sapp denied all of the allegations but declined further comment. (Puget Sound Business Journal, WA)
Pity The Celebrity Taxpayer Sep 6, 2008
To deal with that, many try to keep their revenue streams separate by running their affairs through a limited liability company or a corporation. Joe Geier, a Maryland accountant whose firm handles tax issues for many current and former Baltimore Orioles baseball players, including Cal Ripken Jr., says he often sets up LLCs to handle endorsement contracts for his clients. (Forbes)
ASU spins out algae-based technology for jet fuel as part of biofuel initiative Sep 4, 2008
Located at SkySong, Arizona Technology Enterprises was established in 2003 as an Arizona limited liability company whose sole member is Arizona State University Foundation. Staffed by professionals with extensive industry and university experience in intellectual property and related business development, AzTE operates as the exclusive IP management and technology transfer organization for ASU. For more information about AzTE, visit. (EurekAlert! -- Business News)
Paradise Valley home sells for $3.7M Sep 4, 2008
Work Shoe Investments LLC, an Ohio limited liability company whose authorized representatives are Ronald and Sally Shoemaker, purchased a new 6,803-square-foot, four-bedroom, 4-bathroom home within the Firerock Country Club in Fountain Hills. It has premier finishes and materials, including Cantera stone, travertine, alder wood and granite, with a theater room, five fireplaces, elevator, wine/exercise room, dome ceilings and three laundry areas. (AZCentral -- Business)
New guidance issued on letters of engagement for tax practitioners Sep 3, 2008
Despite the best efforts of the entire working party and the subsequent reviews by the various bodies, by the time we publish the final updates, odd oversights will inevitably become apparent. Someone will look at everything with a fresh pair of eyes and offer an alternative view liberally sprinkled with constructive criticism of the Professional Bodies. (Accounting Web, UK)
Mesirow Financial Increases Revenue and Assets Under Management in Fiscal Year 2008 Aug 31, 2008
(After the consolidation of certain limited partnerships and limited liability companies required under current accounting rules, audited revenues totaled $860 million). Mesirow Financial remains one of the few private financial services institutions in the industry to disclose annual financial results. (PR Newswire)
Companies Bill gets Cabinet clearance Aug 31, 2008
Amendments to the Companies Bill, 2008, coupled with the new law on limited liability partnership (LLP) firms would bring about a sea change in the way companies are regulated, Mr Sibal said. The Bill calls for substantial reduction in government control on the affairs of companies, by promoting an era of self-regulation and shareholder democracy. (Economic Times)
Steve Cahalan: Burnstad’s to begin remodeling, expansion Aug 31, 2008
said Joe Swayne, managing member of the limited liability corporation that owns the fitness center. The fitness center opened in November 2006. (La Crosse Tribune, WI)
East Hartford Council Adopts Adult Business Restrictions Aug 28, 2008
The names and addresses of anyone with at least a 10 percent ownership interest in the business, including people who seek anonymity by creating a limited liability company, must be provided to town officials. The ordinance also requires that managers and employees undergo criminal background checks, the business be open to random inspections by town officials, that managers and employees not perform or allow any illegal activity, the interior of adult-oriented businesses be open and visible and... (FOX61, CT)
John McCain shares the stage with Jay Leno and Daddy Yankee Aug 26, 2008
In all, John and Cindy McCain and their children own eight homes held in trusts, limited liability companies and partnerships. At McCain's morning appearance at the Phoenix high school, there were squeals and giggles from teenage girls -- not for him, but for Daddy Yankee, the reggaeton star. (Los Angeles Times)
Uganda: How Libyan Firm Duped Govt Over Agoa Aug 25, 2008
According to the MoU between the two parties, LAP was described as a private limited liability company incorporated under the laws of Uganda set up to carry out the business of textile manufacture, spinning and weaving among others. The agreement shows that the Libyan firm acquired a 60 per cent stake in a textiles facility previously managed by Apparel Tri-Star (Uganda) whose services had been terminated over mismanagement. (allAfrica.com)
The Sentencing of Mr. Tsatsu Tsikata: to wrench off an Albatross. Aug 24, 2008
A critical part of the case is the absolute immunity of IMC, when in reality they have only limited liability. Apparently, the parent company, IMF, could claim total immunity but not IMC. IMC, a well-respected company, endorsed Mr. Tsikatas investment decision. (Ghana Web, Ghana)
Road work, ski facility are laid out for borough Aug 22, 2008
Swanson proposes that the borough build the ski area and run it like an enterprise or limited liability company. He likened the set-up to the state-owned Alaska Railroad Corporation or Alaska Housing Finance Corporation. (Anchorage Daily News)
Pat and Joe are in it together Aug 22, 2008
The Perins are pursuing the project on behalf of a family-owned limited liability company, owned by the Perins, their three children and seven grandchildren. But it s also an extension of that marital contract, an entrepreneurial bond that produced one of Cincinnati s most memorable advertising jingles. (Cincinnati Business Courier, OH)
Vermont, The Delaware Of A New Age? Aug 20, 2008
The law, signed by Vermont Gov. Jim Douglas in June, establishes Vermont as the only state in which virtual businesses think Internet startups can establish themselves as limited liability companies without having a physical headquarters, holding in-person board meetings or even filing any hard-copy paperwork. The law ultimately could give countless entrepreneurs the legal protection and tax benefits that LLCs afford, while also producing a nice little source of fee and tax income for Vermont. (Investors Business Daily)
Sierra Leone: Starting a Business - Entry Regulation Aug 17, 2008
Among these assumptions are the following: the business is a limited liability company conducting general commercial activities in the largest business city; it is 100% domestically owned, with start-up capital of 10 times income per capita, turnover of at least 100 times income per capita and between 10 and 50 employees; and it does not qualify for any special benefits, nor does it own real estate ... The business is a small to medium-size limited liability company, located in the most populous... (allAfrica.com)
Commission's PMC agreement Aug 16, 2008
Pursuant to a definitive agreement or agreements to be prepared by Capital Partner and acceptable to Capital Partner and County (collectively, the Definitive Agreements), the transaction will be structured through the formation of a limited liability company (referred to herein as the Joint Community Benefit Organization or the Joint CBO) in which Capital Partner (or a wholly-owned direct or indirect subsidiary thereof) would initially have a 77% membership interest (also referred to... (Pocatello Idaho State Journal, ID)
Pop Tarts: Brooke Hogan Takes Dig at Paris Hilton Aug 15, 2008
As reported by TMZ on Wednesday, Linda s attorney accused her ex-husband Hulk Hogan of putting a lot of assets into a limited liability corporation to protect himself from being sued by the Graziano family. John Graziano was the passenger in Nick Hogan s car accident and the severe injuries he sustained are expected to keep him in a nursing home for the rest of his life. (Fox News)
Can We Make It Another Generation? Aug 15, 2008
Profitability farming operations can form limited liability or farm corporations that can pay dividends and rent on the older generations assets thus meeting their financial living needs. It is an exciting time for agriculture, but also quite trying as well, with farm land selling from 4,000 to 10,000 per acre. (Agri-View, WI)
Apartment complex goes to school Aug 15, 2008
The Cheektowaga-based developer is edging closer to finalizing the sale of 144 apartment buildings to WNY Student Housing, a limited liability corporation established by that will provide off-campus housing to area college students. Formerly known as Kensington Village and located on the Buffalo-Cheektowaga border, the 50-acre site now called Collegiate Village has been part of Chason's family real estate portfolio since 1950, when his grandfather bought the then-undeveloped field at auction. (Buffalo Business First, NY)
Failure is an option Aug 14, 2008
Soon the work on his drafting table outgrew his bedroom, and Sutor, with $10,000 in seed money from a friend, rented office space at the Mill Center and set himself up as a limited liability corporation. He hired a part-time assistant and took on an increasing number of projects, counting 's retail tenants among his commercial clients. (Baltimore Business Journal, MD)
Most companies in U.S. avoid federal income taxes Aug 13, 2008
An outside tax expert, Chris Edwards of the libertarian Cato Institute in Washington, said increasing numbers of limited liability corporations and so-called S corporations pay taxes under individual tax codes. Half of all business income in the United States now ends up going through the individual tax code, Edwards said. (San Diego Union-Tribune -- Business)
Emergent Group Inc. Reports Record EPS of $0.12 on Record Sales for Second Quarter Aug 12, 2008
04 par value, 100,000,000 shares authorized 5,724,878 and 5,619,392 shares issued and outstanding 228,992 224,772 Additional paid-in capital 14,903,002 14,836,263 Accumulated deficit (9,647,683) (10,790,955) ------------ ------------ Total shareholders' equity 5,484,311 4,270,080 ------------ ------------ Total liabilities and shareholders' equity $ 11,958,189 $ 12,402,851 ============ ============ Emergent Group Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three... (Primezone Releases)
Hazard control is badly needed Aug 11, 2008
This challenges the traditional precepts of corporate law which assigns responsibilities and duties to directors and officers and rights (including limited liability) to shareholders. The problem surfaced gradually in the corporate governance arena, as the time frame of investors (and, hence, corporate managers) became increasingly short-term. (Globe and Mail -- Business)
Targa Resources Partners LP Reports Second Quarter 2008 Financial Results Aug 11, 2008
Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit's yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). The economic substance behind our use of distributable cash flow is to measure the ability of our assets to generate cash flows sufficient to... (Primezone Releases)
Bankrupt lender at center of cash fight Aug 10, 2008
Unlike other investor groups involved with Mortgages Ltd., Radical Bunny is an Arizona registered limited liability company created primarily to do business with the lender. Radical Bunny made loans to Mortgages Ltd. at 13 percent interest. (AZCentral -- News)
Coos Bay labels building 'dangerous' (1397) Aug 7, 2008
The World Link: Coos Bay labels building 'dangerous. Coos Bay labels building 'dangerous. (Coos Bay-North Bend The World, OR)
Singapore companies to use single identification number from Jan 1 Aug 7, 2008
" Under the new system, a UEN will be issued by ACRA to all entities that have multiple interactions with government agencies by October this year. About 330,000 or 85 per cent of companies and businesses here will use their current ACRA company registration number as their UEN, while about 55,000 or 15 per cent of entities in Singapore will be issued a new number. These entities include Limited Liability Partnerships (LLPs), foreign companies, societies and management corporations. Businesses... (Channelnewsasia.com)
Nigeria loses N6b daily to gas flaring Aug 5, 2008
Shortly after submitting the report to present Umaru Musa Yar'Adua, the panel's head and former Petroleum Minister, Alhaji Rilwanu Lukman said: "Our report provides for the incorporation of the Nigerian National Petroleum Company Limited as an independent limited liability company.". Lukman, who is also energy adviser to Yar'Adua and a former president of the Organisation of Petroleum Exporting Countries (OPEC) said the NNPC in its current form was burdened with responsibilities that are not... (Guardian News, Nigeria)
Navatek sees big future with three spinoff ventures Aug 4, 2008
Navatek has formed three limited liability companies under its name and is awaiting their designation from the state Tax Department as so-called qualified high-technology businesses, entitling investors to Act 221 tax incentives. "We felt it's time now to pursue the strategy of specializing and giving these areas their own identity so that we can grow them organizationally and get market recognition," said Loui, president of Pacific Marine and president and CEO of Navatek. (Pacific Business News, HI)
An empire built from a superstition Aug 4, 2008
In 1971, the company upgraded its legal status to a limited liability company to help enhance its production capacity and management. In 1979, it began investing in machines for rolling cigarettes. (Jakarta Post, Indonesia -- Business)
Funeral director forfeits license Aug 1, 2008
Investigation by the board turned up Rountree's name as a partner in a limited liability company that owned and operated the funeral service, doing business as Grace-Merci, he said. The board's inspector, Brett Lisenbee, said that Rountree admitted to him that a friend, Edgar Turner, ran two funerals through Grace-Merci with his consent. (The Daily Reflector)
EPA apartment firm sued by tenants in dispute Jul 29, 2008
Four tenants, in the class-action lawsuit, have now sued Woodland Park for creating 17 limited liability companies (LLCs) as owners of 17 Woodland Park apartment complexes with four or fewer units. According to the city's ordinance, rent stabilization rules do not apply to complexes with four or fewer units. (Palo Alto Online, CA)
Carolinas HealthCare gobbles up edge of Dilworth Jul 29, 2008
In early June, the land and buildings occupied by Caribou Coffee and Bruegger s at 1531 East Blvd. were acquired by a Lincoln Harris limited liability company for about $3. 6 million. (Charlotte Business Journal, NC)
Man, child drown in Selma pool Jul 27, 2008
"That's why we're so puzzled how this happened."Property records indicate the park is owned by a limited liability corporation. The resident manager of the park said Saturday evening that he was asked by the property owners not to make any comments about the case. (Fresno Bee -- Local)
Avnet Chandler building sold for $35M Jul 26, 2008
It was also the original owner as part of a limited liability entity called Ryan/Pilgram Investments Chandler Freeways LLC. Chris Toci, Ted Harrison, Mark Detmer and Bo Mills, all of Cushman & Wakefield of Arizona Inc., handled the transaction between Ryan and FORT.. This is the second purchase in the Phoenix metro area by FORT in the past year, according to a news release distributed by Cushman & Wakefield. (Phoenix Business Journal, AZ)
$10 Million Verdict Upheld Against PricewaterhouseCoopers Jul 25, 2008
In 2002, the Kelletts, two of their limited liability partnerships and four Kellett family trusts sued PwC and three former senior executives of Mariner Health -- with which the Kelletts had merged their firm, Convalescent Services Inc. -- claiming that the defendants had engaged in fraud that cost the Kelletts more than $126 million in stock losses ... While awarding $10 million to the Kellett family trusts -- and $1 each to the Kellett brothers and their two limited liability partnerships --... (Law.com)
Fidelity on track to record strong '08 Jul 25, 2008
Lately Fidelity has taken steps to reorganize itself including, last year, becoming a limited liability company, a business form that could save it hundreds of millions of dollars in taxes. Noll said one side effect of the reorganization was that Fidelity's financial commitments to its employees have increased, which effectively created more internal debt and potentially limits its ability to borrow. (Boston Globe)
Report: Rutgers has secret side deals with Schiano Jul 24, 2008
Those payments went into a limited liability corporation which Schiano established shortly after his contract extension was announced in February 2007. The company's chief executive, T.J. Nelligan, said payments made through his business are a common practice at top football schools. (ESPN -- College Football News)
France's Gide to Offer U.K. Graduate Roles Jul 23, 2008
Gide's London arm, which is the second-largest office in the network, this year also converted to a limited liability partnership from a multinational partnership. The move brings it in line with the Paris headquarters, which adopted the French LLP equivalent in July 2007. (Law.com)
Referees try to get in sync Jul 23, 2008
The NCAA and Collegiate Commissioners Association have established a limited liability corporation called College Football Officiating LLC to create uniformity for referees. "This has a great deal of potential for improving officiating ... across the country," ACC commissioner John Swofford said Tuesday at the league's preseason football media kickoff. (News & Observer -- Sports)
Automotive dealer, Nissan take battle to federal court Jul 23, 2008
The proposal also called for Melvin Schlesinger to form a limited liability company and to include Andrew Schlesinger in the management team. At the time, both Schlesingers already shared management duties, the lawsuit stated. (Milwaukee Business Journal, WI)
Healthcare Realty Trust Announces Second Quarter Earnings Release Date and Conference Call Jul 22, 2008
8 billion in 186 real estate properties and mortgages as of March 31, 2008, excluding assets classified as held for sale and including investments in three unconsolidated limited liability companies. The Company's 179 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 24 states, totaling approximately 11. (PR Newswire)
AfDB Approves U.S. $ 5 Million Line of Credit to Mauritania Leasing Jul 18, 2008
The AfDB Group approved under its private sector window a US$ 5 million line of credit (LOC) for Mauritania Leasing (ML), a limited liability company incorporated in May 1998. The primary business of the company is to lease movable and immovable equipment for industrial and professional use. (allAfrica.com)
Unregistered companies pay state $1M Jul 17, 2008
Under state law, various types of corporations, limited liability partnerships and statutory trusts that are headquartered out of state, but conduct business in Connecticut, must register with the Secretary of the State s office and pay a $225 fee before they can transact business here. There are 47,416 such entities registered, according to state records. (New Haven Register, CT)
Kufuors 15 Billion Medal Company On The Run Jul 17, 2008
Cleave ny Ltd is a private limited Liability company established on 25/07/2001 in the United Kingdom whilst Cleave ny International was established in The Bahamas in the Caribbean. The objects of the company is manufacture of jewelry. (Ghana Web, Ghana)
Ireland's Cartoon Saloon Expands Into U.S. Entertainment Market Jul 17, 2008
The private limited liability company specializes in animated television series and feature film production. Its animated productions include "Skunk Fu!", "Cuilin Dualach", "From Darkness" and "Dress Rehearsal". (Yahoo! Wire -- Entertainment News)
Nevoro Acquires Benbow Chromite Mine Jul 16, 2008
The Property was acquired under a Lease with Option to Purchase from Benbow Mine, Limited Liability Partnership, a Montana LLP (the "Owner"). The Agreement is subject to regulatory approval, title opinion, Nevoro's Board approval, and the satisfactory completion of due diligence investigation of the condition and title to the Property. (CCNMatthews Press Releases)
Creditors want details on Mortgages Ltd. payback plans Jul 15, 2008
The company has said it has about 2,700 investors, including individuals and other limited liability corporations that invested in the loans. Investors typically received monthly interest checks based on the size of their investments. (AZCentral -- Business)
Monday, July 14 Town Meeting Will Determine Claris Sale Fate Jul 13, 2008
The company is the same one that last year constructed a 30,000 square-foot flex commercial building on Morse Road as part of the limited liability company known as Oxford Corporate Center. According to a contract signed by Philip Clark, a representative of Claris, on July 7, the company agreed to pay a nonrefundable fee of $10,000 on execution of the contract, $90,000 on approval of the contract by town meeting and $250,000 on the closing of the title. (Voices, CT)
Cambridge Savings Bank forms new mortgage lending subsidiary Jul 13, 2008
Robert M. Wilson, president of Cambridge Savings Bank, announced recently that the bank is expanding its residential lending operation with the formation of Farwell Lending, a limited liability company to be based in Stoneham. The move is expected to allow Cambridge Savings Bank to originate residential mortgage loans beyond the bank s natural geographic market and generate increased fee income from the sale of loans to the secondary market. (Belmont Citizen Herald, MA)
When choosing a format for your new enterprise, examine all three options Jul 13, 2008
n Private company: This is far more expensive to set up and has limited liability for the shareholders. It has a complicated legal structure. (Business Report, South Africa)
