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I'm General Counsel of four(4) corporations; u poast
Poast new message in this thread
Date: January 4th, 2018 6:22 PM Author: Galvanic rebellious church building 1. A mortgage company. 2. A real estate brokerage. 3. An escrow company. 4. A new corporation we formed for employees (like me) who do work for the first three corps so we don't violate RESPA.
So now this new company that we just formed is going to outsource HR, legal, accounting and IT to the other three companies for a monthly retainer.
We are going to charge the real estate agents $1000 if they want to incorporate themselves into an LLC to get the pass through tax benefits.
That gave me an idea. What if we offered the employees of the other three companies a type of "legal insurance" where we charge them a monthly fee and then I can consult with them on their legal problems, maybe send out/reply to demand letters, things like that. If I actually have to represent them in something I would give them discounted hourly rates.
What do you faggots think? |
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Date: January 4th, 2018 6:47 PM Author: Lake Insecure Tattoo Spot lol chilmata your "idea" is 1000% dumb as fuck completely apart from the fact you have zero to offer any of those people in legal 'consulting services' because you're a fucking brain dead retard. but please go ahead and try this plan it will almost certainly end with you going to jail or getting hit with a huge civil penalty under cali's deceptive trade practices statute or similar law. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082605) |
Date: January 4th, 2018 6:23 PM Author: Obsidian Hall Double Fault Do you think the GC of Disney is going around saying "I'm the GC of 864 companies" (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082388) |
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Date: January 4th, 2018 6:24 PM Author: Galvanic rebellious church building Why the fuck would I care about the GC of Disney. Yeah, probably. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082396) |
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Date: January 4th, 2018 6:25 PM Author: Obsidian Hall Double Fault Point is that for these purposes you just say you're GC of the overall enterprise. Not the separate GC of each subsidiary. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082402) |
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Date: January 4th, 2018 6:25 PM Author: Galvanic rebellious church building These aren't subsidiaries. They are independent corporations. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082410) |
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Date: January 4th, 2018 6:26 PM Author: Obsidian Hall Double Fault No common ownership or control?
No on takes formal legal structures that seriously bro.
Judges will even pierce the corporate veil for tightly intertwined webs of contractor relationships when there is literally no common control or ownership. |
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Date: January 4th, 2018 6:30 PM Author: Galvanic rebellious church building There is some common ownership, but they need to be separate for compliance purposes. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082449) |
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Date: January 4th, 2018 6:32 PM Author: Obsidian Hall Double Fault Hint: When they are separate for "compliance purposes" you don't get to count them as separate companies for these purposes. Go ahead and include them on LinkedIn for documentation purposes, but you can't go around saying it socially.
Also -- have you looked into your atty-client relationship with each entity? If they're not common ownership there's a problem for you being paid by the company that employees you and providing legal work as an employee for that company, for the other companies.
Make sure you're covered under EACH companies E&O insurance also, and/or make them pay for yours.
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Date: January 4th, 2018 6:38 PM Author: Galvanic rebellious church building One guy is the majority owner of all companies. A couple he owns wholly, the others he's majority owner. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082519) |
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Date: January 4th, 2018 6:39 PM Author: Obsidian Hall Double Fault You're the GC of whatever company has the largest public/industry-facing brand. The rest are just subsidiaries for these purposes.
Make sure your ATTY-clint / insurance situation is in good order. |
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Date: January 4th, 2018 6:43 PM Author: Galvanic rebellious church building ok thank but I don't know what you mean by atty/client relationship. It almost sounds like you are talking about a conflict of interest and I need waivers. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082570) |
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Date: January 4th, 2018 6:44 PM Author: Obsidian Hall Double Fault That and also make the company that actually employs you is not improperly acting as a law firm.
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Date: January 5th, 2018 1:14 PM Author: Adulterous Fragrant Rigpig Roommate (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087961) |
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Date: January 4th, 2018 6:26 PM Author: Honey-headed Base ("chill" legal realist) (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082411) |
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Date: January 4th, 2018 6:24 PM Author: Red Jap I think you should be making more than $120k or whatever you make (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082398) |
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Date: January 4th, 2018 6:25 PM Author: Galvanic rebellious church building I surf the web more than half the day and go on a two hour bike ride. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082403) |
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Date: January 4th, 2018 6:27 PM Author: Obsidian Hall Double Fault Sounds Chilllllll (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082424) |
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Date: January 4th, 2018 6:44 PM Author: Lake Insecure Tattoo Spot ur also dumb and a bad lawyer and $100k is shittttttt money in socal hth (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082576) |
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Date: January 4th, 2018 6:45 PM Author: Galvanic rebellious church building lol I'm a great lawyer, you don't know wtf you are talking about. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082584) |
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Date: January 4th, 2018 6:52 PM Author: Obsidian Hall Double Fault So you are just a compliance monkey, right?
What legal work do you do? |
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Date: January 4th, 2018 7:50 PM Author: Galvanic rebellious church building I'm GC and CCO. IDK I do a lot. Right now I'm drafting client contracts for the new company. I get us out of leases, I write nasty demand letters, shit like that. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35083039) |
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Date: January 4th, 2018 7:54 PM Author: Obsidian Hall Double Fault Your title is flame if you are not managing a legal dept, IMHO (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35083077) |
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Date: January 4th, 2018 6:24 PM Author: Honey-headed Base you also poast, though (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082401) |
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Date: January 4th, 2018 6:25 PM Author: Galvanic rebellious church building fuck, you got me. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082405) |
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Date: January 4th, 2018 6:25 PM Author: Boyish Slate Parlour are you hiring? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082407) |
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Date: January 4th, 2018 6:29 PM Author: Galvanic rebellious church building Maybe if I get really busy. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082437) |
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Date: January 4th, 2018 6:29 PM Author: lime filthpig dear brother, I hate to do this to you but:
*achieves single business entity ruling from court* *pierces corporate veil for good measure* *devestates your companies* *devestates your personal assets* *adds litigation outcome as single sentence note to biography*
luv u |
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Date: January 4th, 2018 6:31 PM Author: free-loading thriller station Absolutely "Devestating" (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082455) |
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Date: January 4th, 2018 6:40 PM Author: Sapphire nighttime brunch trust fund (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082536) |
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Date: January 4th, 2018 6:41 PM Author: lime filthpig I know; sorry I had to do pull the trigger. Thanks (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082549) |
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Date: January 4th, 2018 6:34 PM Author: Obsidian Hall Double Fault To be fair, they're just doing this to comply with a law on paper -- not to unfairly separate out liability between companies.
They're probably OK if their veil can be pierced in most circumstances as long as they don't run afoul of the specific regulations they're worried |
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Date: January 4th, 2018 6:42 PM Author: Galvanic rebellious church building The problem we had was that there were eight employees who all were employees of the mortgage company, but did work for all three companies. This could be construed as a RESPA violation because the mortgage company gets referrals from the other companies.
It could be seen that we were providing legal, accounting, HR, and IT services in exchange for referrals which would be an illegal kickback under RESPA.
We created a fourth corporation to employ these people, including me. So now the mortgage company, RE brokerage and escrow company will pay this new company a monthly retainer to outsource these services.
We are not only charging the sister companies FMV for the services, but we are going to offer our services to other mortgage companies, RE brokerages, and escrow companies and charge them the same rates. |
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Date: January 5th, 2018 1:55 PM Author: Adulterous Fragrant Rigpig Roommate uh ... what could go wrong!? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088305) |
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Date: January 5th, 2018 2:01 PM Author: Obsidian Hall Double Fault Have you looked into any administrative decisions / enforcement actions related to this kind of structure? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088350) |
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Date: January 5th, 2018 2:03 PM Author: Adulterous Fragrant Rigpig Roommate (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088366) |
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Date: January 5th, 2018 2:07 PM Author: Obsidian Hall Double Fault Have you consulted with GC of other companies that use this structure? Talked with outside counsel?
Do you attend meetings between the regulator and your industry?
Are you a part of industry groups with committees that look into this kind of stuff? Are you on these committees? |
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Date: January 5th, 2018 2:12 PM Author: Adulterous Fragrant Rigpig Roommate One gets the sense that his boss would prefer no entanglements with that sort of thing ... (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088436) |
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Date: January 5th, 2018 2:26 PM Author: Galvanic rebellious church building No, my boss gets an idea and wants to ram it through. I've been advising against this idea. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088506) |
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Date: January 4th, 2018 6:30 PM Author: free-loading thriller station Do you like to make out with your reflection in the mirror? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082445) |
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Date: January 4th, 2018 6:30 PM Author: Galvanic rebellious church building MODS (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082450) |
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Date: January 4th, 2018 6:39 PM Author: Sapphire nighttime brunch trust fund Combined market cap? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082531) |
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Date: January 4th, 2018 6:41 PM Author: Obsidian Hall Double Fault I'm betting this is a company that nets $1mil a year with heavy involvement from owner.
1.5x multiple: $1.5mil evaluation. |
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Date: January 4th, 2018 6:41 PM Author: exciting costumed stage puppy do u even own any crypto at all (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082545) |
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Date: January 4th, 2018 6:43 PM Author: Lake Insecure Tattoo Spot 1) so obviously that means u draw four separate salaries right? surely ur making over $400,000 all-in?
2) lol you're a TTT shitlawyer from a TTT law school. xo was right all along that random fraud shitbank u work for is setting u up as the fall guy. |
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Date: January 4th, 2018 6:43 PM Author: Galvanic rebellious church building (pumo) (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082571) |
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Date: January 4th, 2018 6:44 PM Author: Obsidian Hall Double Fault (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082581) |
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Date: January 4th, 2018 6:46 PM Author: Blue diverse roast beef (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35082602) |
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Date: January 4th, 2018 7:52 PM Author: insane dilemma (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35083052) |
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Date: January 5th, 2018 12:27 AM Author: Lake Insecure Tattoo Spot (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35085267) |
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Date: January 5th, 2018 1:19 PM Author: comical faggotry Jfc (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088000) |
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Date: January 5th, 2018 2:05 PM Author: Adulterous Fragrant Rigpig Roommate Yeah but ... so long as the bills are getting paid on time ... for now ... (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088391) |
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Date: January 11th, 2018 4:19 AM Author: Lake Insecure Tattoo Spot (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35130768) |
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Date: January 13th, 2018 12:34 AM Author: Lake Insecure Tattoo Spot (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35145372) |
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Date: January 4th, 2018 8:23 PM Author: irradiated ultramarine hunting ground "We are going to charge the real estate agents $1000 if they want to incorporate themselves into an LLC to get the pass through tax benefits."
There are two problems with this statement/idea, neither of which Chilmata appears to be experienced enough to pick up on.
Hints:
One is linguistic and not a problem for practical purposes, but anyone that has done even the slightest bit of entity formation law should catch it immediately.
The other deals with California tax law, and Chilmata should know it to be GC to four whole corporations. I will grant him that if the real estate agents hold leveraged real estate property through the business or are in sufficient danger of being hit by a judgment, it may be a necessary cost. Otherwise he's just throwing away other people's money. |
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Date: January 5th, 2018 1:04 PM Author: Galvanic rebellious church building I don't know anything about tax law. My boss seems to think the RE agents will have a better tax rate if they incorporate themselves due to the new tax law that just passed. Is this not correct? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087902) |
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Date: January 5th, 2018 1:14 PM Author: Obsidian Hall Double Fault JFC. If you don't know a significant amount about tax law, I hope you have outside counsel. If not, fire yourself. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087964) |
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Date: January 5th, 2018 1:15 PM Author: Galvanic rebellious church building We have a CPA for that shit. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087971) |
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Date: January 5th, 2018 1:17 PM Author: Obsidian Hall Double Fault CPA probably not enough. You need to learn a lot more tax.
You don't seem sophisticated enough to use the same title as the CLOs for companies like Apple and GE. |
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Date: January 5th, 2018 1:18 PM Author: Galvanic rebellious church building Ask me if I give a fuck. When I send out demand letter they say, "Govern yourself accordingly biatch, General Counsel" (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087993) |
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Date: January 5th, 2018 1:19 PM Author: Obsidian Hall Double Fault You would get better responses to demand letters if you sent them from "The Law Offices of [Your name]."
Letters from outside counsel carry more weight. |
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Date: January 5th, 2018 2:00 PM Author: Mind-boggling corner you canth thay incorporate if itth a LLtheee! seriously dude? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088344) |
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Date: January 5th, 2018 12:29 AM Author: Chartreuse karate (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35085279) |
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Date: January 5th, 2018 1:13 PM Author: Galvanic rebellious church building I realized this morning that the new company can't markup my salary when the other companies outsource their legal work to me through the new company or else it would violate the fee sharing rule with non-lawyers. See, I told you I'm smart. You faggots didn't even catch that one. That's why I'm GC and you poast. Hence the thread title. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087952) |
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Date: January 5th, 2018 1:15 PM Author: Obsidian Hall Double Fault JFC. That's precisely what I was telling you yesterday. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087970) |
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Date: January 5th, 2018 1:16 PM Author: Galvanic rebellious church building You were talking about attorney client relationships and conflicts, which I really appreciated btw, but you didn't say shit about fee sharing. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087978) |
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Date: January 5th, 2018 1:18 PM Author: Obsidian Hall Double Fault "If they're not common ownership there's a problem for you being paid by the company that employees you and providing legal work as an employee for that company, for the other companies." (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087991) |
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Date: January 5th, 2018 1:18 PM Author: Galvanic rebellious church building Could you have been anymore cryptic, JFC. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087998) |
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Date: January 5th, 2018 1:19 PM Author: Obsidian Hall Double Fault Looks like it prompted you to do your research, so it worked. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088006) |
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Date: January 5th, 2018 1:28 PM Author: Galvanic rebellious church building The powers of rationalization are strong with this one. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088087) |
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Date: January 5th, 2018 1:16 PM Author: Demanding resort i would rather kill myself than be a lawyer in any capacity. fucking ew. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35087977) |
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Date: January 5th, 2018 1:18 PM Author: Obsidian Hall Double Fault Inhouse is actually chill as fuck.
Chillmata has a good gig for the short term assuming he's still in his 20s. |
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Date: January 5th, 2018 1:20 PM Author: Demanding resort i fundamentally would rather be generating revenue than doing paperwork and crying about incredibly remote risks no one actually cares about. im sure the role has awesome perks if you can overcome this point (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088015) |
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Date: January 5th, 2018 1:22 PM Author: Obsidian Hall Double Fault Depends on your personality.
Chilmata seems like a really lazy bro. |
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Date: January 5th, 2018 1:30 PM Author: Galvanic rebellious church building I don't think lazy is a good word for me because I probably have one of the strongest work ethics here.
I realized long ago that it takes too much energy to run around functioning on a level ten all day, can't do it.
So I run around functioning on a level three for the most part and then when I go to trial or have something really important to do I'll turn it up to a ten, and then right back down to two or three where I'm comfy.
*takes bong rip* |
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Date: January 5th, 2018 1:31 PM Author: Obsidian Hall Double Fault People who are high in conscientiousness actually will go around on 10 (or probably 8) all day. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088108) |
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Date: January 5th, 2018 1:58 PM Author: Galvanic rebellious church building Yeah and die of a stroke or some shit. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088330) |
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Date: January 5th, 2018 2:02 PM Author: Obsidian Hall Double Fault Agree. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088362) |
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Date: January 5th, 2018 1:36 PM Author: Obsidian Hall Double Fault To be fair, I'm like you. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088138) |
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Date: January 5th, 2018 1:56 PM Author: Chartreuse karate Chilmata is 50 (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088313) |
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Date: January 5th, 2018 1:57 PM Author: Obsidian Hall Double Fault Devastating. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088325) |
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Date: January 5th, 2018 1:59 PM Author: Galvanic rebellious church building stop it (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088331) |
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Date: January 5th, 2018 1:59 PM Author: Chartreuse karate ? I'm just kidding you're like 40 right (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088334) |
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Date: January 5th, 2018 1:57 PM Author: Adulterous Fragrant Rigpig Roommate mean (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088321) |
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Date: January 5th, 2018 1:59 PM Author: Obsidian Hall Double Fault I legit assumed he was like 26-27 based on this post. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088335) |
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Date: January 5th, 2018 2:01 PM Author: Chartreuse karate He has a six pack (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088352) |
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Date: January 5th, 2018 2:06 PM Author: Adulterous Fragrant Rigpig Roommate at 26-27 You don't get as good at kung fu and pool as he is , bro. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088405) |
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Date: January 5th, 2018 2:26 PM Author: Galvanic rebellious church building This is very cr (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088503) |
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Date: January 5th, 2018 5:24 PM Author: Blue diverse roast beef (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35089964) |
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Date: January 5th, 2018 2:25 PM Author: Galvanic rebellious church building Bro, do you need a lesson in how to write thread titles? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35088498) |
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Date: January 11th, 2018 9:52 AM Author: Blue diverse roast beef I legitimately feel bad for Chilmata (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35131522) |
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Date: January 11th, 2018 2:36 PM Author: Galvanic rebellious church building Why? How many corporations are you GC of? (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35133169) |
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Date: January 11th, 2018 2:43 PM Author: Blue diverse roast beef please be sure to bump this thread when regulators are ransacking your office (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35133218) |
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Date: January 11th, 2018 2:44 PM Author: Obsidian Hall Double Fault To be fair, they seem more than small enough to fly under the radar as long as they don't defraud people. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35133231) |
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Date: January 11th, 2018 3:10 PM Author: Galvanic rebellious church building What regulators? MAGA! (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35133400) |
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Date: January 12th, 2018 2:43 PM Author: ruddy lascivious antidepressant drug personal credit line I'm an officer with signing authority for like 4,000 bank entities. LJL at 4. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35141348) |
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Date: January 12th, 2018 2:43 PM Author: pearly french chef (compliance monkey) (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35141354) |
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Date: January 12th, 2018 2:58 PM Author: Galvanic rebellious church building I can max out the leg curl and seated leg press. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35141509) |
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Date: January 12th, 2018 2:59 PM Author: Galvanic rebellious church building I would also destroy you at pool and on a bike. (http://www.autoadmit.com/thread.php?thread_id=3849568&forum_id=2#35141515) |