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Converting firm from partnership to LLC. Taking questions for a few minutes
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Date: September 28th, 2024 4:04 PM Author: Hideous mahogany pozpig corner I’ll have 25 percent of shares. We have to pay prior firm owners $3 million from operating accounts back over the course of 5 years. The numbers look decent. Anyways, I’ll be making more $$ even in bad years. Will probably just draw against the anticipated year end profits just like salary, pay taxes on it thru S Corp style, then get big “bonus” at the end of the year when we split profits. We have some good cases lined up for 2025 etc.
Some years it has been 4 million profit left at the end of the year even after routine salary-like draws throughout the course of the year. |
Date: September 28th, 2024 4:07 PM Author: exhilarant nofapping spot electric furnace What sort of law and how much do you expect to make per year (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140843) |
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Date: September 28th, 2024 4:11 PM Author: Hideous mahogany pozpig corner Personal injury,’product liability, med mal. I’ll draw more or less consistent with my current monthly pay, so it won’t make a difference until the end of the year 2025 when we split the profits. But if we have a good year which we are poised to do it could more than double my total comp for the year. A handful of years like that and I’ll be in great shape. |
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Date: September 28th, 2024 4:19 PM Author: Heady depressive roommate Are you hiring new partners? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140870) |
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Date: September 28th, 2024 4:21 PM Author: Hideous mahogany pozpig corner We’ll need new associates once we see how the next year goes. I actually don’t know how one goes about hiring someone to make them a new shareholder. I wouldnt want to give up any of my shares to make that happen. I guess someone “sells” some of their shares? But why would I do that? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140881) |
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Date: September 28th, 2024 4:34 PM Author: Heady depressive roommate sorry not looking for a wagecuck position (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140920) |
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Date: September 28th, 2024 5:37 PM Author: Hideous mahogany pozpig corner Ok 👍 (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48141125) |
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Date: September 28th, 2024 4:19 PM Author: Hideous mahogany pozpig corner We also are moving our offices to something much less expensive and happy to have us — basically free rent for half the year too — so that will also impact the bottom line. (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140874) |
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Date: September 28th, 2024 4:36 PM Author: cheese-eating base pistol how much did/will you pay in rent? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48140927) |
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Date: September 28th, 2024 5:39 PM Author: Hideous mahogany pozpig corner I should study the analytics more. But I do know that the new place is less expensive by half and also separate from that free for like 8 months. We had the new place all worked up with offices built in, cool waiting room, etc. we will keep the old firm name because it is ancient. |
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Date: September 29th, 2024 4:32 PM Author: Hideous mahogany pozpig corner (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48143752) |
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Date: September 29th, 2024 4:51 PM Author: Hideous mahogany pozpig corner Weird that there aren’t additional questions! It’s kind of a dream job situation I think. (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48143786) |
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Date: September 29th, 2024 4:55 PM Author: racy mint persian Make sure you don't have any big loans coming up after the transition FYI (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48143799) |
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Date: September 30th, 2024 2:35 PM Author: racy mint persian FYI buddy of mine who made more than $1mm/year the last few years had an LLP that he converted to an LLC this year. He can't get a $400k mortgage and they are making him show receivables and all sorts of burdensome shit for his LLC to approve a loan (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026mark_id=5307129",#48146777) |
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Date: October 2nd, 2024 11:17 AM Author: Hilarious frum address puppy Good advice!
Maybe I'll buy a giant saltwater fish tank with all the extra cash coming in. I can relate it as therapy/treatment for PTSD I've acquired from xo. |