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)
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)
$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)
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)
Startup backed by financing plan stands best chance of success Jul 7, 2008
Equity in the form of stock or a membership interest in a limited liability company is better for the balance sheet. A loan must be properly documented whether secured or unsecured. (San Antonio Business Journal, TX)
N.D. tax credit plan causes headaches Jul 7, 2008
For example, farm families who have established partnerships or multi-owner limited liability companies to own their agricultural land did not qualify for an income tax credit, said Donnita Wald, a Tax Department attorney. Such arrangements are common, she said. (Bismarck Tribune, ND)
Erring is human, missing a Microsoft deal not so divine Jul 6, 2008
The key for his firm, Ortiz says, is reducing risk and mitigating any ethics concerns by forming limited liability corporations to carry the partnership. "You've got to cover your bases," he says. (New Mexico Business Weekly, NM)
Lower Your Tax Bill Next Year Jul 6, 2008
Miles urges business owners to use two asset protection "power tools," limited partnerships and limited liability companies, to shield their hard-earned money and businesses. These partnerships are separate legal entities and separate your personal assets from your businesses and investments, creating a firewall between you and the creditors and predators. (Canton Daily Ledger, IL)
Merchants Bank Announces Sale/Lease-Back Agreement Jul 3, 2008
The Bank entered into a purchase and sale agreement with Eastern Avenue Properties, L.L.C., a Vermont limited liability company, whereby Eastern agreed to pay $5 ... In addition, the Bank entered into a Lease Agreement with Farrell Exchange, L.L.C., a Vermont limited liability company, whereby the Bank will lease back the property for an initial term of ten years and two optional terms of five years. (PR Newswire)
What if the Same Company Represents Buyers? Jul 3, 2008
" "The Legislature did not, for example, say 'any person, firm, limited liability company or corporation. " It is good that New York now has clarity on this issue, but you can bet that there could well be different answers in different states. In California, for example, while there is no precedent-setting case on the particular issue of representing competing buyers, it is quite likely that a case like this one would have turned out differently. California treats the brokerage as the agent, not... (RealtyTimes)
Added support: The back of the Butterfield Shopping Plaza gets some support help. (Adam Bernal/photo.) Jul 2, 2008
Fenn has since asked that City Manager Martin Roush look into the matter and make sure the city has limited liability in the situation. The Retail A section of the plaza runs from 571 to 591 West Fourth Street and includes Spur Western Wear, ReMax, Beijing Restaurant, Kayla's Nails and Spa, Postal Annex, Radio Shack, International Realty Plus, Hk and ACE Hardware. (Benson San Pedro Valley News Sun, AZ)
Swindler Says New York University Owes Him Diploma Jun 30, 2008
The nonexistent Daedalus Capital Relative Value Fund involved a dizzying network of Delaware-chartered limited liability companies, fake audit reports, layers of bank accounts and links extending as far as the Cayman Islands, Japan and Kuwait. Yalincak was just 21 and posing as a financial prodigy and heir to a Turkish fortune when the scheme began collapsing. (FOX61, CT)
Unusual deal brought the Open to San Diego Jun 30, 2008
But it probably never would have happened if not for the Friends of Torrey Pines, a limited liability company that acted as the middleman in the transaction that brought the Open to San Diego two weeks ago. This was the second time the U.S. Golf Association agreed to hold its premiere event at a municipal course. (San Diego Union-Tribune)
Oaks closes on second San Antonio property Jun 28, 2008
Oak is set up as a single purpose limited liability company, meaning tenant partners split 50 percent ownership interest based on the size of the space they occupy, while Oak retains 25 percent ownership. Tenants can gain additional ownership through capital investment. (Triangle Business Journal)
Mutual Funds &Personal Finance Jun 28, 2008
Some even incorporate or form limited liability partnerships. Transparency makes it easier to reach consensus about financial goals and cut down on squabbles. (Investors Business Daily)
11 comments Jun 25, 2008
I would love to purchase a health insurance product where I agree to a schedule of reasonable limits on damage awards, in exchange for a reduction of policy cost AND lower prices for services of doctors who subscribe to this "limited liability" provider network and in turn pay lower costs for THEIR malpractice insurance. Insurance companies influence cost on both sides of the doctor/patient relationship. (Human Events Online)
Frank Maggio's ups and downs story as builder and entrepreneur a sign of the times Jun 23, 2008
The general partnership, one of many firms created by self-described real estate and media magnate Frank Maggio, would be converted to a limited liability corporation with Maggio and his wife as members and equity owners if a reorganization plan is ultimately confirmed. It shows that cash required to make payments and distributions would be provided by money made during the Chapter 11 proceedings, the release of liens held by the Maggios and the infusion of $62,750 by the new equity owners. (Tampa Bay Business Journal, FL)
Read more. . Jun 22, 2008
Nine new Williston corporations and limited liability companies registered in May with the North Dakota Secretary of State, just another sign of how fast the town is growing. The new corporations included businesses in oil and gas title services, trucking, construction, real estate, insurance and a lounge. (Williston Daily Herald, ND)
Beacon Theatre rehab on hold Jun 20, 2008
To take advantage of state and federal historic tax credits, the ownership is arranged between HPI, a limited liability company called Tax Credit Capital of New Orleans, and a 1 percent stake with Collins, who served as a conduit. In essence, the non-profit raises money, loans it to the LLC, which does the rehab work. (Petersburg Progress Index, VA)
FDB to determine state of cow legs and hide in cocaine truck Jun 20, 2008
He drew the court's attention to the fact that the vehicle used by the accused belonged to a limited liability company, which had been registered at the Registrar-General's Department. "I know those who registered the company are not ghosts, they are there and they could be arrested." Counsel further asked the court to order the police to take pictures of the exhibits or a video for evidential purposes before they were disposed of saying this was crucial to the trial. (Ghana Web, Ghana)
National takedown of mortgage fraud nets six in Nevada Jun 20, 2008
Gregory A. Brower, United States Attorney for the District of Nevada, said that a Superseding Indictment has been returned by the Federal Grand Jury against the Las Vegas real estate broker and her husband who were charged in March with defrauding federally-insured financial institutions of millions of dollars through a scheme that involved inflated housing values, straw purchasers and limited liability companies ... After the mortgage loans were funded, defendants Grimm and Mazzarella allegedly... (KRNV.com, NV)
Marginalized by taxes Jun 18, 2008
It would do so by encompassing a greater number business that previously escaped the franchise tax by filing as limited liability corporations, among other distinctions. However, the tax has completely failed to lower property tax burdens. (The Daily Texan, TX)
UNC buying Granville Towers, University Square for $46M Jun 15, 2008
The complex is currently owned by a limited liability company affiliated with the Kenan family, longtime university benefactors and Chapel Hill landowners. The deal is expected to close by July 1, 2009. (Raleigh Triangle Business Journal, NC)
Millennium Bank branch building sold Jun 15, 2008
A limited liability company headed by insiders has sold the bank's Herndon branch building. The seller, 1051 Elden Street LLC, purchased the building for $1. (Washington Business Journal, DC)
Caine: Loving others is our responsibility Jun 14, 2008
" This kind of love that we are called to is risky business. It's not preferential love, like love of family, friends, or country. It doesn't include some and exclude others. It does not allow for limited liability or commitment. It's self-denying and sometimes heart-breaking, reaching out even to those we'd rather not love. We love them not because we like them, but because God loves them and because they are made in the image of God. Martin Luther King Jr. wrote that he was glad Jesus said... (Athens Banner-Herald)
DLA Backtracks on Full Financial Integration in Global Alignment Plans Jun 13, 2008
5 percent, with the money coming from the revenues of the U.S. and international limited liability partnerships (LLPs), as well as refining its sector groups globally. The firm will also be looking to increase lawyer secondments between offices and move more U.S. lawyers over to Europe, the Middle East and Africa. (Law.com)
Should You Incorporate? Jun 13, 2008
Business Incorporation Benefit #1: Limited Liability. No other business entity has limited liability, which is where the actual business takes on a life of its own and assumes all of the risks involved with running a business. (Suite101.com)
Sunnybrook Plaza to gain another commercial center Jun 11, 2008
So far, Salem said no other tenants have signed a lease for the Sunnybrook center, being developed by a limited liability company, W.K. Properties LLC, which has local investors. "We just started marketing it,'' he said.There would be 1,500 square feet available on the south end, and between 1,500 and 4,500 square feet on the north end, he said.The project, he said, should help meet the growing demand for commercial space at Sunnybrook, anchored by Lowe's and Greatland Target.Two other strip... (Sioux City Journal, IO)
Nigeria: FG Loses Arbitration to Solgas in London Jun 11, 2008
It would be recalled that in June of 2003, Solgas Energy Limited, a limited liability company incorporated under the laws of the Isle of Man, entered into an agreement ("Concession") with the federal government of Nigeria and Ajaokuta Steel Company Limited, a Nigerian company wholly owned by the federal government of Nigeria. The Concession obligated Solgas to complete, refurbish and expand the Ajaokuta Steel Plant in Nigeria and to build a gas processing plant to supply the steel plant with... (allAfrica.com)
Tax paperwork relief for micro business Jun 11, 2008
As previously reported by Mysmallbusiness, microbusinesses would allow companies with up to five shareholders to retain the company shield of limited liability, but free them from the complexities of law as applied to large incorporated entities. It would allow family-run businesses to distribute all profits and pay tax on them at the shareholders' marginal rate. (Sydney Morning Herald)
Big Oil continues natural gas pipeline push Jun 9, 2008
Hawley said workers are doing engineering studies and soon the jointly owned limited liability corporation will open its new headquarters in Anchorage. The company plans to conduct its open season -- a time for accepting firm transportation commitments to ship gas or pay to ship gas -- by 2010. (Kenai Peninsula Online)
SSM plans new business concept Jun 9, 2008
THE Companies Commission of Malaysia (SSM) is targeting to introduce a new business concept known as limited liability partnership (LLP) by 2009 to enhance business opportunities for entrepreneurs and professionals ... Director (corporate development and policy division) Azryain Borhan said LLP is a hybrid company-partnership with conventional partnership features and limited liability company privileges ... He said it was timely to introduce the LLP as an alternative way of doing business in... (The Star Online, Malaysia -- Business)
More of this story Jun 4, 2008
Town and state records indicate Stonemor oversees the 45-acre cemetery through Osiris Holding of Rhode Island, a limited liability company. Stonemor obtained the property in February 1995 from Trinity Cemetery Inc., a now-dissolved, for-profit corporation that bought the cemetery from Trinity Church of Newport in June 1992 for 250,000. (Newport Daily News, RI)
Elderly may be home for Christmas Jun 2, 2008
In order to reopen the doors of Nazareth Inn I, built in 1980, and Nazareth Inn II, built in 1985, a financial deal had to be structured that would allow two limited liability companies to acquire the debt on the structures ... The limited liability companies had to purchase the properties so that federal low-income tax credits could be obtained, Weisner said. (Nola.com -- Sports)
Jefferson Village shopping center focus of $1.23 million legal dispute Jun 2, 2008
The two limited liability companies named as defendants in the suit -- ZP No. 158 LLC and ZP No. 171 LLC -- list Jeffrey Zimmer, president of Wilmington-based Zimmer Development, and the company's Wilmington address, according to state records. The suit was filed earlier this month in the N.C. Superior Court in Guilford County. (Business Journal of the Greater Triad Area)
Adventure pays off for Iberians May 30, 2008
Munson, Hebert and Hebert s wife, Ren;e, and Craig Derouen, a childhood buddy of Munson s, formed a limited liability company, Gentlemen of Fortune, two years ago to legally claim the treasure. Between the time of the discovery and the crowning moment in November 2007, when the group made the last dive to the sunken boat off the coast of Cameron Parish, the men went through five boats and numerous partners before realizing a dream. (New Iberia, LA)
Wake up to AGL threat May 29, 2008
The largest problem that I see people living around Lake Peigneur are making is ignoring that AGL is a limited liability corporation. Any corporation with the potential for doing as much damage as AGL can to such a large area of any state should lose its limited liability charter and be required to carry a tremendous amount of liability insurance. (New Iberia, LA)
Teche area group finds treasure May 26, 2008
While still out in the Gulf, the group took steps to form a limited liability company, Gentlemen of Fortune, for the purpose of securing legal rights to the treasure claim. According to Munson, all contents of the New York were under private ownership in 1846. (New Iberia, LA)
Credit crunch is squeezing oil dealers May 26, 2008
While incorporating a business or creating a limited liability corporation offers some protection for a company's executive officers, it is common for small or family-run businesses to back their credit with personal guarantees, Dlugokecki and other bankruptcy attorneys say. "We're not talking about General Motors here," said Eugene Melchionne, an attorney in Waterbury. (Republican-American)
High School home building, nursing experience programs come to Storm Lake May 23, 2008
The Iowa limited liability company which promotes development in the SL community and desires to provide a building project for the school district. The agreement has been signed for only the upcoming school year. (Storm Lake Pilot Tribune, IA)
Feds arrest four Calif. people, claim they conned homeowners May 23, 2008
According to the civil complaint filed by Brown, Hutchings and the other defendants operated through a series of limited liability corporations: Federal Land Grant Co., Land Grant Services, and KBS Resources. Nearly 350 properties were transferred to Federal Land Grant or one of its affiliates and at least 60 homeowners lost their homes to foreclosures. (Fresno Bee -- Business)
AccountingWEB.co.uk promotion: Pro-actively using company reports May 23, 2008
Full limited liability company checks (Ltd or plc)As well as showing outstanding county court judgements, our credit database contains the most recent filed accounts for all private or public companies registered in the whole of the UK, as well as Ireland. In addition they provide a 'credit risk' rating and, for over 70% of the companies listed, details on their payment history. (Accounting Web, UK)
Taxing small companies. By Simon Sweetman May 23, 2008
The temptation must be to tear aside the corporate veil in these cases, though only for tax purposes: it would not seem reasonable to refuse the protection of limited liability to smaller companies, and in any case there are areas where you need corporate status to carry on your business. One might simply add back directors' remuneration to the profit and tax the resulting figure as personal income and perhaps that pill could be sweetened by only charging Class 2 and Class 4 NIC (which may... (Accounting Web, UK)
Competitive Technologies Provides Pain Therapy Device to Major Cancer Hospice Center May 22, 2008
IRST is a Limited Liability Partnership that forms the core of the integrated oncological network in the Rome Regional Health Care System and provides governance for oncological research in the Region. It provides primary health care for the Forli territory and is an oncological center for secondary and tertiary health care for the whole of the Rome area. (Primezone Releases)
Nigeria demands $2bn oil arrears May 22, 2008
"We will engage them to police oil pipelines, but they must first form themselves into limited liability companies for us to discuss with them," Defence Minister Yayale Ahmed told a House of Representatives committee on Tuesday. "That's a matter for the defence ministry to comment on," a spokesman for the oil company Royal Dutch Shell told the BBC.. (BBC News -- Africa)
Nigeria: Govt May Hire Delta Militants to Police Pipelines May 21, 2008
"We will engage them (militants) to police the oil pipelines. But they must first form themselves into limited liability companies for us to discuss with them," he said ... According to Yayale, the proposal is "for the transformation of militants groups in the region into limited liability companies for the monitoring of pipeline vandals.". (allAfrica.com)
