One of Brooklyn’s newly minted entrepreneurs is a fifth grader with a mission to provide inexpensive clothing options for underprivileged families. In celebration of his 11th birthday, Obocho Peters opened a thrift store in his community dubbed Obocho’s Closet, PIX 11 reported. Meet Obocho Peters (@iamobocho), an 11-year old entrepreneur who owns his very own…
BALTIMORE (WJZ) — Santa’s sleigh took the form of a delivery truck Tuesday as Amazon distributed 2,000 Boxes of Smiles to local families and individuals who experience homelessness. Inside were essentials like soap and toothpaste. “Items that are in these boxes go a long way,” Shaun Jones said. There were also items like headphones, games and…
At one point in the three-year Colin Kaepernick saga, Jay-Z publicly supported Kaepernick. In the busiest week of Kaepernick-related news and developments since he became a free-agent in March 2017, Jay-Z has said nothing. Yes, reports last week suggested that Jay-Z had influence over the decision to stage a workout for 32 teams who have
Carlos Alexander Murray
ABOUT THE AUTHOR
Born in Gary, Indiana, May 13, 1973, Carlos Alexander Murray definitely became a product of his environment. Plagued with the ghost of three’s, Carlos has survived the passing of 3 siblings; an older brother, Torriano ‘MC Scoop’, and 2 younger sisters, Lakeesha and Cashmere. Being a native of these venomous streets of the Murder Capital, he spent his teenage years heavily engaging in going to church, selling drugs, pimping, and playing basketball.
Being a member of Roosevelt High School’s 1991 State-Championship, basketball team, a scholarship is what saves this young man’s life. Graduating from Central College in McPherson, Kansas, Carlos finishes his 3rd year attending Elmhurst College in Illinois.
Taking a turn of greatness or some may say a fall from success, Carlos A. Murray starts various businesses, along with his own record label which was first established by his older, deceased brother. As the music scene begins to take off, Carlos also stumbles on the set of the Big Screen which welcomes him into an acting career. Making his debut, Carlos co-stars in the motion picture ORIGINAL GANGSTERS which was filmed in Gary/East Chicago. He then began taking acting lessons at Act-One Studios located downtown Chicago while also modeling for BODY & BODY Swimwear.
Caught by a snag of the Federal Government, Mr. Murray’s life is put on pause with a 5 year sentence of incarceration. Here, he takes a stand to carve his future and set his own destiny. Here, he spends the majority of his hours writing. These writings thus became the voice and source of relaxation by all eager to read his creative thoughts. “My writings helped me get through it all as most had abandoned me…”
Now faced with a new start of life after being attracted to film and entertainment, Mr. Murray transfers his own visions into creative sparks of literature in which he currently has over 20 works-of-art completed ranging from Urban, Sci-fi, to Drama and Action. Carlos welcomes all to enter into his World of Imagination. Mr. Carlos Alexander Murray divides his time between Illiana (THE MIDWEST) and Atlanta, GA.
Content of this post is credited to https://www.upcounsel.com
Creating a partnership LLC comes with many benefits, including liability protections for business-related debt and pass-through taxation. A limited liability company (LLC) with more than one owner is a relatively simple, flexible, and affordable management structure that’s easy to establish.
How to Set up a Partnership LLC
A partnership is a company that has two or more owners sharing responsibility and control of a company. An LLC can be owned by one person or multiple members. Unlike a traditional partnership, LLC owners are called “members” and are not personally liable for a company’s debts and obligations. Since the actions and debts of one partner in a standard partnership must be accounted for by other partners, many business owners choose to create an LLC to protect themselves.Starting an LLC with a partner is a fairly straightforward process:
Create an operating agreement specifying each member’s role in the company. Include information on how partners will make decisions, what each person’s financial contributions are, and procedures for adding or removing partners.
Choose a name for your partnership LLC and either register it or file a DBA form with your secretary of state.
Publish a notice in local newspapers announcing your intent to form an LLC if your state requires it.
Create and file an Articles of Organization with your secretary of state’s office:
Check the secretary of state’s website for any state-specific forms you may need to file.
Most Articles of Organization should include the LLC’s business name, its physical address, the name of its registered agent, and the contact information of each member.
The Difference Between LLCs and Standard Partnerships
Although LLCs can be structured to operate as partnerships, there are some differences between a partnership LLC and a standard partnership.
LLCs offer the same flexibility as partnerships in how owners manage the business or distribute profits. Unlike a regular partnership, however, an LLC owner is not personally liable for the debts accumulated by another partner except in the rarest circumstances. This key difference has encouraged many partners to go the LLC route.
Depending on your state, you may have to report to the state periodically concerning your business. In most cases, there are no recordkeeping requirements, although you might have to schedule an annual meeting between owners and management. The more records you keep, however, the better liability protections you’ll enjoy since you can prove a strict separation between all business and personal accounts. Check with your attorney for any state-specific requirements you must meet.
Forming a Multi-member LLC
Establishing a multi-member LLC follows the same process as forming a single-member LLC. You should specify how the business will be managed and how you plan to distribute profits in your operating agreement. The operating agreement isn’t a legally required document, but it helps prevent conflict between members in the future.
Like any partnership, a multi-member LLC is registered with the state and profits and losses are shared according to each member’s percentage share. You can divvy up ownership shares however you see fit as long as the percentage adds up to 100 percent.
One of the biggest priorities when forming a partnership LLC is deciding its management structure. Any LLC can be “member-managed,” meaning that the company is managed by the owners, or “manager-managed,” which is where the owners hire outside management to take care of daily operations. You can opt for all members to serve as managers and divide management responsibilities if that works best for your business.
Unless otherwise stated in your operating agreement, an LLC will default to a member-managed entity in most states.
Partnership LLC Taxation
The Internal Revenue Service doesn’t recognize LLCs, single-member or otherwise, as business entities in their own right. Instead, each member must file individual tax returns as either a partnership or corporation.
When the LLC acts as a partnership, taxes pass through the company and onto the owners, so you aren’t left with the double taxation issue corporations deal with. Simply file Form 1065 each year on the partnership’s behalf and have each partner list his or her share of the profits and losses on a Schedule K-1. File these Schedule K-1s with each owner’s personal tax return.
If you need help creating a partnership LLC, post your legal need on UpCounsel’s marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
From encouraging self-help books to gripping autobiographies and riveting novels, these are books by Black authors to read this fall.