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Adding a Joint Owner Instructions & Authorization Form
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FAQs
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Can a joint owner of a property force another joint owner to move out?
Although I am not a lawyer, I have represented clients where in certain circumstances it’s possible.CASE 1: [All parties moved out]One of my clients co-owned a home with his mother and due to family issues needed to hire a lawyer to fight and win his case to sell the home to obtain his equity portion of it. Since the mother was not able to buy him out, she had to go along with the sale and so wasn’t able to stay in the house.In his situation, he was paying the mortgage, the insurance, utilities, and all the expenses of upkeep. The courts considered it unfair that he had all the cost burdens while the rest of the family got to enjoy the home for free.Of course there is more to the story concerning issues between siblings but the court felt he had the right to pull his equity out and so allowed him to sell the home.CASE 2: [Either both or one moves out]Almost in all divorce cases, if either spouse cannot buy the other out, then the home will be sold and proceeds shared between spouses. If one can buy the other out, then one of the spouses will be removed from the deed after the divorce has been settled.CASE 3: [One has to move out, the other gets to stay]When a restraining order has been placed on one of the joint tenants against another joint tenant it can result in one of the joint tenants being forced out of the home.Again, I am not a lawyer and am NOT giving legal advice. In the event you are seeking to accomplish this, please hire a good real estate attorney in your area to answer your questions and represent you. -
What forms do I need to fill out as a first-year LLC owner? It's a partnership LLC.
A Limited Liability Company (LLC) is business structure that provides the limited liability protection features of a corporation and the tax efficiencies and operational flexibility of a partnership.Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses are "passed through" the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership would.The owners of an LLC have no personal liability for the obligations of the LLC. An LLC is the entity of choice for a businesses seeking to flow through losses to its investors because an LLC offers complete liability protection to all its members. The basic requirement for forming an Limited Liability Company are:Search your business name - before you form an LLC, you should check that your proposed business name is not too similar to another LLC registered with your state's Secretary of StateFile Articles of Organization - the first formal paper you will need file with your state's Secretary of State to form an LLC. This is a necessary document for setting up an LLC in many states. Create an Operating Agreement - an agreement among LLC members governing the LLC's business, and member's financial and managerial rights and duties. Think of this as a contract that governs the rules for the people who own the LLC. Get an Employer Identification Number (EIN) - a number assigned by the IRS and used to identify taxpayers that are required to file various business tax returns. You can easily file for an EIN online if you have a social security number. If you do not have a social security number or if you live outsides of United States, ask a business lawyer to help you get one.File Statement of Information - includes fairly basic information about the LLC that you need to file with your state’s Secretary of State every 2 years. Think of it as a company census you must complete every 2 years.Search and Apply for Business Licenses and Permits - once your business is registered, you should look and apply for necessary licenses and permits you will need from the county and city where you will do business. Every business has their own business licenses and permits so either do a Google search of your business along with the words "permits and licenses" or talk to a business lawyer to guide you with this.If you have any other questions, talk to a business lawyer who will clarify and help you with all 6 above steps or answer any other question you may have about starting your business.I am answering from the perspective of a business lawyer who represents businesspersons and entrepreneurs with their new and existing businesses. Feel free to contact me sam@mollaeilaw.com if you need to form your LLC.In my course, How To Incorporate Your Business on Your Own: Quick & Easy, you will learn how to form your own Limited Liability Company (LLC) or Corporation without a lawyer, choose a business name, file a fictitious business name, file Articles of Organization or Articles of Incorporation, create Operating Agreement or Bylaws, apply for an EIN, file Statement of Information, and how to get business licenses and permits. -
If I change my individual account by adding someone with joint ownership, would I be able to remove that joint owner at a later date if need be, or would I have to close it since it is owned jointly?
The answer will probably vary from bank to bank, and possibly vary from branch to branch. It would make sense to allow you to drop someone you once added. However, to avoid a risk to the bank, often the bank will require the account to be closed and a new one opened. (This would apply to personal accts and not business accts where authorized names may change throughout time.) And again, the sole purpose of a bank or branch requiring this is to avoid being involved in litigation as to is owner of $$ in an acct and who is or was authorized to withdraw it. -
How a Non-US residence company owner (has EIN) should fill the W-7 ITIN form out? Which option is needed to be chosen in the first part?
Depends on the nature of your business and how it is structured.If you own an LLC taxed as a passthrough entity, then you probably will check option b and submit the W7 along with your US non-resident tax return. If your LLC’s income is not subject to US tax, then you will check option a.If the business is a C Corp, then you probably don’t need an ITIN, unless you are receiving taxable compensation from the corporation and then we are back to option b. -
What's the best way to get users to read a set of instructions for filling out a form?
Your question confuses me a bit. What's missing is "WHY are the instructions displayed?" What makes them so important? More to the point, what makes them so important to the user?You say it's a simple form, but also say they must read the instructions before filling it out. If it's simple, what are all the instructions for? I haven't seen the form and already I'm confused.People will do things if they understand (and agree with) the purpose for doing them. If they don't understand the need for the instructions (e.g. because the form appears to be simple), you'll have a hard time getting users to read them (they won't see the need).My suggestion would be to take a step back from the design a bit and look at the form's purpose. If the instructions are to minimize data entry errors, look for ways in your design to do that and eliminate an instruction or two. For example, do real-time validation of things like zip codes, phone numbers, usernames, and anything else your web page can do.If the instructions are to educate the user on some specific process, look at the process to see if it can be made simpler or more obvious such that it doesn't need any explanation.Finally, don't forget user testing--ask some potential (or representative) users what they think works for them. -
Where do you find instructions about how to replace a CV joint?
In-depth instructions for making vehicle repairs are found in the factory service manual. You can also find instructions in the likes of a Chiltons or Haynes manual covering the make, model and year of your vehicle.As Joe pointed out, these days the joint itself isn't replaced. The whole half-shaft axle along with both CV joints and boots is replaced. Doing the entire axle replacement is much easier (for the DIY-er) and saves on labor costs if the repair is done in a shop. Since the repair is simpler to accomplish it can also reduce potential call backs for a shop too. Typically if one CV joint has gone bad, the other is probably not far behind; best practice is to replace both at the same time. -
How should form 26QB be filled in the case of a joint ownership property and multiple sellers?
For each buyer and seller a separate Form 26QB is to be filed.Say A & B buy a property from X & Y for Rs.1 crore in equal proportionate.In that case 4 Form 26QB to be filed.Buyer A - Seller X for sale consideration of Rs.25,00,000Buyer A - Seller Y for sale consideration of Rs.25,00,000Buyer B - Seller X for sale consideration of Rs.25,00,000Buyer B - Seller Y for sale consideration of Rs.25,00,000
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