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Old 05-31-2013, 01:12 PM   #221
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Nice try to start more crap, I was never an owner. I'm out more money than every customer that claims to be out money by a factor of 7. If I was an owner I certainly would not do an LLC, it would have been an S corp.
Yeah, I'll back you on that, you definitely said investor not owner all along. Why exactly you're cleaning up Chris' mess is a slight mystery, if I am guessing I think its for goodwill for the next owner of the kit rights. Either or, I am sure many, many customers are happy.

Why would you do an S over LLC? Not starting a fight or anything, I'm curious. I have a rudimentary understanding of both, and an S seems like a lot more work for zero additional benefit for a company of this magnitude. Board, annual reports and meetings, etc. LLC's have different benefits for loss allocation, different structures for income allocation vs ownership allocation and the ability for foreign investors... I'd love your input for educational purposes
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Vanos bolt backed out and a piece broke off, then worked it's way down into the oil pan. Evil things happened, scored the cylinder wall. Happened sitting at a traffic light. This is the second time in 7 years that this has happened, just had it serviced by a local shop 3 days before.
Ouch! That's $hitty!! Is this a common occurrence with S54s? Should loctite be used on these bolts or something? Or a better torque wrench (tho, HPF had digital SnapOn's IIRC).. Man that's bad times.
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Thought HPF was an LLC. Regardless warranties are gone, period.. there is no getting water from a rock as Derek has said.
Yes. I suppose the one exception would be if the business pays off all creditors / returns all inventory to the satisfaction of the property owners, etc, perhaps it could just dissolve? A company in good standing should have no issues with closing its doors. Now from what we know with HPF, that may welllll not be the case. I wish we had all the facts, but alas, we do not.
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Old 05-31-2013, 01:52 PM   #222
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Yeah, I'll back you on that, you definitely said investor not owner all along. Why exactly you're cleaning up Chris' mess is a slight mystery, if I am guessing I think its for goodwill for the next owner of the kit rights. Either or, I am sure many, many customers are happy.

Why would you do an S over LLC? Not starting a fight or anything, I'm curious. I have a rudimentary understanding of both, and an S seems like a lot more work for zero additional benefit for a company of this magnitude. Board, annual reports and meetings, etc. LLC's have different benefits for loss allocation, different structures for income allocation vs ownership allocation and the ability for foreign investors... I'd love your input for educational purposesOuch! That's $hitty!! Is this a common occurrence with S54s? Should loctite be used on these bolts or something? Or a better torque wrench (tho, HPF had digital SnapOn's IIRC).. Man that's bad times.Yes. I suppose the one exception would be if the business pays off all creditors / returns all inventory to the satisfaction of the property owners, etc, perhaps it could just dissolve? A company in good standing should have no issues with closing its doors. Now from what we know with HPF, that may welllll not be the case. I wish we had all the facts, but alas, we do not.
I prefer an S election on a corporation as well, easier to convert to full corp. You never know where your business may wind up, yes there are more board meeting requirements, minutes, officer structure, etc.. but most of that really doesn't take up much time. S Corp is better if you plan on eventually converting to full corp.
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Old 06-01-2013, 10:16 AM   #223
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I prefer an S election on a corporation as well, easier to convert to full corp. You never know where your business may wind up, yes there are more board meeting requirements, minutes, officer structure, etc.. but most of that really doesn't take up much time. S Corp is better if you plan on eventually converting to full corp.
Under current tax laws, there is no substantial benefit of being a C Corp. Most C corps actually are electing Sub S status these days. Problem with tax laws is something that is great today, may completely stink if laws are changed.

The benefits of C, S orLLC is that they are separate legal entities and the owners are separate and can't be harmed by lawsuits (exceptions are there though) and their assets are protected. If you are a C or S, you must maintain it like a separate entity and do the BOD meetings, etc or the veil can be penetrated that way for example and get to the shareholders personal assets.

Under current tax law, LLCs are the most favorable and flexible. You don't need a partner for a LLC either. They are called single member LLCs and file a schedule C on your standard 1040.

Now, if Chris was intentionally defrauding his customers, he won't be able to hide regardless of the structure (not an accusation, just a comment as I don't know all the facts). That's criminal. Look at all the execs that get prison time for fraud.

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Old 06-01-2013, 11:01 AM   #224
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Under current tax laws, there is no substantial benefit of being a C Corp. Most C corps actually are electing Sub S status these days. Problem with tax laws is something that is great today, may completely stink if laws are changed.

The benefits of C, S orLLC is that they are separate legal entities and the owners are separate and can't be harmed by lawsuits (exceptions are there though) and their assets are protected. If you are a C or S, you must maintain it like a separate entity and do the BOD meetings, etc or the veil can be penetrated that way for example and get to the shareholders personal assets.

Under current tax law, LLCs are the most favorable and flexible. You don't need a partner for a LLC either. They are called single member LLCs and file a schedule C on your standard 1040.

Now, if Chris was intentionally defrauding his customers, he won't be able to hide regardless of the structure (not an accusation, just a comment as I don't know all the facts). That's criminal. Look at all the execs that get prison time for fraud.

Yes, I am a CPA.
Do you have a good form or online tool that can be used to record BOD meetings and such?
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Old 06-03-2013, 05:58 PM   #225
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Do you have a good form or online tool that can be used to record BOD meetings and such?
Honestly, no. Do a quick google search for BOD minutes and you will find the format or send me your email and I can email you a basic template. Just make sure corprate President and Secretary sign and date it. And if you are small, put a recurring date on your calendar so you don't forget to have the meeting.

Feel free to pm any particular questions you might have.
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Old 06-04-2013, 01:49 PM   #226
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Does HPF owe you MONEY, PARTS, or LABOR .. What can WE do ?

So I'm still out my parts and tune. have not had any success and have made other arrangements... I am wondering how others have made out with their credit card orders and disputes. My credit card company said I will know if 60days and I may not get my money back... I am also wondering if personal assets were leveraged to finance the company?


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Old 06-04-2013, 03:25 PM   #227
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So I'm still out my parts and tune. have not had any success and have made other arrangements... I am wondering how others have made out with their credit card orders and disputes. My credit card company said I will know if 60days and I may not get my money back... I am also wondering if personal assets were leveraged to finance the company?


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I got a credit back from my bank within 2 weeks of my dispute. I imagine they are still going to go to the trouble of verifying that HPF has gone the way of the dodo, but given the situation I imagine it will be upheld quite easily.
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Old 06-04-2013, 04:01 PM   #228
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I am also wondering if personal assets were leveraged to finance the company?
Not that I know of, Amex attorney and my attorney have been working on the liquidation as of yet they cannot find anything to attach on too. Even if there was you would be so far down the list, you wouldn't get anything. Follow what your bank tells you to do and you should get your money back, at least you have hope in getting it back.
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Old 06-04-2013, 06:16 PM   #229
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@Derek, isn't it usual that company owned assets, like servers, will be sold? That's how it has been in every business I have helped liquidate... So if HPF owned their servers, and Chris stole them... Isn't there some sort of ramification for that? I'm curious how Chris is able to skirt that. The owners of the last company I consulted with would have made out with hundreds of thousands in assets if they weren't legally obligated to not steal their companies assets... HPF's situation is reasonably confusing to me...
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Old 06-04-2013, 11:37 PM   #230
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@Derek, isn't it usual that company owned assets, like servers, will be sold? That's how it has been in every business I have helped liquidate... So if HPF owned their servers, and Chris stole them... Isn't there some sort of ramification for that? I'm curious how Chris is able to skirt that. The owners of the last company I consulted with would have made out with hundreds of thousands in assets if they weren't legally obligated to not steal their companies assets... HPF's situation is reasonably confusing to me...
The court of public doesn't work here, nor does blatant litigious claims. Do you have an Hpf order that is missing? Seems like you only came over after Hpf closed. If you have an order that is missing please pm me your order number, that's what this thread is about.

6 pallets of returned products have been sent back so far. After that pretty much every creditor has received their inventory back and the account are now taken care of.
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Old 06-05-2013, 11:22 AM   #231
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6 pallets of returned products have been sent back so far. After that pretty much every creditor has received their inventory back and the account are now taken care of.
Okay, if you have questions regarding your order, pm Forcefed. And if your are having trouble and need this thread open for public consumption, please send me tell.
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