What are the good and the bad of putting a business under my name?
My bf has huge awful debts and for the past 6months he and his partner have been renting out a space, wich will soon open to be a tattoo shop. But they have not opened it legally because they need to put it under someone elses name. My bfs debt is huge n if a collection agency sees he owns a business they can easily go in there and take everything. So he wants to put it under my name instead. Im skeptical because even though it will just be under my name for them, legally im the owner.correct? What are the good and the bad that can come out of this? Does this mean I will have to be the one doing taxes for this business? Can they run the business without me being there? And if anything is to happen with cops involved will it fall on me? Your help will be greatly appreciated.1 year ago - 2 answers
If anything bad happens in the shop, it's entirely your fault.
You're responsible for all the bills, any legal actions, lawsuits, etc.
I really wouldn't do this if I were you, it could all fall through and you'll be the one paying for it, not him or his friend.
Source(s):1 year ago
Nothing good can come of this.
It could end up sticking you with huge tax bills even though you didn't make any of the money.
These arrangements never end well.