Question
What are the risks involved in putting this business in my name?
Currently, my boyfriend owns and operates a towing business. He wants to put me as the owner so then the towing business will be MINORITY OWNED... we would qualify for many federal grants/loans, etc. And he can then go POSTAL with his company.. working for the United States Postal Service. We will first have to become incorporated. We will be a CORPORATION, which is a seperate entity... What i am asking you is this: What are the RISKS involved in putting the corporation in my name. Is this something that is difficult to get out of? What are the pros and cons? Thanks you so much!!!
6 months ago - 1 answers
Best Answer
Chosen by Asker
I am in the UK but I think it will basically be the same as in the USA. Corporation in the UK is a Limited Company which means the company is responsible for all the debts but it will be you that will be responsible for paying them and signing cheques as you will be the main shareholder director. If the company goes bust it will be you that will have the responsibility to finalise everything and if there should be any court proceedings it will be you that will have to appear in court - why cant he put it in his own name and get all the grants and loans? It will also affect your current tax deductions from your current job if you are going to be a director in his company? Is there not a website in the USA that give you all the info you need or talk to someone who is qualified in the subject. A friend of mine had a limited company and when it went bankrupt he was liable for the debts and through the courts the have now put his home up for sale to pay the debt back to the government?
by jackie m
6 months ago
Asker's Rating: 