Home Business?

Question

If you and your significant other wanted to start a business, and one person agreed to keep working their Day Job, while the other stayed home to work the business, would the business turn into belonging to the one that stays home to work it, or would the business be both of theirs since they are both doing their part of what they agreed to do in order to have the business?

Answer 1

hmm..it depends on what you two decide. My husband and i did it. But initially we both kept our jobs. Then when the income from our home business was the same as my job, I quit my job. I have been doing it full time now fro 4 months...and there are times where i feel like "i'm the one doing most of the work" then i remember that I quit...and of course id be doing more of the work. And now, my husband will be quitting his job in about a month b/c our money from our business has reached his income as well. Hope this helps...

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Answer 2

This my thought and not necessarily law. If you and your "signifacant other", whatever that is, are husband and wife, then any business started by either of you belongs to both, even if it is only in one name.

If you are unmaried, then the business belongs only to the one who's name it is in.

Answer 3

Depends how you set your business up a LLC, Corporation, and the roles you defined when you got your ein...and filed with the business with the state

Answer 4

Whoever's name is on the business is who it belongs to, regardless of who works it. So if both names are on it, it belongs to both of you.