i work for my father at his company. he has old personal debts and one found his company bank account which was customer money(not sure if illegal?)
He is getting an LLC very soon.
Should i put my name on it?
whats my risk if i do and someone sue's the company???
whats the risk if i dont and someone sue's the company???
Someone please help!!!!!!!!!!!!!!!!!!
2007-09-23 08:06:02 · 6 answers · asked by Deidre~&~Joshua 2 in Business & Finance ➔ Taxes ➔ United States
I would only go into business with someone you trust. Are you saying that you will be one of the owners of the firm? Will you have a controlling interest or not? Are you saying that a company that had personal debt of your father's raided the company's account? How did they do that? I wouldn't put your good name at risk...
2007-09-23 08:16:05 · answer #1 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Bring it to a lawyer you trust at the very minimum. If there is a legitimate way for you to be admitted as a member of the LLC, maintain your limited liability and not work a fraud on Dad's creditor's an experienced business lawyer will show you how to do this the right way. If you do it the wrong way, you may buy your way into a lawsuit or as a special consolation prize, income tax problems for the value of the LLC that you were granted without having to pay for it. All of the other answers smell a rat, it is now unanimous.
2007-09-23 17:28:40 · answer #2 · answered by mattapan26 7 · 1⤊ 0⤋
If there's stuff going on that you find questionable, help your father from a distance and stay out of the company's organization - regardless of the lawsuit risk!!
2007-09-23 08:41:59 · answer #3 · answered by Steve F 2 · 0⤊ 0⤋
You already know the answer, don't do it. I have heard this sad story before. The parent then passes on the problems to the child.
There is no risk to you if you don't do it, except for getting fired. Getting fired is better than taking on your father's financial problems.
2007-09-23 10:04:34 · answer #4 · answered by ninasgramma 7 · 0⤊ 0⤋
If there is something illegal going on you should (a) not become a member (which is what you would become by "putting your name on it), and you should also quit.
Why can't you just be an employee of the company. As such, so long as you are not willing doing anything illegal, you have no liability.
2007-09-23 09:25:35 · answer #5 · answered by Michael K 2 · 0⤊ 0⤋
I'm not a professional, but this doesn't sound on the up and up to me. Think you are at risk. I'd go wait on tables and see what happens.
2007-09-23 08:24:41 · answer #6 · answered by Wildflower 3 · 0⤊ 0⤋