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Ready. Set. Incorporate! https://www.readysetincorporate.com/faq-items/i-want-do-add-my-boyfriend-to-my-single-member-llc-is-that-complicated/ Export date: Thu Apr 25 16:54:44 2024 / +0000 GMT |
I want to add my boyfriend to my single-member LLC. Is that complicated?Well, if I was your mother, I'd say yes, that's very complicated, and please just pay him for services rendered. But, as your lawyer, adding him is not that complicated. However, the result is that you've now turned what was essentially a sole proprietorship into a partnership, requiring tax returns, fiduciary duties, and ideally, a written partnership agreement for when you want to show your boyfriend the door and buy back his membership interest. |
| Excerpt: Well, if I was your mother, I’d say yes, that’s very complicated, and please just pay him for services rendered. But, as your lawyer, adding him is not that complicated. However, the result is that you’ve now turned what was essentially a sole proprietorship into a partnership, requiring tax returns, fiduciary duties, and ideally, a written partnership agreement for when you want to show your boyfriend the door. |
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Post date: 2015-07-19 13:14:38 Post date GMT: 2015-07-19 20:14:38 Post modified date: 2019-11-05 17:55:44 Post modified date GMT: 2019-11-06 01:55:44 |
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