What is the name of your state? New Jersey
Scenario: Man owns a family business. He has mega hospital debt in addition is applying for SSI disability permantly. In order to avoid the debt and receive SSI, he gets a new State ID number, lists his daughter as the owner, has her sign the papers and registers the business as such, therefore, nothing is in his name, but in hers.
1. Just what is the daughter liable for under these circumstances. Would she have to do her IRS and include the business income?
2. Is she now responsible for any taxes due and also liable for any issues that may arise as a result of being listed as the business owner?
3. Can he still sign checks to pay bills or would he have to open a totally new account with the new EIN # and put the account in her name?
4. Is this fraud?
Scenario: Man owns a family business. He has mega hospital debt in addition is applying for SSI disability permantly. In order to avoid the debt and receive SSI, he gets a new State ID number, lists his daughter as the owner, has her sign the papers and registers the business as such, therefore, nothing is in his name, but in hers.
1. Just what is the daughter liable for under these circumstances. Would she have to do her IRS and include the business income?
2. Is she now responsible for any taxes due and also liable for any issues that may arise as a result of being listed as the business owner?
3. Can he still sign checks to pay bills or would he have to open a totally new account with the new EIN # and put the account in her name?
4. Is this fraud?