MICHIGAN
My father helped me start a small business a few years back. He had done it in the past, had the knowledge and tools, and garage, so I figured I’d give it a shot. I set the business up in my name, as a sole proprietor. Well, first off, my father is on disability but I seen no harm in him helping me to get things going.
After a few months, business was picking up but was by no means profitable. I was making between $50 and $150 a week, and just couldn’t live off of that, so I decided to find a job. My father aimed to keep the business going, so we did. I generally would work there on weekends but my father ran just about every aspect of the business. Well, as it turned out, I got a job offer out of state, and moved. Again, my dad wanted to keep the business going, as it was steadily growing.
I was away for about 2 years, when my father informed me that the business was doing very well, and I should move back because he can’t do it all himself, so that’s what I did. Well, I came back to find out that the income was a lot better but the business was in considerable debt. Now, mind you, this is a family business, my dad was simply helping keep it going while I work on supporting my family. I filed taxes each year, signed various papers for different types of credit….but there were also documents that had gotten forged, things bought without my knowledge, etc. Not that my dad was intentionally trying to hurt me but if he needed my signature on something right away, he’d do it himself.
Here’s my dilemma. The business is on the verge of going belly-up. Most of the debt incurred was to do with dealings that I had no or little knowledge of. Also, for the 2 years I was away, I didn’t receive any income from the business. It’s almost as if I was ‘used’ to get the business ‘legal’, so my dad could get extra income, in hopes of it growing enough to fulfill his original ‘dream’.
So, what should I do? Any and all advice would be appreciated.
My father helped me start a small business a few years back. He had done it in the past, had the knowledge and tools, and garage, so I figured I’d give it a shot. I set the business up in my name, as a sole proprietor. Well, first off, my father is on disability but I seen no harm in him helping me to get things going.
After a few months, business was picking up but was by no means profitable. I was making between $50 and $150 a week, and just couldn’t live off of that, so I decided to find a job. My father aimed to keep the business going, so we did. I generally would work there on weekends but my father ran just about every aspect of the business. Well, as it turned out, I got a job offer out of state, and moved. Again, my dad wanted to keep the business going, as it was steadily growing.
I was away for about 2 years, when my father informed me that the business was doing very well, and I should move back because he can’t do it all himself, so that’s what I did. Well, I came back to find out that the income was a lot better but the business was in considerable debt. Now, mind you, this is a family business, my dad was simply helping keep it going while I work on supporting my family. I filed taxes each year, signed various papers for different types of credit….but there were also documents that had gotten forged, things bought without my knowledge, etc. Not that my dad was intentionally trying to hurt me but if he needed my signature on something right away, he’d do it himself.
Here’s my dilemma. The business is on the verge of going belly-up. Most of the debt incurred was to do with dealings that I had no or little knowledge of. Also, for the 2 years I was away, I didn’t receive any income from the business. It’s almost as if I was ‘used’ to get the business ‘legal’, so my dad could get extra income, in hopes of it growing enough to fulfill his original ‘dream’.
So, what should I do? Any and all advice would be appreciated.