Odd situation

[smokinj1313]

What is the name of your state (only U.S. law)? MISSOURI

About a year ago my bosses sold me the business. I asked my dad to help me with advice and helping set up the business, in exchange he would be 50% owner of the business. One day during the proccess he told me that he had set up the LLC. I thought nothing of it and have been working now for a year here. Well long story short the business is going down the economy wins the fight. I've asked my dad if I could somehow take any negative affects and save his name. He said he didn't think it was legal to sign over his half of the business to me right before we go under. I started looking on the net myself to see if I could help keep his name clean and in the process discovered I'm not on the LLC! I've found now that the only thing my name is on is the retail sales license and the DBA (application for a fictitious name) I'm wondering now, am I liable for the business? Did my dad really steal my business right out from under me?? WHAT DO I DO????!!! Thanks ahead of time for your help- ConfusedWhat is the name of your state (only U.S. law)?

 

[COUNSELOR1965]

To confused

An LLC can sometimes be a sub corporation of a "Mother" corporation. If your name is on the ficticious name registration, you are more than likely half owner of whatever that sub corporation is. If you have filed your taxes, your part of the ownership, whether there was a net profit or a loss will reflect that in your corporate tax return. Most partnerships are 50/50 in all fairness. You and your father are jointly responsible in your current situation.