"owning" a business

[uquillas06]

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

My friend has a business (barber shop) and he wants to transfer the business to me, I will own the business/tax id on paper. He will be working it and paying the bills, taxes etc- the reason for him placing it under my name is so he doesn't get his child support payments raised. I'm not sure how would this change my life with regards to filing taxes etc, risk involved etc

Is this something I should consider or should I tell him no? I have pretty decent credit and don't want to ruin it. Advice?What is the name of your state (only U.S. law)?

 

[Mass_Shyster]

the reason for him placing it under my name is so he doesn't get his child support payments raised.

If this guy is willing to go to these lengths to hide money from his own flesh and blood, how far will he go do defraud his business partner?

Run away and don't look back.

 

[Country Living]

What Steve said.

If this Bozo is going to such great lengths NOT to adequately support his children, don't you think he'd go to similiar lengths to hide cash flow from you?

It's not just about keeping good credit. He lies, cheats, and steals. Do you want your good name and character (assuming you have those and want to protect them) linked to such a scheme?

I hope the ex finds out about his little shenanigan and hauls him and anybody associated with it into court for hiding assets.