Private Owner of Business but Business under Partners Name Publicly - How to Control Business Privately?

[watchaholic]

What is the name of your state? California

Hello,

I have a business I want to start and I'm putting up 100% of the money. But I would like my name private, completely for safety reasons. It's mainly collectibles and silver, gold, etc. But my neighbors home was invaded and he and his family were injured several years ago in the home invasion, as they traced him and his family as the jewelry shop owner.

My partner, employee wil be doing 95% of the work. I would like everything in my partners name but I would be majority and silent owner. So I'd like to put everything, business license, website, even business under my partners name from A to Z publicly, where no one knows my fmily and I are the actual owners. I would give him access to the business bank account etc. So I would like to be private owner of the website and business, where if one day, there is a fall out between my partner and I, I hold full control of the company and assets. I would obviously report the income under my name etc.

Is there a way to do this?

Thank you

 

[Zigner]

You will want to speak to a business attorney for assistance.

 

[quincy]

What is the name of your state? California

Hello,

I have a business I want to start and I'm putting up 100% of the money. But I would like my name private, completely for safety reasons. It's mainly collectibles and silver, gold, etc. But my neighbors home was invaded and he and his family were injured several years ago in the home invasion, as they traced him and his family as the jewelry shop owner.

My partner, employee wil be doing 95% of the work. I would like everything in my partners name but I would be majority and silent owner. So I'd like to put everything, business license, website, even business under my partners name from A to Z publicly, where no one knows my fmily and I are the actual owners. I would give him access to the business bank account etc. So I would like to be private owner of the website and business, where if one day, there is a fall out between my partner and I, I hold full control of the company and assets. I would obviously report the income under my name etc.

Is there a way to do this?

Thank you

Have you discussed the particular fear you have, of being listed as owner, with your partner?

 

[zddoodah]

My partner, employee wil be doing 95% of the work.

Is this person going to be a partner or an employee? Those are two completely different things and, if you're "putting up 100% of the money," why would you allow this person to be a partner?

For that matter, are you envisioning organizing this business as a corporation, LLC, partnership or something else?

Is there a way to do this?

Yes. Retain the services of a local business attorney.

 

[quincy]

Here is a helpful link on starting a business, from California’s Secretary of State:

https://www.sos.ca.gov/business-programs/business-entities/starting-business

You can click on the various business structure types to see which structure best fits your needs. Getting assistance as needed from a business law professional in your area is recommended.

 

[adjusterjack]

Is there a way to do this?

The short answer is yes.

Now follow the advice of the two Zs and the Q.

 

[Litigator22]

What is the name of your state? California

Hello,

I have a business I want to start and I'm putting up 100% of the money. But I would like my name private, completely for safety reasons. It's mainly collectibles and silver, gold, etc. But my neighbors home was invaded and he and his family were injured several years ago in the home invasion, as they traced him and his family as the jewelry shop owner.

My partner, employee wil be doing 95% of the work. I would like everything in my partners name but I would be majority and silent owner. So I'd like to put everything, business license, website, even business under my partners name from A to Z publicly, where no one knows my fmily and I are the actual owners. I would give him access to the business bank account etc. So I would like to be private owner of the website and business, where if one day, there is a fall out between my partner and I, I hold full control of the company and assets. I would obviously report the income under my name etc.

Is there a way to do this? Thank you

You are seriously thinking of forming and becoming a principal player in a business partnership? Jeez!

Apparently, you are unaware of the financial risks attending such a business format because if you were, you wouldn't consider it.

For one thing all of your personal assets would become liable for any and all debts of the business entity. Not just your personal contribution to the business, but each and every asset you own and as to each business debt - current and future.

Secondly, by force of law there exists a reciprocal agency relationship among the partners with respect to the business entity. Meaning that each can independently incur obligations on behalf of the business enterprise - voluntarily and sometimes involuntarily. And please take note that I stress the adverb independently advisedly! Again, meaning with or without the approval of any other partner!

There are other formats available that can safeguard your personal assets. But please do not become an active member in a business partnership! In forty hears of private practice I never permitted a client to do so. And none did - not while they were clients.)