PROTECTING ASSETS

[MCALLISTER]

MY HUSBAND AND I OWN A SMALL BUSINESS WE STARTED AFTER WE WERE MARRIED, HE IS LISTED AS SOLE-PROPRIETOR. WE BOTH HAVE FULL TIME JOBS, WHICH HE PAYS CHILD SUPPORT BASED ON HIS FULL TIME JOB. HOW DO I PROTECT MY PART OF BUSINESS IF THE MOTHER WANTS TO INCREASE THE SUPPORT BASED THE INCOME OF BUSINESS AS WELL. THE CHILD SUPPORT STARTED BEFORE WE WERE MARRIED.

 

[GURUDUDE]

WHEN YOU FILE YOUR 1999 TAX RETURN, INDICATE THAT THE SOLE PROP., IS RUN JOINTLY...THERE'S A BOX ON THE SCH C. THAT CAN BE CHECKED WHICH IN FACT SPLITS THE INCOME BETWEEN BOTH OF YOU, AND WOULD SERVE TO PROVE THAT THIS PART OF THE INCOME IS YOURS...

OR YOU CAN CHANGE YOUR BUSINESS TO A 1065, PARTNERSHIP...WHICH WILL DO THIS FORMALLY,

IF THERE'S AN ISSUE OF PERSONAL PROTECTION,
A CORPORATION, S-CORPORATION, L.L.P OR L.L.C,
WILL ALSO SERVE TO PROTECT YOUR SHARE....

SEEK TAX ADVISE...

 

[puff1213]

Thank you for replying, i have searched the shc. c and can not find the box to check stating run jointly. Can you help?