Knowledge Kick
Junior Member
NEW JERSEY
Okay guys, I have a dilemma. I recently came up with and implemented a money-making idea into my business. After doing so, I realized that this process closely resembles that of a pyramid scheme. Keep in mind, the business was NOT set up with the intention of being a pyramid scheme but DOES meet the textbook definition of one.
Assuming this made significant money, could I THE INDIVIDUAL, be subject to any fines or further punishment if the "pyramid scheme" is an LLC? I know LLCs are intended to protect the owner from certain things. The business is a registered LLC in New Jersey and the business also has a legitimate merchant account set up for online payments.
Could you discuss the legal ramifications of this for the business, the owner, etc.?
Okay guys, I have a dilemma. I recently came up with and implemented a money-making idea into my business. After doing so, I realized that this process closely resembles that of a pyramid scheme. Keep in mind, the business was NOT set up with the intention of being a pyramid scheme but DOES meet the textbook definition of one.
Assuming this made significant money, could I THE INDIVIDUAL, be subject to any fines or further punishment if the "pyramid scheme" is an LLC? I know LLCs are intended to protect the owner from certain things. The business is a registered LLC in New Jersey and the business also has a legitimate merchant account set up for online payments.
Could you discuss the legal ramifications of this for the business, the owner, etc.?