Thursday, May 13, 2010

What is best for married Biz Partners?

Both spouses will be working on the business.





Is it okay to use a sole propietorship and treat one of the spouses as an employee?





Or is it better to draw up a partnership with percentages assigned to each spouse?





What are the implications were the marriage to go south?What is best for married Biz Partners?
To the best of my knowledge I would choose for the business to be incorporated over sole proprietor...many advantages to this. Also, you would be able to keep the business and personal assets separate, allowing one spouse to buy the other out or splitting the business assets and going separate if a divorce shall arise.

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