So wifes, son staying here TEMPORARILY, till his life is straightened out, mentioned starting an LLC business, I told him didn't want our address on it. Does anyone know all the possible problems if he did so. And what is the best way for him to go? Huge thanks.
Is there a UPS store there? PO Box works too. To my knowledge it wouldn’t put you in any liability but would more than likely increase your junk mail!
I did a Chatgpt on it and it can open many can's of worms according to that, such as liability, tax increases, and other such things. Just wondering if others had experience with it.
A virtual business office address can be had for $40-50 a month and mail can be delivered there. Most banks will accept that as an address. State and county licenses, too. Double Check with your CPA.
Depends, if he were to do something stupid financially, illegal or otherwise, someone could put a lien on your property. If it really is temporary, have him wait till he has his own place. Not sure how this affects the IRS, with a business our of your address?
Reckon I'd give that one a swerve at least until the young fella has proven himself to your satisfaction. A lot of people who are "straightening up" their lives aren't always truthful and **** comes down from a great height when things go pear shape.
I’d avoid using your home address if possible. Even if things are fine now, business mail, legal notices, taxes, debt collectors, or lawsuits could end up tied to your address later. Best option is usually a registered agent service or virtual business address.