Business Put in Wife's name

[Sparky]

Times are tough; some may be applying for that disability or trying to extend that unemployment check. Long time business in husbands name now being changed into
wife's name so as not to disrupt the disability check? Anything I am not seeing here?

[taxmandan]

Do you see the fraud in their plan? Don't wanna be a co-conspirator.

[RitaB]

Well

Times are tough; some may be applying for that disability or trying to extend that unemployment check. Long time business in husbands name now being changed into
wife's name so as not to disrupt the disability check? Anything I am not seeing here?

I suspect you are getting the picture pretty clearly. Unless wifey actually took over the work, it appears that we are all seeing our tax dollars being stolen.

[ChEAr$]

Not so fast now.

To the OP. Just how is business being "put in wife's name?"

What is present/former ownership form? proprietorship? corporation? LLC?

Legally he can probably give the business to his wife no matter which form it is in.
But all the i's should be dotted and t's crossed. A lawyer should be involved to document the
transfer. If a corporation all he has to do is give shares of the corporation to her and
record same on transfer books.

THEN.... what she does will be fraudulent if she doesn't pay him a salary for the work he does. You should discuss this with him, provided you feel comfortable doing so. that depends on how long you've known your client.

point out the implications in so far as social security is concerned, to name a primary concern I might have.

[taxea]

Not so fast now.

To the OP. Just how is business being "put in wife's name?"

What is present/former ownership form? proprietorship? corporation? LLC?

Legally he can probably give the business to his wife no matter which form it is in.
But all the i's should be dotted and t's crossed. A lawyer should be involved to document the
transfer. If a corporation all he has to do is give shares of the corporation to her and
record same on transfer books.

THEN.... what she does will be fraudulent if she doesn't pay him a salary for the work he does. You should discuss this with him, provided you feel comfortable doing so. that depends on how long you've known your client.

point out the implications in so far as social security is concerned, to name a primary concern I might have.

I wouldn't say "if you feel comfortable doing it". I would say point out the pros and cons (legality verus illegality) and let him make his own decision. Should he decide to engage in fraud then send him out the door.

[ChEAr$]

I wouldn't say "if you feel comfortable doing it". I would say point out the pros and cons (legality verus illegality) and let him make his own decision. Should he decide to engage in fraud then send him out the door.

You misunderstood what I was saying. I was saying if you feel comfortable discussing it with him. It's of course not up to us to recommend any course of action unless asked.

After any transfer, what the wife then does with the business and how she operates it is her affair.