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Both names on Business File

Posted on: 30th Jan, 2007 09:57 pm
Hi again! My husband and I are opening a new business, I'm contributing the start up funds. I wanted my name on all paperwork and my husband says it's not necessary because we live in a community property state. I am also on SSD and wonder if my name on a business would give the gov't an excuse to drop me. I'm torn; do I insist on my name being on all paperwork or just back off and be satisfied?
Thank you in advance!
Hi Mck,

Welcome back.

I have gone through your previous posts and I find that you stay in a community property state like Idaho.

In community property states all earnings and property acquired during marriage (including real estate and business property) are regarded as community property. Such property is owned equally by husband and wife and in case of divorce each of them can claim a right to the property. So, even if you don't have your signatures on the business paperwork, you will be able to claim a certain share of interest from the business assets.

Thanks,

Sara
Posted on: 30th Jan, 2007 10:36 pm
No, as far as I know, your social security disability income will no be affected if you start a business.
Posted on: 30th Jan, 2007 11:28 pm
Hi Mck,

"I am also on SSD and wonder if my name on a business would give the gov't an excuse to drop me."
I think you are speaking about Social Security Disability benefits offered through Social Security income.

As per the Social Security Act, disability refers to inability to indulge in any activity that can provide you with sufficient gains on account of medically detected physical or mental disability. Such disability is expected to last for a continuous period of time of at least 12 months or may result in death or has lasted for not less than 12 months. Under the Act, social security benefits are offered to people who suffer from such disability.

I am not aware of your situation, so if you let me know something more about your medical condition, then it will be easier for me to guide you.

Thanks,

Caron.
Posted on: 31st Jan, 2007 12:33 am
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