Hello Everyone, I'm VERY new to the entrepreneurship and my boyfriend currently owns an advertising business. However, he is not very good at the financial standpoint and doesn't run the business well on his own. So therefore we have decided to put the business in my name and just pay him an income instead. However there are a few issues we are running into and here they are: 1) My boyfriend had a past client that still hasn't paid him for about a year now and owes him about $20k. We are looking to open a lawsuit to go after him however... 2) He is currently settling his child support case and we were advised to hold off on opening any other lawsuits due to forceably prolonging the closing of the child support in which we just want to get over with. 3) We want to put the company in my name and just pay my boyfriend a set amount to get his credit rating up and to have him make actual income since he's never filed real tax returns before and hasn't established very good credit. But now that we have been pushed off until JULY to close the child support case and we really don't want to wait much longer to push the $20k lawsuit either and we want to really put the company in my name...I have SOOOO a couple of questions and would appreciate ANY advice that someone could give me!! Here are my questions: 1) If we transfer the company from his name as owner to my name can we still "sue" the past customer that owes us that money? 2) How long can we wait in order to go after that amount? Is there a set date? That's it for now...but I'm sure I'll have more once the process starts to get rolling! THANKS FOR YOUR HELP!!!!!!! ~ Tracy
Sounds like you need to talk to a lawyer. I dont think your gonna get the answer from a bunch of webmasters.
yeap sounds like its time to talk to a lawyer - I would think it would be an accounts recievable? and if you own the business you are buying all of his accounts recievables? you will need a lawyers anyway to makes sure everything gets transfered properly
Lawyer yes... or you can simply learn from that 20K case (like: if there's no payment, then stop dealing with them until fees have been promptly covered). Getting a lawyer & having a lawsuit can be expensive and can further damage your business. Depending who the customer is, you could consider making it public (anything from approaching news) - but on the other hand, that might get you into more troubles since the other party might be offended (and fighting probably leads to noweere good). I'd really consider: - How critical are getting those 20K and what are the odds of getting them (and what would it cost & how long would it take) - Even if you manage to get those 20K, would it harm your current business? (it might take lots of energy) - Can you use this case to learn, and make better deals in the future?