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If your name is partner of a business but you do not draw a wage are you still liable to pay child support from the business income?
Wiki User
∙ 15y ago
If the court says that you must pay child support in the United States, it does not matter whether you are drawing a wage - you are liable for the child support payments. If your employment status changes, you might be able to petition the court to change the amount of the child support payments. If child support has not yet been determined and you have never received any remuneration from the business, you might be able to prevent the business income from being used to determine child support, although if you start receiving a wage, child support might be recomputed based upon it. An important issue is why you do not draw a wage despite being listed as a partner. It will depend on numerous factors and it would be best to get legal consultation.
Wiki User
∙ 15y ago
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Is a minor partner liable for the loss of business?
The liability of a minor partner depends on the specific terms of the partnership agreement. Generally, a minor partner is liable for their share of the partnership's losses up to the amount of their capital contribution. However, if the partnership agreement holds the minor partner as fully liable, they may be responsible for the entire loss of business.
What are the advantages and disadvantages of a partnership businesses?
Some advantages of a partnership business is that the gains and losses are shared, you share the resposibilities, and it's easy to set up. But some disadvantages to a partnership business is that each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts, there is a risk of disagreements and friction among partners and management, and each partner is an agent of the partnership and is liable for actions by other partners
Is general professional partnership subject to Minimum Corporate Income tax?
As provided in the Philippine tax code under Sec. 26. Any general professional partnership, is exempted or shall not be subject to income tax. But the person engaging in business as partner in a general professional partnership shall be liable for income tax only in their separate and individual capacities.
What if you become disabled how courts determine child support?
In general, the same way that the courts determine support for anyone else - a percentage of net income. SSI recipients are not liable for child support.
Should a partner be held liable for the criminal activities of a partner?
an individual can not be held liable for crimes committed by their partner, as long as there was no agreement to commit the crime, or participation in the crime on the individuals behalf
Could you get child support from someone who is on ssi?
SSI recipients are not liable for current, ongoing child support and child support, current or past-due, cannot be withheld from SSI payments. [SSI recipients are, of course, liable for any past due child support.]
Can owner of a company be held personally liable?
The owner can be held personally liable for business debts, but it depends on the business structure and what type of contract the owner holds. If the owner is operating a sole proprietorship (he/she is the only owner), the owner and the business are technically considered the same entity, meaning the owner has full personal liability for any business debt. In a partnership, the business belongs to each partner, meaning that business debt also belongs to each partner personally. Each partner is liable for 100% of business debts. The only time an owner is not held personally liable for debts is in a corporation or LLC. In both of these cases, the business and owner are considered separate entities and, in theory, the owner could have no personal liability for business debt. Liability could occur if the owner has signed a personal guarantee, has offered his/her property as collateral, has signed a contract in his/her own name, he/she uses personal loans or credit cards to fund the business, or there is some sort of fraud or sloppy record-keeping.
What describes an importance between general partnerships and limited partnerships?
Their liabilities. A limited partner is only liable on the extent of his contributed capital. While a general partner can be liable on the extent of his personal assets. A general partnership has unlimited liability for all partners while a limited partnership has limited liability. Every partner in a general partnership is fully responsible for the business's debts. -Apex
Which is true for a limited partnership?
A limited partnership is formed upon the execution of an agreement between a limited partner (usually a financial contributor) and a general partner (responsible for the day-to-day operations of the business). The limited partner is only liable up to the amount of the initial investment whereas the general partner has unlimited liability. It is advisable to have an attorney draw up the agreement to ensure that it is in compliance with the laws of the jurisdiction in which the partners will conduct business.
Miguel has decided to start his own business as a sole proprietor Which advantage will he receive in choosing the option?
As a proprietor his advantages are:He will pay taxes only on his businesses incomeThe business will require very little paperwork to get startedHe will be able to deduct his business expenses from his incomeAs a proprietor his disadvantages are:He is legally liable for the actions of his business. If his business gets sued or and he is ordered to pay by the court, he will be personally responsible and this could wipe out his bank account. If the business cant pay back loans, he is personally responsible.If he were to set up a corporationThe corporation will pay income taxes on its income. He will receive a paycheck from the corporation and he will pay taxes on that income as well. In other words his income will be taxed twice.The corporation will deduct the business expenses from their income for tax purposes rather than himselfThe corporation will be legally liable if the business gets sued and is ordered to pay a settlement. The corporation would be liable if loans were not paid back, not himself (unless he co-signed the loan). This could wipe out the corporations bank account but not his own.
Is a business liable to honor a contract if it is no longer in business?
yea
How can limited liability be lost by a limited partner?
If the "limited partner" was serving in that capacity at the time of whatever it was that occurred, they continue to enjoy limited immunity for THAT SPECIFIC event even though they may no longer be associated with the business. They are only personally liable for events that preceded or post-dated their limited partner capacity.
