Business Name Usage Concerns

Summary

Allowing someone to use your name in a business can have tax implications. Review your agreement to understand your obligations. In a sole proprietorship, personal assets may be at risk, and your income and business expenses are intertwined. Freelancers must manage their own taxes, including income tax. Consulting a tax professional and possibly a lawyer for a thorough review of your agreement is advisable to ensure compliance and protect your interests.

Full Conversation

I want to ask something
Sure, Ana! I'm here to help. Could you please provide a bit more detail about your legal issue?
maybe you can help
Hi Ana! Of course, I'm here to help. Could you tell me a bit more about the legal issue you're facing?
I actually give a permission to someone to use my name in his business, we do have an agreement about this however I need a legal advice because I'm scared about the taxes and I even don't have any bank account with millions in it
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Hi Ana! Providing someone permission to use your name in their business can indeed raise concerns about tax implications. Here are some general points you might consider:
- Review the agreement to understand your obligations and rights.
- Consider how the business income is reported and how it might affect your tax responsibilities.
- Consult a tax professional to understand any potential tax liabilities.
Do you have any specific questions about this situation?
taxes will be under the business name or under the name of the owner?
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In general, taxes for a business can be filed under the business name or the owner's name, depending on the business structure:
- Sole Proprietorship: Taxes are typically filed under the owner's name.
- Corporation: Taxes are filed under the business name.
- Partnership/LLC: Taxes can be filed under the business or owners, depending on the agreement.
It's best to consult a tax professional for your specific situation.
another thing that I want to ask will it matter if the rent on the establishment is *,* and my salary every month is lower than *,*
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Hi Ana! The rent amount and your salary can impact your ability to finance the business or be responsible for expenses. If you're worried about financial obligations, consider discussing this with the person using your name in the business to clarify your responsibilities. Are you listed as a partner or co-owner in any business documents?
I do not have a partner it is a sole proprietorship
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Since it's a sole proprietorship, your personal assets might be at risk. Here are some points to consider:
- Your personal income and business expenses are intertwined.
- Ensure the agreement clearly defines roles and responsibilities.
- Consulting a lawyer for a thorough review of your agreement may be beneficial.
If you have more questions or need further clarification, feel free to ask!
and I am not paying taxes personally from my salary because my job is a freelance
Case Rating: *
It sounds like you're in a unique situation, Ana. Here are a few general points you might consider:
- Freelancers are responsible for their own taxes, including income tax and possibly VAT.
- Ensure you keep accurate records of income and expenses.
- Consider consulting a tax advisor to ensure compliance with local tax laws.
If you have any specific questions or need more detailed guidance, feel free to ask!