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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 115450
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My father has put myself and my brothers as 'owners' of s

Customer Question

My father has put myself and my brothers as 'owners' of his various businesses as long as I can remember. For various reasons, I want out. I benefit in no way and now I am starting to receive levy notices from the IRS. These would be LLCs and S corps to the best of my knowledge, I am never told anything. This may or may not cause a rift, but I don't care. I just want out. What are my options?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you are starting to get IRS notices already, it is too late for you to avoid consequences of being listed as an owner by getting your name off of the businesses at this point. However, if your names are ***** ***** businesses, in order to remove your names, you would have to know the names of each LLC or S-corp and file an amended annual report to remove your name from the LLC or S-corp. This will not relieve you of liability for any tax issues from the time when you were listed as an owner. So, you would end up needing to sue your father as the only real option to seek a judgment against him to remove you from the company and have the court deem you were not truly an owner and not liable for the acts of the company, which would require you engaging a local attorney to do.