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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118237
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I now aware that I can own a corp, but dont touch the money

Resolved Question:

If I remain the ceo shareholder of artwearsusa llc. and made the daughter vice president, can the corporation operate on a corporated level, like advertising, employees, keeping all the funds in the corporation, not investing into any personal investments, however have the corporation open up a trust on my behalf, again I'll just use the line of bank credit and credit cards as well, which I will kindly report, the corporation will run itself on  a corporated level only, no funds will be written in my name, except the name of artwearsusa llc. for artwearsusa llc. is the legal and do I have to report the funds that artwears usa llc. earn or is there any other vechicle that might serve well.Again not 1 penny will be used for personal investments, strictly corporated investment for artwearsusa llc. only?
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
Hey, you have 5 open questions and it shows you with only 1 accept, which can reduce your chances of getting any expert to answer dramatically. If all your questions are related it works best if you keep them in the same thread so the expert knows what you are talking about and is familiar with the background, but if you open new questions and experts answer you are expected to click on accept for those answers when you have been answered satisfactorily (even if you have a subscription membership).

Now, to answer your question, while this is possible and it would not get reported as income to you (and as long as you are not listed on the annual reports as any of the officers which while not illegal or improper would raise red flags with the state) if you show any association with the corporation besides shareholder then the company not making payments and just paying your bills (loans, credit cards, whatever) and if it is shown you are using those credit cards for personal expenses, then there is a possibility they could come after you for SS fraud (no attorney could advise you it is legal or to take the risk).


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