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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116711
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I realize I would have to work through my daughter as a silent

Resolved Question:

I realize I would have to work through my daughter as a silent partner, making her the new ownership by contract, etc. I'll have a local lawyer do all the paper work, my next question is can I remain as a board member of ArtWearsUSA LLC. and can I have rights to owning credit cards, loans throught the corporation which I know I must report, I also have a business partner who don't mine being temporarily CEO, much paperwork needs to be done, also can I still actively invest in the gold market with my partner as ownership, everything will be reflecting him as the new owner, I don't want to lose control?
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
Yes, you can remain shareholder and even sit on the board, it is only if you receive any income from the company that it has to be reported to SSI/SSD and it can impact your benefits. You can own the credit cards and you can even have a separate written contract with your daughter that she has to transfer ownership back to you at any time you demand in writing (and you should set some way to determine some fair price to her for doing so in the contract, since the contract needs some consideration to be valid).


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