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OK I just meditate over everything you advise, Im now making

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OK I just meditate over...
OK I just meditate over everything you advise, I'm now making my daughter ceo of the corporation, I will have a local lawyer draw up all the contracts, I will remain on the board as a advisor who will not receive any money, will clarified that my daughter is the president of ArtWearsUSA llc. my challenge is the annual report, as artwearsusa makes money and I'm not making no income, she will open a trust on my behalf and deposit the income in that trust until I become well enought to resume off SSD, my question is do I have to still report artwearsusa llc. to my SSD, if my daught is on the board, again she'll manage everything, I will freely advise her on how to operated the corporation of artwearsusa llc. I realize my name will be on the annually report, what should I do to show that I'm a nonprofit advisor. my goal is to help street artist sell there art though artwearsusa worldwide, street artist will received 75% and artwearsusa llc. 30% which my portion will go in a trust on my behalf, do I have to report that trust? what will work best in this situation?
Submitted: 7 years ago.Category: Business Law
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Answered in 11 hours by:
11/8/2010
Business Lawyer: Law Educator, Esq., Attorney replied 7 years ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,493
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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The only thing you have to report to SSD is your income and whether or not you are earning wages from work (active income). Thus, if you are not earning anything that would be taxable to you as income, you would not have to report that. As far as the annual report, you would be a board member, but that does not mean you are a paid board member. It is based on what income you earn, not on whether or not you are on the board and the local attorney will work to set this up in a manner to protect you.


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Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,493
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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