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I'm not sure if it's a corporation.
He did register his name as the owner of the company so does that make it a corporation? The bank account is also in my son's name.
I'm not sure I do see what you mean...
So even if my son's name is XXXXX XXXXX paperwork as being the owner, he isn't liable for anything going on there?
He has never signed for equipment, although his dad did recently purchase some large equipment, he didn't ask for a signature from my son.
At this point, his dad is asking him to change the address on the bank statements so they will go straight to him. Also to put his bookkeeper on the account so she can access it.
Now I'm afraid that he shouldn't do these things...what do you suggest?
Basically then any debts incurred after he took ownership are not his responsibility unless he actually signed for it himself?
What are the implications if his father signed for capital expenses as his son?