Return to the Professional Gardener Forum
| Post a Follow-Up
Business LICENSE application: add spouse?
| | |
Posted by sweetpea_path Z8 WA maritime (My Page) on Tue, Feb 1, 05 at 19:22
| Heh there, any of you nursery folks "in the know"....is there any advantage/disadvantage to adding my spouse's name to an application for a business license? I am currently filling out an application (WA state) as a Sole Proprietor for my propagation business. On the application they require that you provide information on your spouse, but then next to the box for Sole Proprietor they ask, "If married, should spouse's name appear on license?" I don't know! Could someone please enlighten me as to the pros/cons of adding a spouses name to the license?!?!
Many thanks in advance! Sweetpea |
Follow-Up Postings:
RE: Business LICENSE application: add spouse?
| | |
My first suggestion would be to incorperate as an "S" corp,and add your spouse to the license so that if something should happen to you, God forbid, the business could continue after your passing, not to mention the tax benefits associated with incorporation as an "S". Here in NC you must file a request to be an "S" corp with your incorporation papers or you automatically become a "C" corp which can be disasterous in it's tax implication (i.e. - double taxation). I think that if your marriage is strong, and it doesn't cost considerably more to do so, it would seem to be prudent to add your spouse.
I would consult with a CPA and/or a (and I hate to say this as I am not particularly found of them) lawyer. |
RE: Business LICENSE application: add spouse?
| | |
| I don't know about WA state, but where I am from, whomever has their name on the license, opens themselves up to the possiblity of being sued, should something go awry. Also, should any laws or ordinances be broken it is the person(s) who has their name on the license who gets the fine and/or appear in court and possibly face jailtime. You may want to leave a spouse's name off a license if they do not actively participate in the business (or even if they do). Something to consider. Best to consult a lawyer for your area. |
|
|
|
|
