Legal Question in Business Law in Florida
tax id# & credit
i am a buisness owner LLC, i may have to file bankruptcy.Can i give buisness to my son have him get a tax id # and use the tax id# for credit? that way i could get a loan and not file bankruptcy?
1 Answer from Attorneys
Re: tax id# & credit
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Frankly, I do not understand what you plan to do. If you give away any assets for less than fair market value in contemplation of bankruptcy, then the trustee and/or the court will likely disallow the transfer. You need to review your thoughts with a bankruptcy attorney who can then advise you of your options.
Scott R. Jay, Esq.
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