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?


Asked on 8/26/07, 10:43 pm

1 Answer from Attorneys

Scott R. Jay Law Offices of Scott R. Jay

Re: tax id# & credit

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

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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Answered on 8/26/07, 11:25 pm


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