Legal Question in Business Law in Illinois
I am married, and am living in a very platonic situation. My husband after 27 years has informed me he ha no feelings other than a room mate. I feel eventually he will want a seperate life. I am going to have to make my own way soon I feel.
I am wanting to start my own business with a partner, myself owning 51% and a partner 49%. The state of Illinois has a program , DBE, which is disadvanted business enterprise, that I am filling out paperwork, they definitely show need for the percentage of women employers needed. Inch by inch it looks as though I could make a living.
I have a concern at to how to put the business for my financial safety such as partnership, LLC, or a corporation LLC?
Also how can I protect my assets in this business if divorced?
Can I have him not involved and totally sign off, is there such a possibility?
Sincerely, and with thanks,
Rose
1 Answer from Attorneys
You can organize your business with another person as an LLC or corporation in
Illinois. A corporate agreement between you and other shareholders can specify the
ownership of the corporation, how shares are transferred if one owner decides to
leave the business, and other provisions for ownership and the making of
decisions. In a divorce, unless your assets would be significantly greater than
those of your husband, he could not claim a share of your property. Also, you
are not required to involve him in your business. Please realize that spouses do
have certain rights in a divorce, to a fair division of property and debts, and
most important, spouses have certain rights upon the death of the other
spouse. Spouses should have wills, trusts, or other documents to
express their intentions regarding estate property upon their death. You
may want to discuss these issues with an attorney or other advisor
because of your marital concerns.
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