Legal Question in Business Law in North Carolina

How can I get a financial separation in NC, without any other type of separation or legal effects on my marriage.

I am looking to possibly start a business. I would like to separate this venture from my husband and his retirement - that we live on. I am hopeful but a realist. I know the statistical success rate of new businesses' are low. My goal is that a financial separation, along with other means such as an LLC, and legal contracts would help protect our family financially, so our business can be successful and we can augment the retirement income.

Asked on 12/18/14, 9:11 am

1 Answer from Attorneys

Geneva Yourse Cauley Pridgen, PA

Creating an LLC will create a legal barrier between you and the LLC.

Any finances earned by the LLC will be those of the LLC. However, any K1s that are issued may be considered filed under your tax return. You may want to speak with a CPA to determine if a S-Corporation election for tax purposes will provide better protection between you and the LLC's income. I suggest that you speak with an attorney and a CPA to adequately protect you.

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Answered on 12/18/14, 9:27 am

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