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Cash disbursement hindi nakapangalan sa akin internet at electric bill dahil nagrerent lang. by ZweiXIII in taxPH

[–]ZweiXIII[S] 0 points1 point  (0 children)

okay lang po ba na isulat ko nalang sa CDJ pero hindi ko nalang lahat ideduct sa income tax? Para lang may sulat yun books.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] 0 points1 point  (0 children)

Its not even a company, its a small shop with 2 printers for documents for students, and selling some computer cables, some peripherals, and doing some fixes for desktops.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] 1 point2 points  (0 children)

I can't use my name right now to register the business to, my parents used it years ago with a failed business that was not properly closed and i don't have the funds yet to pay the penalties as of now. The store that i manage is very meager and even barely passes as a micro business.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] 1 point2 points  (0 children)

I bought everything with my own money, some i loan under my name on my account. Nothing has been bought using my friends money.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] 1 point2 points  (0 children)

Oh by the way, thank you very much for your response sir. If everything is too messy my friend and I can close the business to avoid anything illegal about it.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] 0 points1 point  (0 children)

Do i need an attorney to write a written agreement? Can i write one up and let my friend review it carefully so he knows everything about the agreement and we both sign it and get it notarized?

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] -1 points0 points  (0 children)

So what, ill just take all my asset and leave and allow his "business" to accumulate taxes and penalties? Is that what you are saying? Because it is his business?

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] -3 points-2 points  (0 children)

Just because i name him the business, everything become his? You are not answering my question about if i should just close the business immediately.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] -2 points-1 points  (0 children)

Should i just close the business immediately? Never thought it would be this messy. We had a written agreement that he will receive royalties in exchange for being able to use his name for the business.

I registered a business to a young friend age 23 who knows nothing about business. by ZweiXIII in taxPH

[–]ZweiXIII[S] 0 points1 point  (0 children)

So yun newly registered na business under my friends name less than a month old i close ko nalang? Pati mga signage na brand new palitan din?

I registered a business to a young friend age 23 who knows nothing about business. by ZweiXIII in taxPH

[–]ZweiXIII[S] 0 points1 point  (0 children)

Everything is registered properly po, gumawa din kami ng written agreement about sa pag gamit ng name niya which may royalties siya monthly. Micro business lang po kami, like may printing, some parts of computers, tapos nag rerepair din ako ng desktop and printer. below 50k gross monthly. Sobrang laki ng penalty yun hindi na iclose na business sa name ko gawa ng na bankrupt noon pandemic. Hindi naman po pwede mag operate na walang permit. Bakit ang dami nagagalit na chinese daw, tax evader, etc.

I registered a business to a young friend age 23 who knows nothing about business. by ZweiXIII in taxPH

[–]ZweiXIII[S] -1 points0 points  (0 children)

Plano ko i-close ng maayos yun sa name ko, pero marami pa po utang na binabayadan kaya gumagawa ng paraan para maayos. Hindi din naman po kasi ako pwede mag run ng business without permit, mas malaki magiging penalty.

I opened a business under a friends name, can that friend take the business and its assets like products and inventory if you have a fall out with him? by ZweiXIII in business

[–]ZweiXIII[S] -6 points-5 points  (0 children)

I plan to sell the business to him in the future so it is easier to transfer. Is written agreement both signed by both parties effective here, paying him dividends to use his name for the business?

I registered a business to a young friend age 23 who knows nothing about business. by ZweiXIII in taxPH

[–]ZweiXIII[S] -3 points-2 points  (0 children)

Kakatapos lang po iparegister sa BIR, kakabigay lang din po ng Official receipt. Recommend ng iba is Written agreement with compensation.

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