If your partner/spouse owns a business can you be legally isolated from any liability associated with it?

I have joint accounts with my father and brother and want to protect my and their assets since they are also in my name.

If anyone knows?

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TheOneyouwerewarnedabout · 41-45, MVIP

Joint accounts. Joint responsibility.
A wife/husband don’t have to testify against their partner.. but if you’re hanging on the same hook, you’ll prolly sing like Pavarotti

NiftyWhite · 46-50, F

i don’t understand what you’re saying. @TheOneyouwerewarnedabout

DoubleRings · 51-55, F

same @NiftyWhite

Northwest · M

The devil is in the details. You should consult an attorney about your particular case. Setting up an LLC, and having the LLC own the accounts, may be a solution.

NiftyWhite · 46-50, F

what’s an LLC@Northwest

DoubleRings · 51-55, F

yeah what’s LLC@Northwest

Northwest · M

@DoubleRings Limited Liability Corporation. It protects your personal assets, even if the LLC goes belly up, or is exposed to liability. A business attorney, or a CPA/CFA would be able to advise you.

luv2fly352 · 70-79, M

For your sake as well as the others you're concerned about,these sort of questions can and should only be addressed to and answered by a qualified tax attorney.Hope everything works out for you all.