My spouse and I want to start a business, we feel a Sole Proprietorship (Qualified Joint Venture) would be best, instead of a LLC/Partnership.
Assuming we make money, Would starting a business risk the trustee reopening my plan and going after me for more money? Based on my tax filings? I am starting year 3 of my 5 year payment plan. If relevant, my state is a common law property state.
First, a Limited Liability Company is probably the best choice, not a sole proprietorship. Why risk personal liability when an LLC is relatively easy?
Second, if your husband is not in Bankruptcy, why not have him as the member?
You should discuss this with your Bankruptcy Lawyer as well as a good Tax/Business lawyer.
I hope this helps!
If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary for you to try prove this answer is "wrong" or something with which you do not agree. This is a free service for you based on limited facts. Nevertheless, many times you need to consult an attorney with the details to get actual advice specific to your concerns. Do not put too many details in your questions or comments because this makes the information public and could hurt you. Government Regulations contained in IRS Circular 230 regulate written communications about Federal tax matters, including e-mail, between us and our clients. This is another attempt by the government to limit your rights and to extend the control of government over individuals and businesses. Nevertheless, such communications are either opinions or other written communications. This is not an opinion. It is other written communication and was not written to be relied upon, by itself, to avoid any tax penalties. In order to receive assurances of protection from tax penalties from a written communication, you should get an opinion letter. If you would like to discuss an opinion letter relating to any matter, please contact me and I will explain what is involved and what it will cost.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline