bubblegirl
08-08-2007, 01:46 PM
:confused: My business partner (family member) wants to put both business' in their name do to a few things. If I agree, I have a feeling they will then tie them up in trust. Then upon the partners death, have the trustee only allocate money when the buisness needs it !
Though I like the thought of someone controlling the finances I have a few questions:
1 - She wants a family member to be the trustee so
A: What happens upon the trustee's death?
B: Can I insist the trustee be a financial instituition / bias outside member?
C: Would any picked trustee have the control to just take the business?
2 - Would I EVER be able to regain any control of the business after my partners death?
3 - And if the money is only allocated only for business needs
A: What happens to me getting a salary or share?
B: Do I ever become the business owner or will I always be "the manager?"
C: Upon the partners death would I have the control to actually sell if needed in the future?
D: Would I ever be able to leave it to my children?
Though I like the thought of someone controlling the finances I have a few questions:
1 - She wants a family member to be the trustee so
A: What happens upon the trustee's death?
B: Can I insist the trustee be a financial instituition / bias outside member?
C: Would any picked trustee have the control to just take the business?
2 - Would I EVER be able to regain any control of the business after my partners death?
3 - And if the money is only allocated only for business needs
A: What happens to me getting a salary or share?
B: Do I ever become the business owner or will I always be "the manager?"
C: Upon the partners death would I have the control to actually sell if needed in the future?
D: Would I ever be able to leave it to my children?