What all will putting a business in my name do?

Question

a family member i trust with my life needs me to put a business in my name (that he is going to be running) due to his bad credit and my good credit, what all will my responsibilities be, what all will I have a say in?

Answer 1

you would be the owner of the business and have all the responsibly including all the debt it incurs

Answer 2

Bad, bad idea.  No matter how much you trust him.

Answer 3

Don't do it!

You are opening yourself up to all his previous debts and future ones.

If he didn't know how to run it before and created bad credit, he will now do it with your good credit.

All his debts in the business will become yours, past, present and future.

Just say NO !

Been there done it !!!!!

Don't believe me, do yourself a favor and talk to an attorney!

It will be worth your money and your future credit rating!