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View Full Version : do any of your wives own the business?


thes
03-23-2006, 06:17 PM
I am trying to find out the pros & cons on my wife owning the business and me working for her, that way I could apply for part time unemployment in the winter. Has anyone else set up their business this way???

AintNoFun
03-23-2006, 09:14 PM
one of our companies is in my mothers name. we do all out d.o.t. and state work through that company becuase we are a state certified w.b.e. its awesome we get so much work because of it..

Green-Pro
03-23-2006, 09:21 PM
I am trying to find out the pros & cons on my wife owning the business and me working for her, that way I could apply for part time unemployment in the winter. Has anyone else set up their business this way???

No but we have "toyed" with the idea. We looked at this mainly as it relates to advantages of minorities/women owning business's when seeking financing. we seem to be fast approaching a point in our young companies life in which we will have to make a decision. remain solo/small and try to be more efficient to boost the bottom line or seek financing to help facilitate growth an efficiency.

twj721
03-24-2006, 12:33 AM
We set ours up in my wifes name even thought she is a full time RN it is her money that started us so it is hers I am just the flunky but proud of it she is a great boss but I have the last word in our talks (YES DEAR) LOL :dancing:

olderthandirt
03-24-2006, 12:42 AM
No she just gets all the money

Luvs2Play
03-24-2006, 12:47 AM
I'm not sure, but I think there is a tax benefit, I have heard something about women being a minority business owner. May or may not be true. It would be something to think about if it is.
I like the arrangement the way it is here, now she is sleeping with the boss! She's sleeping now, won't know I said that.

olderthandirt
03-24-2006, 12:53 AM
This may come as a surprise but anyone thats married and lives in a community property state, there wife/husband automatically owns 1/2

TURF DOCTOR
03-24-2006, 01:01 AM
My Wife Own's And,runs A Full Servce Monument Biz.

B&D Lawn Care
03-24-2006, 02:11 AM
Mine own's this b/c I own and run another. It's just our way of making it easier at tax time. I have heard something about the whole minority owner thing but have yet to check on it.

rodfather
03-24-2006, 07:13 AM
This may come as a surprise but anyone thats married and lives in a community property state, there wife/husband automatically owns 1/2

that and everything else too btw :laugh:

scraper69
03-24-2006, 12:17 PM
What if you are Incorporated?

olderthandirt
03-24-2006, 12:38 PM
What if you are Incorporated?

The corp is an entity by itself, whos the officers? I would bet that if it was started during the course of marriage it would still be considered joint property and she would be entitled to 1/2. Same as a pension, after so many yrs of marriage the spouse is entitled to part of the others spouses pension.

ladibugg
03-24-2006, 12:47 PM
Help me out here.
You want to pay unemployment tax during the year so you can collect some of it back during your off season? Wouldn't you be better off just putting money away for yourself so you don't pay more taxes? That way you can get all of the money instead of just a portion the government would let you have back. Unless of course the government will give you more than you pay in. Someone that knows should pipe up here because I am only guessing.

M wife used to own the business; but I was the CEO and as soon as I saved enough money there was a hostile take over and now she is my CBS
(chief back scratcher):o

LorentzLawnSnow
03-24-2006, 06:36 PM
if you incorporate you can leave yourself as the officer and lay yourself off in the off season if you are determined to lay yourself off.

Branchland
03-25-2006, 07:03 AM
Our business in in my wifes name. She does do this full time so it's not just a set up. We did it so when we place bids it's by a minority business.

jc1
03-25-2006, 07:37 AM
I own my company and have my wife on payroll. The way I understand it is that she is ineligible for unemployment. That is how it was explained to me by my accountant. We have her on payroll for other reasons not related to trying to collect unemployment.

dtelawncare
03-26-2006, 02:04 AM
When I set up my company as an LLC, I had to have two members named to be legit. I know rules vary from state to state. Of course my wife and I are both listed. One advantage I have listed here before, If I NEED to take a trip to the gulf for a show or expo we both can go as members of the LLC. Take my advice, get a very good accountant and let him/her find the loops to jump through.

thes
03-26-2006, 01:34 PM
Thanks for all the insight...we spoke to our accountant & he said that we should leave it the way it is for now....and in the future we can put my wife on payroll & set up some kind of pension thing for me. We didn't get into the fine details but it sounds like a plan. :)

7 IRON
03-26-2006, 04:51 PM
They Own Everything One Way Or Another:cry: