I have a friend who runs a restaurant and even though it is his business, it is not in his name. It is legally in his mother's name because he declared bankrupt a few years ago.
This friend told me that he really needs to discharge himself, he has the funds but not the time to run around given the red tape, and transfer the business to himself since his mother is getting old.
However, my friend says that he actually likes the current arrangement where he handles the business of running the 24-hour restaurant and a Las Vegas CPA handles the accounts. His mother receives a share of the profits at the end of the month and he doesn't mind at all.
I told him, though, he has to be practical. Besides the fact that his mother is ageing, it would still be better to discharge himself from bankruptcy and get back his passport!
This friend told me that he really needs to discharge himself, he has the funds but not the time to run around given the red tape, and transfer the business to himself since his mother is getting old.
However, my friend says that he actually likes the current arrangement where he handles the business of running the 24-hour restaurant and a Las Vegas CPA handles the accounts. His mother receives a share of the profits at the end of the month and he doesn't mind at all.
I told him, though, he has to be practical. Besides the fact that his mother is ageing, it would still be better to discharge himself from bankruptcy and get back his passport!
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