My credit score is really bad, it used to be in the high 700s but is now about as bad as you can imagine. I owe a lot of debt including IRS, credit cards, banks, loans, etc. I now need to start a business for a website I am going to be selling goods on. If the business is in 2 peoples name. Mine and a partner who is helping. If the IRS comes after me and tries to freeze my assets, can they touch the business bank account? My partner is worried this might happen and he will be out of luck as well? I would rather not put it all in my partners name though. Dheer 55. 9k 18 gold badges 80 silver badges 166 bronze badges
asked May 21 '13 at 19:12
1
If the business is legally separated and not commingled - they probably cannot. What they can do is put a lien on it (so that you cannot sell the business) and garnish your income. If the corporate veil is pierced (and its not that hard to have it pierced if you're not careful) - then they can treat it as if it is your personal asset. Verify this with a lawyer licensed in your state, I'm not a lawyer or a tax professional.
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If your request falls outside these parameters, the chance of approval is slim. Requests should be addressed to:
Corporate Activities Division
Texas Department of Banking
2601 North Lamar Blvd. Austin, TX 78705-4294
How to obtain approval from the Texas Higher Education Coordinating Board (THECB) for use of the terms "college, " "university, " "school of medicine, " "medical school, " "health science center, " "school of law, " "law school, " or "law center" in an entity name. The Texas Education Code prohibits the use of the terms "college, " "university, " "school of medicine, " "medical school, " "health science center, " "school of law, " "law school, " and "law center. " If a proposed name includes these terms, or terms of similar meaning, whether in English or another language, the entity must obtain the prior approval of the Texas Higher Education Coordinating Board ("THECB"). Tex. Ed. Code, § 61. 313. For authorization to use any of these terms in an entity name, a request letter should be submitted to the THECB stating the following:
Name of the entity as proposed to be filed with the secretary of state.
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