I have a unique business situation that I need some advice with.
My family is trying to set up an internet wholesale/retail craft website. We have business experience in working with sole proprietorships and S-corporations through having a series of small businesses. But we now want to set up a business that is more secure in terms of existing beyond the "owner"...let me explain further.
There are two adults in the family that are disabled due to physical handicaps. We are trying to set up this new business so that if anything happens to the other members of the family, the business can still continue and the disabled adults could have the business as a source of income.
I was researching and came across a little bit of information about a Business Trust and am wondering if that is the best way to set up this business. To form a Business Trust and then to have that Trust set up the actual business.
Here are my questions:
1. Is a Business Trust the best way to set up this business?
2. After setting up the Trust, is it recommended to set up the actual business as a LLC or a corporation? What are the benefits.
3. Do the disabled adults need to be listed on the Business Trust as owners? If so how can there be protection so that their disability benefits are not jeopordized by showing as owners of a business?
Any other insight or recommendations of how to go about this is greatly appreciated!
My family is trying to set up an internet wholesale/retail craft website. We have business experience in working with sole proprietorships and S-corporations through having a series of small businesses. But we now want to set up a business that is more secure in terms of existing beyond the "owner"...let me explain further.
There are two adults in the family that are disabled due to physical handicaps. We are trying to set up this new business so that if anything happens to the other members of the family, the business can still continue and the disabled adults could have the business as a source of income.
I was researching and came across a little bit of information about a Business Trust and am wondering if that is the best way to set up this business. To form a Business Trust and then to have that Trust set up the actual business.
Here are my questions:
1. Is a Business Trust the best way to set up this business?
2. After setting up the Trust, is it recommended to set up the actual business as a LLC or a corporation? What are the benefits.
3. Do the disabled adults need to be listed on the Business Trust as owners? If so how can there be protection so that their disability benefits are not jeopordized by showing as owners of a business?
Any other insight or recommendations of how to go about this is greatly appreciated!
