My long term boyfriend and I are both graphic designers in Houston, Texas. He started a business about a year and a half ago, and four months ago we decided I would join on. We are looking to buy a larger house to live/work, but the lender can't approve us for the new home because the business is only a year and a half old, it needs to be two years+ to be approved for the loan, plus I've already quit my job and started working in his company.
My question is: If he were to close the business as a sole-proprietor and reopen as a partnership, would that reset the clock on the business age? If so, we'd be forced to wait another two years to get a loan approval. Is it better for him to just pay me for the next six months, get the house, than make me an official partner?
I'm unsure how to proceed at this point.
-S
My question is: If he were to close the business as a sole-proprietor and reopen as a partnership, would that reset the clock on the business age? If so, we'd be forced to wait another two years to get a loan approval. Is it better for him to just pay me for the next six months, get the house, than make me an official partner?
I'm unsure how to proceed at this point.
-S
