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Hi! I am incorporationg my own company. I am the owner (incorporator) and the director of the company. I have no assets. No house. No nothing. I do not have any loans but I might get one in the future. My father-owns our house and many other assets-a car etc. 1)Can I appoint my dad as a DIRECTOR of our corporation? But If I do make him a director, does that mean that in the worst case scenario, the creditors will go after my dad because he is a director and has a house (assets) and shares the same last name that I have? I do not want to put my family's assets in danger because it is a completely my venture, however, I do want to make my dad a CEO or a director--basically, a person with authority to make important decisions. 3) Also, my dad bought a car. He is the owner of the car. Can i write off the lease of this car via Business Expense Write-off indiana I am not allowed to do that because he is NOT the owner of the company? 4) Is the director technically an owner of the corporation? Or is he just a separate person that I hired? Do directors have unlimited liability? thanks. I appreciate any kind of response.
Wow 1) Yes you can appoint your father as director. Yes, in Familyco INC., as I'm going to assume in tight credit market like this, your father may have to cosign any debt instrument of a corporation he is a director of. With more assets as security, and proven income from the company, and a bunch of stockholders, this will change. The CORPORATION may be able to expense his travel fees as director/CEO, but he would probably have to report them as income on his personal return, or at least reimbursed expenses. Remember, your taxes, his taxes, corporate taxes are SEPARATE. 3) If he only used the car in work for the corporation, and has another, maybe. Keep all reciepts. Keep all mileage records. 4) As before I think we're talking a closely held company so financially to a bank yes. You should still be protected from service and product liability though. He is an employee. He isn't an owner until he owns stock.
A Business Corpn need not be limited by liability. It is an incorporated under the respective statute, whereas limited liability company is a special kind of business coprn where the liability of the share holders/members of the company is limited to the amount of the capital contributed by them. This means there can be no claim against the personal property of shareholders
If you are seriously considering this business endeavor, I hope that you are asking someone other than a bunch of strangers on the Internet. If this is your only resource, your dad better back out QUICK!