Does my husband officially own the business and can it affect our son's SSI?
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Does my husband officially own the business and can it affect our son's SSI?
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My husband has been working for a friend of his in a pizza place. Business has been failing and his friend thru his hands up and waved the white flag. He told my husband if he wanted to try and keep it going then he would have to get the health inspection and get the business license in his name, which he did. The utilities , lease, and bank account is going to stay under his friends name while my hubby has the business license to run the business. He owes him $40,000 for the business. Is this considered an asset that can disqualify my son for disability? It is hardly an asset when all the bills, taxes etc are behind but hubby thinks he can save it. Ownership switched hands but hubby owes $40,000 for the business.
Additional Details
My husband is NOT self employed, he still gets paid by his friend that ditched the store. Everything is in the friends name except the business license . He turns in the deposit to the friends store bank account and the friend pays the rent, bills, taxes etc. The friend pays him either cash or gives him a company check. He is not doing all this solo, friend is behind the shadows though he doesn't want to run it anymore he shadows everything he does.
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Marine5
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Yes on every question...
He is now Self Employed and responsible
for his own Bills...
Your Son can no longer be covered by SSI... |
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Sweetharttt
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Yes, this is now considered an asset and MUST be reported. Your son could definitely lose his SSI payments and rightfully so since there are more assets to report. |
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sensible_man
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The monetary problems were accepted by your husband. Since you did not say why (what type disability) your Son was on SSI under, hard to tell if it will be affected. The problem may arise if SSI thinks your hubby is using the benefit money for the business. |
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