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Regarding a small family business, husband, wife, and son on legal documents. Husband in early stages of Alzheimer's, can no longer work or drive. Should his name be removed from all business documents?
JohnJoe, no need to feel corrected - I just shared a different viewpoint. I thought your compassion was laudable and hope that I can have that level of insight as my own journey proceeds.
Inquire with your attorney about making him chairman emeritus. As a member of any business entity, whether a partnership, LLC, or other, he is expected to function in that role and, if he can no longer do so reliably, it is time for him to step down.
JohnJoe, there are legal ramifications to someone's name being on incorporation documents. An LLC is a different corporate configuration with different liability issues, but if he's president of a corporation or the primary name on an assumed name entity, his actions or inactions could affect the business in many ways, including very negative ways.
Your concern for his efforts is laudable, but the issue isn't respect - it's financial and legal. And given his dementia, he may not really understand, or if he did, he may not interpret this as disrespect. On the contrary, it could be construed as honoring him by attempting to preserve the business he created by ensuring that it's relieved from decisions made while not capable of understanding them.
MopsyGirl, will it affect Your business by leaving Your Husband's Name included in Your Family business documents ? I can't see how it would, since You and Your Son are also running the business. Then if it were Me I would leave Your Husbands Name included until one year after the por Man's death. Consider the many years Your Husband and You worked tirelessly to build the business to where it is today. I honestly think it would show very poor respect to have Your Husbands Name deleted while the por Man is battling to cling to Life. I'm very sorry MopsyGirl, I'm not attacking You at all, but that is My honest opinion.
I agree with Vegas Lady, see an attorney. Business arrangements can get pretty dicey and if you think Medicaid is needed down the road, you need to protect the corporation from a lien.
Send raises an issue that might ease the transition out of the business. You could still consult him on issues that don't require executive decision making, allowing him to still feel useful and needed.
1. How is the business registered? Is it as a corporation, assumed name, limited liability partnership? And how are each of the family named - as officers (i.e., in a corporation), as partners, shareholders, or what?
2. What are the liability issues? If you husband should, e.g., make a bad decision, is it binding on the business, or can it be overridden by other family members?
3. Bottom line is whether or not he can make decisions that affect the business and other family members. If he does have financial or decision making authority, you probably would want to file an amendment to the incorporation articles, assumed name or partnership papers to remove him from actively participating in the company's business.
4. If #3 is yes, you probably would also want to remove his name from any business checking or other financial accounts.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Your concern for his efforts is laudable, but the issue isn't respect - it's financial and legal. And given his dementia, he may not really understand, or if he did, he may not interpret this as disrespect. On the contrary, it could be construed as honoring him by attempting to preserve the business he created by ensuring that it's relieved from decisions made while not capable of understanding them.
I'm very sorry MopsyGirl, I'm not attacking You at all, but that is My honest opinion.
Look up the meaning of "Figurehead".
1. How is the business registered? Is it as a corporation, assumed name, limited liability partnership? And how are each of the family named - as officers (i.e., in a corporation), as partners, shareholders, or what?
2. What are the liability issues? If you husband should, e.g., make a bad decision, is it binding on the business, or can it be overridden by other family members?
3. Bottom line is whether or not he can make decisions that affect the business and other family members. If he does have financial or decision making authority, you probably would want to file an amendment to the incorporation articles, assumed name or partnership papers to remove him from actively participating in the company's business.
4. If #3 is yes, you probably would also want to remove his name from any business checking or other financial accounts.