My boss wants me to become a partner in his business. But his financial advice worries me.?

Answers:2   |   LastUpdateAt:2012-11-03 10:24:01  

Question
Bhupendra
Asked at 2012-09-11 00:11:04
My boss owns his business and wants me to become his partner . I like the work I do and see an opportunity to make money from it , but its " financial advice " seems horrible. Does this make him a bad person to partner ? Your suggestions to save money : (1) leave my private health insurance , (2) reducing the auto insurance coverage to liability , and (3) cash in my IRA to pay off my debt - a shame tax of 43 % instead of the 5% tax deductible home loan participation took to consolidate. These seem , to me, to be one of the worst financial decisions you could make . To me, they are dangerous and represent a " live for today " . I think that doing these things would be financially irresponsible and play with my future . Failure to pay taxes ( business cash ) , do not use banks , checking customer receipts in a cash check not reported , recorded home and vehicles on behalf of his wife out of state , and pays me under the table . Am I crazy for even considering your offer?
Answer1reganAnswered at 2012-09-28 13:13:03
I think you answered your own question , you would be crazy to even consider this. do not you dare give up what you have and do not give this person $ $ . despite his defense of his honesty , not honest .
Answer2SANAnswered at 2012-11-03 10:22:36
This guy is living on the edge. One slip, and he will be IRS fodder.

They will be on him like a ton of bricks, and you may be held liable if you did not declare your income from him - I presume if he pays you "under the table", that there is no 1099, or W-2 form?

And, if you do report the income, you are letting the IRS know about this guy - so you're sort of in a no win situation.

I suggest you walk away from the deal; better yet quit the job, and cease all dealings with the guy.
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