A friend wants to open a business in my name. I don’t have to do any of the work, but he just uses my identity on all the paperwork. He and his millionaire friends all do this all the time, and now he wants me to become one of his puppets. Is this actually legal? What kinds of liabilities would I be opening myself up to by agreeing?
Throwaway account, I’m terrified for him to know
You would be the owner on paper? Sounds very pandora paperslike - this is usually done for business that are shady or to create a complex web of businesses to hide the true ownership.
If your friend does something shady using the Business, you could be on the hook for it. If it goes bankrupt and it’s not a llc, you’re liable to pay.
In the eyes of the law, you are the owner. So everything will come to you.
Hard pass. Please say no politely.