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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?

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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.
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Well put GardenArtist. I stand to be corrected. Well said.
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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.
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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.
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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.
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If he is still competent, have him sign over his share to both of you. Do it before he gets worse.
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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.
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This is a legal question. Confer with an attorney.
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Promote the husband to Chairman.
Look up the meaning of "Figurehead".
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Could the husband willingly sign a letter of resignation ( assuming he is CEO or President) as a start?
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What about tranferring the financial operations to a trust and have all finances handled by the trustee.? Sorry, just guessing here.
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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.
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However, can you keep his name somehow as honorable founder, past president?
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Mopsy, it depends on a few factors.

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.
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