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My father relies on disability and retirement pay from his time in the military to live, and has plenty left over to build an estate. He owns a few parcels of land, wants to grow a vineyard and set up a solar power array. He also wants to start an LLC in Nevada and make his three sons non-payed, non-voting officers of the corporation to make sure everything stays in the family when he dies, not intending make it into a business. Questions: Will forming an LLC pull my father out of retirement, nullifying his retirement pay? Will the income from the solar power array do the same? Can the sons ply their trade without screwing their father out of his current pay? Generally, what are the limits of what can be done on the land/in the LLC without it being considered a business? Thanks ahead of time for the help. I don't really have a head for this sort of thing.
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Aug 2, 2015 20:35
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| # ¿ May 21, 2024 22:22 |
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To be honest, I don't really understand what he's trying to do myself, so I'm probably not asking correctly. In any case, the land is spread across four states, so my chances of getting any sort of reliable, universally applicable guidance are slim. They actually don't exist, since I don't know where to start looking. Figured I'd try here first, just in case. Sorry to take up your time, and thanks for the answer.
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Aug 3, 2015 06:56
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