Updated over 16 years ago on .
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Single person corp: potential problem.
I'm a RE investor doing rehab/flips and operating out of a single person SCorp. My partner does the same thing. We take title on properties as our two corps with a 50% ownership share. It has occurred to me...
What if something happened to either him or I mid a project? How could I sell the property if he wasn't around to sign, and vice versa? What about my money that is in his corporate bank account, and vice versa?
Is there some simple way to deal with this? Is there some way we could put our wives into the companies so that they would have full authority to act in our stead?