10:48 AM, 27th January 2022, About 2 years ago 5
My dad wants to create a limited company under mine and my brother’s name and then buy land with it. He plans on building something commercial and might take out a loan.
He said he would put the land and company under mine and my brother’s name. This is just in the discussion phase, and we’re all adults, but since we’re still young this would be an investment.
I’m worried about the legal ramifications of this. What if something goes wrong, will me and my brother be held responsible even though we aren’t part of the process, it’s just under our name?
What if my dad takes out a loan and something happens, will the debt be passed down to me and my brother?
If something goes wrong with the commercial building, will me and my brother be held responsible?