He is in an awful marriage and his wife has cleared all of the funds from their joint account as well as one of his personal accounts. He has one final personal account and he wants to move the money from that one before she does the same. He has also offered to invest in a business that I am currently looking for funding for.
To be frank, years ago when I initially had thoughts about this business I approached him for an investment which he turned now. About a week ago in a casual convo I told him I’m finally starting the business I mentioned in the past. So now it seems even though he was not willing to invest initially, because he is trying to save his remaining wealth from his wife, he is willing to do so now.
If you guys were in this situation, how would you go about opening a bank account and receiving said investment from him? Keep in mind this is also his final large sum of money/ remaining wealth so he would have to live off of this money. Obviously if I open the bank account it would be in my name and he would be wiring a large sum of money so I would liable for all taxes. Is there a situation where I could open the bank account under an LLC to avoid tax liability and he has access to the funds for living expenses? Or is there some other way I could go about this?
Looking for any advice on this. Thanks.
Edit: I’m the title, mom is supposed to be non
by EnchantedArtist777