Is a sole proprietor's spouse liable with his/her personal assets in the case of a lawsuit?
If I have a business as a sole proprietor and I get sued, will my spouse's personal assets be affected?
Attorney Answers
3
Michael Duffy ·
Not unless the assets are held jointly, such a a home with both spouses names on it, or joint bank accounts. However, it is still a good idea to incorporate. There is no reason to risk either spouse's assets in the event of liability, no is there any reason to miss the tax deductions. Consult an attorney regarding business organization.
0 upvotes
Steven Fink ·
See my answer to your last question.
0 upvotes
Stuart Address ·
Generally, they should be protected unless the assets are held jointly. A sole proprietorship is the same as you, personally.
0 upvotes
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