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Okay, so I'm in my late 20's. I started a business with a buddy of mine about two years ago with just $300. We just recently were offered $200,000 to sell the business. Wer'e going to do it.
To complicate things a little bit my name is not on the llc or paperwork due to me working for a company in the same industry and not wanting to cause any problems. I trust my buddy not to screw me or anything. Just curious if taxwise that hurts me getting a lump sum of money from my partner with my name not on the business paperwork.
Basically were going to split the money, he gets 100k, I get 100k. My day job only pays about 30k a year. I own a home and have $88,0000 left on the mortage at 3.875%. I have a car loan of 17k at 5%. No other debt.
I'm looking for advice on how to handle this best taxwise as well as what should I do with that money? Invest in real estate? Buy stocks? Start another business? Buy silver?
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