Yuri Bauman, Managing Partner of Attorneys Association “Bauman Kondratyuk”, told Ukrainian Radio listeners about the legal status, risks and ways of protection of an individual entrepreneur and their property.
In which cases an individual entrepreneur risks all the gains?
What can a husband (wife), tax authorities or a bank confiscate?
How property is divided after the death of an individual entrepreneur?
And how the property acquired in the course of economic activity by the entrepreneur will be distributed in case of divorce?
Firstly, we need to understand how property arose. If one of the spouses proves the fact that as a result of their entrepreneurial activity they lawfully used the funds obtained exclusively as a result of this activity, it will be very difficult for the other party to prove that they own these incomes. However, if a private enterprise was established, or certain means of production were accumulated, you can ask for reimbursement of property value of the share that was laid in the establishment of the enterprise, or the formation of a certain statutory fund.
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