I just want to consult the possible risk under my person and properties in relation to an opportunity being offered.
So I have this very close relative who is running an unregistered business (related to transporting goods to be exact), meaning NO business and income tax and payroll requirements. The head of the family just passed away hence the business is left under my uncles wife. Now, since I am of finance background they contacted me if I am interested to manage the business in return of share in the income. My duties will be basically to monitor and handle day to day operations e.g. payroll, releasing funds for gasoline, maintaining breakdowns etc. so technically almost everything. Also I can have some people whom I can hire as secretaries to assist me.
Now, my concern is as an overall manager (since I will establish its not my ownership) what could be the extent I am liable incase let us say BIR and DOLE discover and come's into the picture? May kulong po ba ito and are possible penalties affect assets I own prior to joining the business?
Also, is transitioning this from unregistered to registered have any bearing at makakabawas sa bigat ng penalty at parusa kung sakali since iniisip ko issuggest na irehistro at unti unting ilipat ung mga sasakyan sa rehistradong negosyo.
A very concise and informative insight about this situation will help me decide since to be honest it is quite a big business at this point and offer is quite tempting on the financial side.
Thank you in advance.