A friend wants to open a business in my name. I don’t have to do any of the work, but he just uses my identity on all the paperwork. He and his millionaire friends all do this all the time, and now he wants me to become one of his puppets. Is this actually legal? What kinds of liabilities would I be opening myself up to by agreeing?
Throwaway account, I’m terrified for him to know
Not exactly. They may just be asking the OP to organize the business as a nominee which is normal. OP could to this and immediately resign in writing. OP said creating a business not being a part of it.
More context would be needed to get a correct answer however if they are looking just to have a nominee organize things they can use a registered agent or attorney.
If they are asking you to enter into a operating agreement then you should not unless you have reviewed it.