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
This is illegal and you will be the one responsible. There are financial considerations as to why this is a no brainer to turn down. It can get worse than that however, because usually this is a way to launder money. You should be scared, because this is how drug cartels and gangs work. You are associating with dangerous people.