S Corp, Would I personally be liable?

[dchaverty]

(passing this along from my girlfriend)
I'm trying to dissolve my company. My investor/partner started with 40% shares and I had 60% since I was the creator of this company and founder. I think he found another investor and my partner said the new investor wanted 30% but that he needed 10% from me and he would give 20% of his to the new investor. The new investor allegedly backed out and my partner "had" to buy them out which would have left us now at 50/50.

Once I told my partner I wanted to dissolve the company he told me I OWED the investor for their 30% (as though I made a contract with a guarantee of return on the investment). Also my partner is now over-drafting company debit cards for personal use and the bank will not let me turn them off or stop them from working.

I may have to bankrupt the company now because I will be liable for half of the debt he just incurred with both of our names on the account. He has money and does not fear the debt and only wants to control me. I obviously fear the debt because I can't even afford legal advice.

Will I personally be effected if I try to bankrupt the S Corp or not. Also can I bankrupt the company without my partners approval too.

I'm listed as the president. Maybe I could resign from the company and forfeit my shares. Is that a possibility. Tell the banks I am not an employee any longer or is that why he ran the account over so I could not take my name off???? I'm so lost here.

[davew128]

Do you have ANY idea of how to operate a corporation???

[dchaverty]

Originally Posted by davew128

Do you have ANY idea of how to operate a corporation???

Thank you for answering my question with a question.

This is not my corporation and I don't care how to run one. I care how to get rid of one and what will be required of my girlfriend if her (future) ex-partner keeps running up the overdrafts on the company account. Also if the company still had product to sell, is the left over product considered assets? She wants to sell the leftover product for almost nothing to get it off her shoulders but does not want to do anything illegal.

Thank you to those who have answers to help me with because I am clueless how to run a corporation obviously.