What is the name of your state (only U.S. law)? Alabama
My wife and I work for my father-in-law's insurance agency. The agency is set up as a corporation and is an independent agency. The owner writes corporation checks to himself daily. He pays every personal expense he has out of the company payroll. I do mean to paint with a broad brush here, as he even reimburses himself his insurance copays and pharmacy copays. He has bought two expensive autos, several bass boats, remodeled his house several times, built a large garage to house the two autos. He has bought several lawn tractors. Pretty much if he has had to spend one red cent since 1998; he done so out of the company payroll account. He is constantly wandering around the office cussing the other employees and threatens to fire everybody because he says we don't make any money. This man will not even by a set of brochures for the office. My wife finally had enough one day and said if he would quit draining the company of money maybe we could earn some. His response was, "its his money and he will spend it the way he sees fit." My question is can he really do this, spend money out of the company like this? I believe he is the sole owner in it, but it could be him and his wife, not really sure on that point. Any info would be appreciated.
My wife and I work for my father-in-law's insurance agency. The agency is set up as a corporation and is an independent agency. The owner writes corporation checks to himself daily. He pays every personal expense he has out of the company payroll. I do mean to paint with a broad brush here, as he even reimburses himself his insurance copays and pharmacy copays. He has bought two expensive autos, several bass boats, remodeled his house several times, built a large garage to house the two autos. He has bought several lawn tractors. Pretty much if he has had to spend one red cent since 1998; he done so out of the company payroll account. He is constantly wandering around the office cussing the other employees and threatens to fire everybody because he says we don't make any money. This man will not even by a set of brochures for the office. My wife finally had enough one day and said if he would quit draining the company of money maybe we could earn some. His response was, "its his money and he will spend it the way he sees fit." My question is can he really do this, spend money out of the company like this? I believe he is the sole owner in it, but it could be him and his wife, not really sure on that point. Any info would be appreciated.