Equal Shareholder Pirates Corp

[ataloss]

My corp partner (50/50 shareholders) has shut me out of our business. He has withheld all information about the business from me for the last 9 months. He has the corp & accounting books. He has taken all the assets (inventory, etc) from the business and has not responded to my demands for a full accounting of the corp and assets. The corp has ceased doing business.

I'd like to get out of this situation. How can I withdraw from the corp to protect myself from future liability? And how can I obtain corp 'S' type data for income tax purposes?

ataloss in NJ

 

[Tracey]

You need to hire a corporate attorney immediately. You can sue the guy for embezzlement, breach of fiduciary duty (maybe), refusal to allow inspection of the books, failure to provide tax documents, conversion of corporate dividends, etc.

Good luck.

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.