This is a disaster and I know hindsight is ALWAYS 20 - 20 but please understand that I we are trying to resolve this amicably.
We have a family business (C Corp in NV over 8 years) that has been setup like so_
My Brother is the President, Sister is the Secretary, and I am the Treasurer. As for shareholders it is 20% to each my brother, sister and myself with my mother owning 40%. So the problem is that my dad originally set everything up in our names. Since we were all younger (22 _ 26 years old) and obviously not mature enough, we didn_t fully understand what we were signing (we trusted our father). We were all just trying to further the family business under his direction. I truly don_t think my father was malicious at all but I am not sure he understood the implications of what he was doing either. Anyway we basically ended up with a company that our father was running without any ownership or accountability at the corporate level! Thankfully we didn_t sign personally on anything like leases but we did on a $100k bank note. Now as the business is faltering all of the shareholders have found other work and we have downsized operations to an all time low. We are trying to get by for now in order to payoff remaining debt allowing us to close the doors for good. The problem is that my dad thinks he knows best and insists on working against us on everything to the point that he wants to keep things going by opening his own store (yes we are in retail). The rest of us have spent all of our savings as well as a tremendous amount of time to keep this going just to close it down amicably. So my questions are; how do I as a shareholder and officer relinquish my duties and liability from this corporation? And is there a way to sell everything including the guaranteed debt to my father?
I appreciate any comments and suggestions_
We have a family business (C Corp in NV over 8 years) that has been setup like so_
My Brother is the President, Sister is the Secretary, and I am the Treasurer. As for shareholders it is 20% to each my brother, sister and myself with my mother owning 40%. So the problem is that my dad originally set everything up in our names. Since we were all younger (22 _ 26 years old) and obviously not mature enough, we didn_t fully understand what we were signing (we trusted our father). We were all just trying to further the family business under his direction. I truly don_t think my father was malicious at all but I am not sure he understood the implications of what he was doing either. Anyway we basically ended up with a company that our father was running without any ownership or accountability at the corporate level! Thankfully we didn_t sign personally on anything like leases but we did on a $100k bank note. Now as the business is faltering all of the shareholders have found other work and we have downsized operations to an all time low. We are trying to get by for now in order to payoff remaining debt allowing us to close the doors for good. The problem is that my dad thinks he knows best and insists on working against us on everything to the point that he wants to keep things going by opening his own store (yes we are in retail). The rest of us have spent all of our savings as well as a tremendous amount of time to keep this going just to close it down amicably. So my questions are; how do I as a shareholder and officer relinquish my duties and liability from this corporation? And is there a way to sell everything including the guaranteed debt to my father?
I appreciate any comments and suggestions_
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