H
HWG2
Guest
In 1986 my wife and I formed an S corporation in the state of Florida. In 1989 we divorced but remained owner/ employees of the corporation, each holding 50 % of the stock , equally. In 1997, she decided she no longer wished to be an employee of the corporation and sought employment elsewhere, retaining her 50% of stock. She wished to disolve the corporation .
The corporation had a property mortgage with 5 more years of payments , a bank loan for equipment, and credit card debts.I decided that it was better to continue with the corporation than it was to file bankruptcy and lose everything. We reached a joint decision to divide the debts equally. She took the mortgage while I took the loans and other corporate expenses(prop. tax, insurance premiums, corprate filing fees, and accounting expenses, etc). Five years have gone by, I have paid off most of the debts that I agreed to. She has rented out the property/building over the last 5 years to pay the mortgage. The tenant has moved out and she has asked me to pay half of the mortgage and associated expenses. I have made 5 installments with 2 years left to go. I have listed the property for sale but it doesn't look promising. I'd like to know if her signature is required on agreements for sale of the property. She is a stockholder but she resigned as a corporate officer. I 'm trying to ask you if she can block the sale of a corporate owned property by refusing to sign ?or is her signature not required as I am Pres. of the corporation.
I am interested in owner financing the sale of this property ,should the occasion arise , can she block the corporation from providing this form of financing?She would prefer bank financing so that she can receive cash up front. I would prefer to owner finance as it will provide more income over an extended period of time. I don't want to have to ask for 1/2 down and owner finance the balance as it is a large amount to expect someone to put down and it reduces the number of offers to purchase.
I would like to know if she is liable to pay half of the expenses that I carried alone during those 5 years? all of them , or just select expenses, and if so, why?
I believe that I'm entitled to some compensation, but I would like your opinion before I consult her.
Thank you
The corporation had a property mortgage with 5 more years of payments , a bank loan for equipment, and credit card debts.I decided that it was better to continue with the corporation than it was to file bankruptcy and lose everything. We reached a joint decision to divide the debts equally. She took the mortgage while I took the loans and other corporate expenses(prop. tax, insurance premiums, corprate filing fees, and accounting expenses, etc). Five years have gone by, I have paid off most of the debts that I agreed to. She has rented out the property/building over the last 5 years to pay the mortgage. The tenant has moved out and she has asked me to pay half of the mortgage and associated expenses. I have made 5 installments with 2 years left to go. I have listed the property for sale but it doesn't look promising. I'd like to know if her signature is required on agreements for sale of the property. She is a stockholder but she resigned as a corporate officer. I 'm trying to ask you if she can block the sale of a corporate owned property by refusing to sign ?or is her signature not required as I am Pres. of the corporation.
I am interested in owner financing the sale of this property ,should the occasion arise , can she block the corporation from providing this form of financing?She would prefer bank financing so that she can receive cash up front. I would prefer to owner finance as it will provide more income over an extended period of time. I don't want to have to ask for 1/2 down and owner finance the balance as it is a large amount to expect someone to put down and it reduces the number of offers to purchase.
I would like to know if she is liable to pay half of the expenses that I carried alone during those 5 years? all of them , or just select expenses, and if so, why?
I believe that I'm entitled to some compensation, but I would like your opinion before I consult her.
Thank you
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