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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 53954
Experience:  32 years of experience practicing law and a businessman.
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My husband and I have been officers/shareholders of our C-corp

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My husband and I have been officers/shareholders of our C-corp for 20 years we recently talked to a Lawyer as we were behind on 941 Taxes for 1 quarter last year due to the economy and we wanted him to set up a payment plan for us with the IRS...During our Converstaion he recomended that I remove myself from the Corp. so if we ever had problems like that again that I would not have personal liability...Is this a smart move and should I also remove myself as a shareholder and off of all the Business Bank Accounts and not sign checks?

Good evening. I actually think the opposite is the best advice....As a shareholder and officer, you need to make sure these taxes are paid each quarter. It is essential for the success of your business, and someone responsible needs to make sure they are paid. Why leave it up to someone else?

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.
The lawyer said that husbands and wife's should never be officers on the same corporation because of liability, meaning we are personally at risk for everything if something goes wrong with our business....However if my husband is still on the corp. and we own all persoanl assests jointly isn't everyting at risk anyway?
That's absolute bs....the reason you form a limited liability entity is so you don't have personal risk for the liabilities of the corporation...the only exception to that is the taxes.
Customer: replied 6 years ago.
That was also my feeling....I cannot find anything on the web that says Husbands and wife's shouldn't be partners...I think he may have some outdated ideas...He confesses he is not a business lawyer...Just a tax lawyer!!! So in essence you don't think it matters?
I do not...I would not take his advice. I've been doing this for almost 30 years, and I've not yet run into anyone that would give you the same advice this guy is giving you.
Customer: replied 6 years ago.
That is my feeling also....Thank you for your prompt response! Smile

My pleasure. You take care!

 

 

I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

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