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Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32154
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
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Hi JD 1992, Well after getting your great advice-I decided

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Hi JD 1992,

Well after getting your great advice-I decided to give her one more chance to do the right thing so I sent a letter demanding that she hand over the company. I looked up information to support my claim which consisted of misrepresentation, conversion, etc. I gave 4 days to send an agreement to transfer the company or I will retain counsel. She agreed immediately. Her lawyer sent a document that I will speak with an attorney before I signed but I wanted to know if she's released from liabilities am I am to serve a 1099 for monies she took from the company? I hopefully will get an attorney this week.
Congratulations! And thanks for the kind words.

As far as sending the 1099, my initial answer is yes, so long as you can prove that she took the money and didn't declare it in any other way. However, you will definitely want to talk to the IRS because their 1099 rules change periodically as does their approach. I heard a colleague the other day mention something about a recent change in the bad debt 1099s but I don't know if it affects this area.

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