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My husband and I started a business in 2004, it is in both

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My husband and I started a business in 2004, it is in both of our names, I do not want anything to do with the business because I feel it is just a money pit. I have tried for years to get him to close it, but he refuses. I no longer want to be associated in any way with this business. Is there a legal form or document that we both can sign to take my name off of the business and not hold me responsible financially or any other way?

Hello,

I will be glad to help if I can do so.

What is the structure of the business, please (i.e. corporation, limited liability company, etc.)?

Thanks!

Customer: replied 4 years ago.


S-corp

Hello again,

Thanks for writing back so promptly.

That makes sense. Sub-chapter "S" or "C" treatment is a matter of federal status.

Can you please tell me, in terms of the state, how is your entity formed through the Texas Secretary of State?

Thanks again!

Customer: replied 4 years ago.


Austec Appliance, Inc., just me and my husband as owners.

Hi there,

Perfect...I will have your answer posted in a few moments.

Thanks for your patience!

Hello,

Thank you so much for this opportunity to try and be of service to you today.


I am a licensed attorney (State Bar of Texas) and will do my best to provide you an honest and accurate answer to your important legal question.

QUESTION: "Is there a legal form or document that we both can sign to take my name off of the business and not hold me responsible financially or any other way?"

ANSWER: Sure, here is how this works. I am glad to say it is quite doable. Only one director is required, so your husband is free to continue on with the corporation without your participation and liability as a corporate officer. There are three steps to getting this done. It is not difficult. First, submit a simple written notice of resignation to the corporation. "Effective [DATE], I [NAME] hereby resign my capacity as [OFFICE]. Second, the corporation will accept your resignation. Again, this can be quite information, just a notation in the corporate records to reflect the vote. Third, the corporation will file the following document: Form 424 General Information(Certificate of Amendment).

I would be glad to continue our dialog as needed, so please remember to go ahead and rate my answer by selecting from the available choices. Doing so will not close your question. I will gladly continue interacting with you after wards for absolutely no additional charge whatsoever to you. Placing a bonus is entirely optional but always greatly appreciated to enable me to continue assisting customers in this venue.

I truly hope all works out for you.

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