1. I am the registered legal owner of a corporation in Florida run solely by my son.
2. Though the business now has great financial potential, it had incurred large credit card debts over seven years , that are guaranteed by me, and he is delinquent in making even minimal payments .
3. He is resisting repayment of not only these cards , but also of a large ongoing personal financial debt to me, that I had made over the years, in order to finance this business, and he is threatening to dissolve the business.
4. If he does not pay the yearly corporation registration fee due next month, the corporation will automatically be dissolved. Can he request the company be dissolved?
5. Can he reregister the business in another name with a different owner, and leave me with all its debts, and no recourse? If I pay this registration fee in order to keep the corporation active, what are my options for forcing some payments?
6. What are my options if he dissolved the business, or moves to another state, as he is threatening to do?
7. Until a year ago, all checks made out to the business were deposited to the corporation’s checking account. Since then I know he has deposited many of these checks in another account so I know he has a sizable amount of cash stored elsewhere that he does not admit to. The only attachable assets is a limited number of electronics and computer equipment.
8. All this is predicated on the fact that he is a convicted felon (having served a few years for fraud, over seven years ago) and should not have anything in his name til he has completed restitution
9. With his background, can he legally start a new business in his name?
10. As a parent , wanting to help, I made the error of putting all the company assets and credit cards, guaranteed, in my name, which obviously have turned to liabilities, also totally destroying my credit rating.
I have mixed emotions as to how far I want to go legally. I am a very senior citizen, and though I don’t want to completely destroy him or the business, I do want to do what it takes to protect myself , my limited income, and rebuild my totally depleted estate .