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S Corporation had three shareholders. One shareholder was

S Corporation had three shareholders. One shareholder was under investigation for some personal items by the police, not connection with any of the activities of the corporation. He fled the country. He is not to be found. What will happen to the corporation? Is the Corporation technically terminated? How will this situation be handled?

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Irwin Law

Juris Doctor JD

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Please direct question ONLY to: GWarren Customer Advocate

Please direct question ONLY to: ***** ***** Advocate (JustAnswer member attorney)My question is similar to one you answered for someone else.I am one of two partners in a LLC founded in 2014 and that converted to a Sub-S for tax filing purposes last year.My partners separate corporation provided contract labor to our LLC and we had a signed agreement as to amount. He later claimed that he should recoup a substantially higher amount which he said he was out-of-pocket for for higher salaries he said he actually paid to the two staffers because they put in significantly more time than anticipated. For several reasons, while we agreed to a provisional amount to be further negotiated and agreed upon, that agreement has not yet been reached due to various points of disagreement over the amounts he actually paid out (he refused to permit our CPA to audit his payroll to confirm amount owed since it was posed as "recoupment") and because I discovered that he had diverted at least three opportunities from the LLC to his separate business.Because of the loss of our major client who did not renew their annual contract as of a few weeks ago, he began to be concerned that the business might fail and he might never collect and began pushing hard for the "debt" (payables) to be paid immediately out of what was left in the bank and the last of the incoming A/R. Because of my findings above and his failure to provide documents that he had agreed to provide to me in a phone consult with myself and an attorney (who unfortunately is currently out of the country), and other issues, my response to his proposals to collect on the receivable was that he needed to provide the promised documentation and to account for the opportunities that were diverted first which he justified regarding the first two and denied in the last instance.I just discovered that on this last Friday he cleaned out most of the cash in the bank (thousands of dollars) which will make it impossible to meet our payroll tax obligations or to fund officer salaries (his and mine). He is an authorized signer on the bank account but I handle the banking, A/P, A/R and payroll as Treasurer. I not only did not authorize this transaction but I was clear, and in writing several times, what the requirements were that he needed to meet in order for a decision to be made on a settlement amount of the payable.What are possible causes of action? If this makes it impossible for the business to continue, or for me to continue in the business, are these damages?

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J. Warren

Attorney

Doctoral Degree

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4,006 satisfied customers
I'm looking to go into business with a person who may be

I'm looking to go into business with a person who may be on illegal drugs or if he is clean currently, may revert to using again. He is still on parole but has created a business using an attorney and handles his payroll through a CPA. He wants a business partner and a cash investment to cover the purchase of a property. If we agree to split assets, profits, and business ownership 50/50, and he gets arrested for reverting to drugs at some future point, would I retain ownership of the property and assets? Would I at least retain 50% ownership of everything. My fear is the government could just come and claim everything and leave me with nothing because of his choices.

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Ely

Counselor at Law

Juris Doctor

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62,690 satisfied customers
My partner in our LLC has embezzled funds (taken ATM

My partner in our LLC has embezzled funds (taken ATM withdrawals to use for gambling) for 5 years. How do I handle this? I am not interested in pressing criminal charges but I also want to eliminate any negative tax consequences on me.JA: Can you tell me what state the LLC is registered in?Customer: MDJA: Have you talked to a lawyer yet?Customer: briefly but they weren't much help. They said there is a challenge when it is a partner since they have some "rights" to the funds. What about fiduciary responsibility etc?JA: Anything else you think the lawyer should know?Customer: We are planning on having her sign off of the corporation immediately.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Corporate Lawyer about your situation and then connect you two.

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legalg

Juris Doctorate

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12,848 satisfied customers
If i have a company issued credit card with both my name and

if i have a company issued credit card with both my name and the companies name on the card, and I am going to make a decision whether to file bk7 in the next year or so and the company closed last year am I looking at possible fraud charges?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

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105,098 satisfied customers
I am starting a couple of small business and am not sure if

I am starting a couple of small business and am not sure if / when I need to have a CPA, a Tax Attorney and/or a Business Lawyer. I am starting an IT business (data mining / service business) and an AirBnB. I want to make sure that I am using the right business entity (e.g. LLC vs. S-Corp), understand what I can and cannot write off for both businesses being run out of home; understand the tax & legal implications of running an AirBnB; and want to protect my portion of the LLC if one of my business partners goes through a divorce and encounters the mountain of debt that often accompanies divorce.Can you please provide guidance as to who I should hire to help me.

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Albert Marmero

Juris Doctorate

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300 satisfied customers
Good morning, are you really there? JA: No. I'm the

Good morning, are you really there?JA: No. I'm the Accountant's Assistant.Customer: a computer then?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I want to trade as a hobby, what is the best approach? An LLC?JA: Is there anything else important you think the Accountant should know?Customer: I live in TexasJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Christopher B, Esq.

Attorney

Juris Doctor

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4,786 satisfied customers
BUSINESS LEGAL (LAWYER) / CERTIFIED PUBLIC ACCOUNTANT (CPA):

BUSINESS LEGAL (LAWYER) / CERTIFIED PUBLIC ACCOUNTANT (CPA):When you audit the books and associated receipts / documents of a firm / business entity (we are specifically dealing with small / intermediate size private firm receiving money from government programs / sources and the private sector / individuals) for compliance with accepted cost / contract accounting standards, principles, administration, quality assurance, and audits, what overall governing / applicable government and professional society documents (CFR, FASB, GAAP, AICPA, etc.) do you utilize in performing your review and audit and your certification for compliance? I just desire the overall list / citation of the "statutes, regulations, standards, specifications" that you apply. Basically what are the national / federal requirements; any specific State of Florida requirements (cite only if they exist and are important) just a bonus (there may not be any specific requirements above and beyond federal / national requirements and standards).

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Richard - Bizlaw

Juris Doctor

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9,502 satisfied customers
My husband is a CPA and owes >$40,000.00 in taxes. He is not

My husband is a CPA and owes >$40,000.00 in taxes. He is not current with his taxes and is still practicing as a CPA. What happens when he isn't current? CPA suspension, taken away, fines?

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legalg

Juris Doctorate

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12,848 satisfied customers
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