|
#1
04-13-2005, 05:16 PM
| |||
| |||
 Re: S Corp- Disruptive co-owner thetaxdon wrote: - quote - > My new client inherited 50% ownership in her deceased
There should have been a buy sell agreement when the sub s> husband's S-corp. The other 50% owner is acting like an > idiot. He won't pay legal fees for a repossession and > resale of the business assets, and has not filed an 1120S > yet. He seems to be the one in control and has done the tax > filing in the past. This is a very simple S-copr with the > only income being payment on two installment loans. These > loans came from the sale of the previous business operation. > The payments are deposited directly in a bank which splits > the amount and sends each owner their half. I know what the > income passthrough will be when the return is filed, so I am > not concerned about filing an accurate return in the event > he never files. > Question: Is there a way she can extract herself from this > S-Corp and have the note maker send her payment directly to > her? was formed. The only recourse now is to hire a lawyer. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
04-12-2005, 07:57 PM
| |||
| |||
| Re: S Corp- Disruptive co-owner "thetaxdon" <thetaxdon[at]yahoo.com> wrote: - quote - > My new client inherited 50% ownership in her deceased
This is a legal question, not a tax question.> husband's S-corp. The other 50% owner is acting like an > idiot. He won't pay legal fees for a repossession and > resale of the business assets, and has not filed an 1120S > yet. He seems to be the one in control and has done the tax > filing in the past. > Question: Is there a way she can extract herself from this > S-Corp and have the note maker send her payment directly to > her? The answer is, yes, she can probably extract herself from the corporation. Depending on the laws of the state where she is located, she can sue for partition of the corporation. Check with a local business lawyer for more details. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
04-11-2005, 08:30 PM
| |||
| |||
| S Corp- Disruptive co-owner My new client inherited 50% ownership in her deceased husband's S-corp. The other 50% owner is acting like an idiot. He won't pay legal fees for a repossession and resale of the business assets, and has not filed an 1120S yet. He seems to be the one in control and has done the tax filing in the past. This is a very simple S-copr with the only income being payment on two installment loans. These loans came from the sale of the previous business operation. The payments are deposited directly in a bank which splits the amount and sends each owner their half. I know what the income passthrough will be when the return is filed, so I am not concerned about filing an accurate return in the event he never files. Question: Is there a way she can extract herself from this S-Corp and have the note maker send her payment directly to her? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| coowner, corp, disruptive |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Can a S Corp be an owner of another S Corp? COFIX: I want to start a new small business and have the goals of: 1) separating my private holdings from the business, and 2) only be taxed once -... | Taxes | 3 | 01-15-2005 05:05 PM | |
| Is there some site that lists the differences between S-Corp and C-Corp (and LLC)? John: I'm getting lost in the differences between the S-Corp and C-Corp. They treat medical savings plans differently, they treat fringe benefits... | Taxes | 1 | 08-26-2004 01:42 AM | |
| S corp owner contributions to SEP MortgagePro21: If I am the sole owner of an S corp. and its sole employee and I want to make a SEP for myself can I contribute the full $40,000 (assuming a salary... | Taxes | 1 | 10-05-2003 09:34 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
