I am the partner in an s-corp and I resigned. do I need to do anything else so I am not respnsible?
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I am the partner in an s-corp and I resigned. do I need to do anything else so I am not respnsible?
I have sent a letter to our attorney to have me removed and he sent a letter back for me to sign but I want to make sure I have no further ties.
Asked on May 11, 2009 under Business Law, Maine
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
"the our attorney" is what kills me here. He is no longer your lawyer when you decide to walk away from this s corp. He is the s corp's lawyer and his duty is to the s corp. In terms of what else you need to do:
1. Tax implications of pass through taxation - check with your accountant/cpa on what paperwork you need now to prepare for next year's taxes.
2. Make sure the Maine Secretary of State documentation is accurate -- you cannot change documents filed previously but you should fill out new documentation in conjunction with your former partner to ensure that you are no longer a principal of this company.
3. Perhaps consult with your own private counsel -- try www.attorneypages.com
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