I am the partner in an s-corp and I resigned. do I need to do anything else so I am not respnsible?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

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 13 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


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption