I want to take my name off the corporation

Asked on Aug 25th, 2017 on Corporate Law - California
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My son and I started an s Corp And not have any liability
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Answered on Sep 13th, 2017 at 11:43 AM
Why are you concerned about liability for this corporation? What's really going on? You will still be liable for any obligations you guaranteed? You will still be liable for any debts you signed without mentioning the company. You will still be liable for any wrongful acts you committed yourself. Did you adequately capitalize the company when it was started? Have you held regular board meetings and shareholder meetings? Have you written minutes of all those meetings? Have you kept personal expenses and payments completely and entirely separate from company expenses and payments? Have you taken money from the company in excess of its earnings and profits? If you have done any of these things, a creditor might be able to impose personal liability on you. You need to review what's going on with an attorney. If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack    

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