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Old 05-11-2011, 05:42 PM
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Join Date: May 2011
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Unhappy S Corp Dilemma in CA

Hi,
My husband and I got involved in a very tiny S corp in CA. The owner needed money ASAP and so I paid him directly to become a majority shareholder (not knowing until much later that he never officially issued us any stock); at the same time, the corp shareholders "voted" my husband in as President (supposedly) - that was all way back in 2003 or so. This company has never made any money - the only reason we do it is to help the community.

To make a long story short, the old owner hasn't been involved in the company since 2003, the company hasn't filed state or federal tax returns since 2006 (we can't afford the $800/year; can't even pay our rent; and we suck at paperwork), I just found out the corp was suspended a while ago (for no tax returns and not filing with the State Secretary), we personally guaranteed the current lease, and I just found out my husband hasn't been keeping the receipts for the monthly draws he's taken for reimbursement.

I don't believe we're technically in charge of the corp (since we were never officially shareholders) or liable for all the debts it's incurred, but since my husband hasn't properly kept tabs on everything, I'm not sure what to do since neither the company or my husband and I have any money to pay for anything... help!! We are good people, but obviously suck at running a business properly. I want out of this nightmare!



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