Legal Question in Business Law in Arizona

scorp resugnation

I am a 25% owner of an s corp in phx, az. I have resigned due to a major illness. My Partners (friends) during the meeting to accept my resignation the escorted me of the property and locked me out. I have no buyout but I do have 194000.00 loan in the books and in the corporate minutes no pay off plan . they keep telling me later we will make a payment plan. what do I do. With my illness I have 2 to 5 yrs on average to live(heart problems).

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phoenix, Arizona

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I have spoken to an lawyer, we have sent requests for books, payment plans personal items at company, and every answer is later, or no response. they have voted in raises with out telling me the amount so I assume it is high or why not tell me. Our salaries last year were 37000, and 65000 the year before, my guess now would be in the 100,000 range. It has been about 30 days.


Asked on 2/22/09, 2:11 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Re: scorp resugnation

You may resign from employment by the corporation, but you still own your 25% interest. Because your previous action has been "stonewalled" by your friends/the other owners of the corporation, it would seem clear that you must take immediate legal action.

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Answered on 2/23/09, 12:05 am


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