Legal Question in Business Law in Florida

re: sole proprietor of business partners with corporation
The majority stock holder of the corporation has drained all bank accounts paying mostly personal debts. There is no money in the accounts and now both business locations are at risk for eviction. If I walk away from the corporation, the landlord of the first business (smaller of the two) will work out something with me for past due rent. He doesn not want to do business with the corporation.. doesn't like him at all. Very little assets to be divided. I am willing to relinquish all rights to the newly acquired business in order to preserve the one I started. There may be only approx $2000 in inventory which may be in dispute. If I remain with the corporation, I could lose the entire business, which may be small, but I started it. I am willing to walk away from any assets the corporation may have rights to,,, but I just want to be left with the small business that I began in 2007. There is no cash in the accounts to divide or argue over. Can I just resign from the corporation, and remain sole proprietor of the original location? Thank you for all advice so far. It is greatly appreciated! :o) Main reason the business wasn't licensed in the corp. name, he has a felony record, can't do bus. in the indust.recentlydiscoverd

Asked on 7/19/09, 6:16 pm

Sarah Grosse Sarah Grosse, Esquire

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Re: re: sole proprietor of business partners with corporation

I cannot give you this kind of advice. This is very specific, not general. Please retain an attorney for specific advice.

Answered on 7/19/09, 6:31 pm

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