Lots of corporation questions
The president of a corporation makes on line transfers from the business account to his personal account siting he is repaying his initial investment back to himself. Legal or not legal?
This same officer, owning 50% stock,without knowledge or consent of other 50% stockholder, forms a corporation in girlfriend's name, becomes her registered agent, and moves to sublease to her out of property currently leased to the company he is president of -then had girlfriend turn utilities of property over into her company's name. Legal or not legal?
This same officer says he will be working for his girlfriend doing taxes and payroll in her company while maintaining his position with his company, more likely using her name, but running her business and collecting a check from her and his company. Legal or not legal?
It is discovered that this same officer has been withholding part to half of daily store deposit and squirreling it into a bank account that is in the company's name but designated for daily deposits from only 1 certain store- but not his- and ATM collection fees. He is the only one with the checkbook to this account where he makes his online transfers to and from his personal account. Legal or not legal?
1 Answer from Attorneys
Re: Lots of corporation questions
Your corporate by-laws should provide you with answers to most of your questions and the remedies you can take if there is a dispute. My suggestion is to take these materials into and attorney and allow them to review.
Todd D. Epp, Esq.
Licensed in SD and KS
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