How Do I Resign from an S Corporation?
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I've heard many stories of business owners who have resigned and the remaining business owners run the company into the ground, leaving the resigning partner on the hook for the major loans.
If you don't have a written shareholders' agreement, you may be at an added disadvantage if you need to collect from your co-owners. Both the guaranty and resigning from the corporation can have serious legal repercussions if not documented carefully, so be sure to hire a business attorney to help you through this process.