qbteachmt
Level 15
03-23-2022
11:58 AM
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If that is S Corp distribution, all shareholders would also get pro rata distribution. You cannot cover just the one person, and be in compliance.
And someone needs to point out this is theft, really. Using a corporation as if that is your own piggy bank is called "piercing the corporate veil." I can't believe the other shareholders, this person's own lawyer and CPA, etc, have not pointed out the risk here.
If you don't understand these things, it would be best to pass it off to someone who will address it with the directors and can also mentor you.
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Don't yell at us; we're volunteers