I have a corporation who has a silent partner (financial) that has had sole control over the corporate bank account. Unfortunately, my silent partner has used the corporate monies and we are now in a tax mess. Am I responsible?
You would very possibly be responsible for taxes from periods that you held the stock, so if you sold out now and resigned completely from the corporation, you would most likely owe taxes for the period ending on the date you sold the stock.
If your partner misused the corporate funds, the corporation can sue him/her. Also if you have to pay taxes because of the corporate lack of funds due to the mismanagement, you could also sue him/her.
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