Per NASD and the SEC an act doesn't have to be illegal to be improper. Anytime there can be the insinuation of conflict of interest it is improper. In this case it is improper unless there existed a prior documented relationship that supports the situation of a personal loan between the two.
Your personal corporation or one you work for? In either case, it should be possible for child support payments to be diverted from payroll or proceeds for the purpose. If this is not your personal corporation, rather a company you work for, speak with the human resources director where you work for information on having child support deducted and electronically transferred to the child support agency in your area.
To the extent of your personal guarantee for the corporate debt, or if both you and the corporation borrowed the money, you will not owe anything if the debts are discharged in your personal chapter 7. If the corporation has any assets, it will be subject to lawsuits and attachments by the creditors. You should discuss the situation with an experienced bankruptcy attorney, as it may be better to wind up the corporation before filing a personal bankruptcy.
If a corporation has elected sub-S tax status (corporate profits are passed through to the stockholders and taxed on their personal returns), the K-1 is a form isuued by the corporation to the stockholder indicating the amount of income from the corporation that the stockholder should report on their personal return.
No, unless a shareholder, officer or director has signed a debt in a personal capacity. The purpose of a corporation is to shield corporate owners and officers and direntors from liability including debts of the corporate and actions for wrongful actions like auto accidents while driving a corporate car, or death of an employee of the corporation while acting as an employee. A lender or a person hurt by an accident may only sue the corporation for the liability in a "perfect world". However, there are several ways to have an individual owner etc. become personally liable. First, if a corporation needs an operating loan it is not unusual for a lender to require an individual to sign as a gaurantor of the loan, or a co-debtor. If an individual acts in this individual capacity, he or she can be personally liable for the debt in which he or she acted as an individual. Second, if a person has treated the corporation as his own personal account, and the assets of the corporation have not been kept separate for corporate use only, a court can order that the corporate veil be pierced. This effectively means that the corporation is treated like any other sole proprietorship and all individual protection is lost. Third, (but probably not last) if a director or officer signs documents on behalf of the corporation but does not use his or her title, he may be liable on that document - personally. As an example, if the corporate president John Smith, signs a corporate check paying for a shipment of lumber, and does not sign it "john smith, President" he may have personal liablilty to cover that check.
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