I'm in a difficult situation and trying to figure out my next steps.
co-founder leaving before cliff. I've been dealing with this for about 10 months now and the situation isn't improving.
I have already consulted briefly with a lawyer but got conflicting advice.
What's the typical outcome in situations like this?
Just want to point out — the statute of limitations might be a factor here. In some states it's as short as 1-2 years. Don't sit on this too long.
If you're thinking about an S-Corp election, run the numbers first. It only makes sense once your net income is above ~$40-50k. Below that, the payroll costs eat up any tax savings.
Quick tip on registered agents: don't use your home address. It becomes public record and you'll get junk mail forever. A registered agent service costs $50-150/year and keeps your address private.