Getting money out of a corp, director's loan?

Discussion in 'Businesses / Corporations' started by rininkorea, Oct 19, 2018.

  1. rininkorea

    rininkorea

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    Basically my friend, made a corporation which I then became 50% owner of and eventually I bought the corporation. But I didn't need it in the end. (there's a whole visa/startup/korea angle to all this) This corporation hasn't been used, it just has $9,000 of my money sitting in the bank account. Do you know how I can legally get the money out?

    I've heard that dissolving the corp and having it liquidated is expensive and difficult. A bit tricky too because of my visa situation as a foreign worker in Korea.

    Good news is that the same friend wants to buy the corporation as he needs one. I'm hoping there's some way he can get the money out for me. (He doesn't have $9,000 cash to buy the corporation at this time though)

    Can he buy the company from me for $1, and then give me the money through a Directors loan that he takes from the company and gives me privately.

    He would then have to pay back the loan to the company right?

    Is this true? if he takes the loan this year, he would have to pay it back by year end 2019?

    If so, could he take a loan for 4,500 this year and take a 4,500 loan next year in January and pay them back in 2019 and 2020?

    Another option. Could the corporation give a loan directly to me?

    Are there any other options available?

    Any advice would be greatly appreciated.
     
    rininkorea, Oct 19, 2018
    #1
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