Yes, he can move to another state.
The corporation has dept, and unless guaranteed by the shareholders (or others) does not impose personal liability to stay on a sinking ship. He may not however, perform any fraudulent transfers or take excess distributions. It may take a lawsuit, however, to demonstrate that and get a court judgment.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
I agree with Mr. Doland. He is not obligated to go down with the ship but he cannot suck all the good money out of the business either especially if you have debts that need to be serviced.
We have seen many of these kind of issues come up in our NY practice. I suggest you discuss your situation over with a lawyer in private so all the facts and circumstances and be explored and a best course of action can be reached.
Most of us here, including myself, offer a free phone consult.
New York, NY
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I agree with the other attorneys' answers.
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Let me add that you should be careful with the term "salary". Partners or shareholders do not have a salary, generally, unless they are also employed by the corporation in a separate capacity. Instead, they receive dividends, or enjoy the growth of the value their ownership has. If the business is under water and in danger of closing, then all funds must, by law, be directed towards either paying those debts off, or attempting to resuscitated the business. By no means should you stand by idly while he raids the cookie jar.