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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116817
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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My partner and I are setting up a 50/50 s-corp. We agreed that

Resolved Question:

My partner and I are setting up a 50/50 s-corp. We agreed that he will be the President and I will be the Vice President, just because you can not have two presidents. I feel that makes our positions unequal, althought we bring the same amount of $ and experience to the table. What can I do to have equal ground within the corp with my partner.
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
To set up equal ground you address this in your bylaws of the corporation when addressing powers of each shareholder, also you make provisions in there for any means to break ties when there is a disagreement between the shareholders. The bylaws can outline all the duties of each member and this is where you can make those duties equal, the bylaws can also provide that the title of president and vice president change over every year.

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Customer: replied 7 years ago.
Since we are just setting up the s-corp and mypartner nominated himself as the President and Chairman of the board and I am the Vicepresident and Secretary.

Is there anything I can do to gain more ground titlewise? Can I request that he is the President and Secretary and I am the Vicepresident and Chairman of the board?
Expert:  Law Educator, Esq. replied 7 years ago.
This is something that is a matter of negotiation between the two of you, but it would be a fair proposal for one of you to be president and the other to be chairman of the board. If you are not able to agree here at this stage of business you are going to need to reconsider getting involved in this venture as it is an indication of things to come in the future. Again, you can negotiate for anything you like here and you also better make sure your bylaws are set up to address all of these matters and how disagreements are handled as well.
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