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Hello, My business partner and I have about 50% shares each

in our new business. He...
Hello, My business partner and I have about 50% shares each in our new business. He is electing himself Director and wants me to be the President when we are incorporating our entity in Delaware. is it better for me to be a President or Director? Thanks
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8/23/2013
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
Experience: 30+ yrs. representing small business, real estate, probate
Verified

Hello and thanks for submitting this question. A corporation is controlled the Board of Directors. The Directors elect or appoint the various officers. In a two person corporation. Both of you should be Directors, and then you both decide who will serve as the President, Secretary and Treasurer. The President and Secretary should be different people. So either can also serve as the Treasurer.

 

I hope that this information is helpful. If not, and you need further information, please do not rate this Answer and just send me a Reply asking for clarification. After that, I hope you will enter a positive rating so that I will be compensated for assisting you. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

 

 

Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
Experience: 30+ yrs. representing small business, real estate, probate
Verified
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Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
7,430 Satisfied Customers
Experience: 30+ yrs. representing small business, real estate, probate

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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