Business partner not doing his job

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Chober
May 24, 2017 11:08 AM 0 Answers
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Chober
May 24, 2017 11:08 AM 0 Answers
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In a corporation shareholders elect Directors. Directors appoint officers. If you are CEO and he is President you can fire him. This has nothing to do with ownership or being a Director. You need to review the corporation bylaws to see if you have cumulative voting. If you don’t have cumulative voting you could vote him off the Board of Directors. Do you have a shareholder agreement? An agreement could change our response. Did he put money into corporation? As much as you did? How did you determine that you are 60% owner? Pick your partners wisely and have the partners agree to the work responsibilities before starting in business.

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In a corporation shareholders elect Directors. Directors appoint officers. If you are CEO and he is President you can fire him. This has nothing to do with ownership or being a Director. You need to review the corporation bylaws to see if you have cumulative voting. If you don’t have cumulative voting you could vote him off the Board of Directors. Do you have a shareholder agreement? An agreement could change our response. Did he put money into corporation? As much as you did? How did you determine that you are 60% owner? Pick your partners wisely and have the partners agree to the work responsibilities before starting in business.

Answered question
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In a corporation shareholders elect Directors. Directors appoint officers. If you are CEO and he is President you can fire him. This has nothing to do with ownership or being a Director. You need to review the corporation bylaws to see if you have cumulative voting. If you don’t have cumulative voting you could vote him off the Board of Directors. Do you have a shareholder agreement? An agreement could change our response. Did he put money into corporation? As much as you did? How did you determine that you are 60% owner? Pick your partners wisely and have the partners agree to the work responsibilities before starting in business.

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