Saturday, April 22, 2017

Online Retail Startup – Corporation Organization

I am trying to figure out the organization of a new company I am starting. I’ve started various ventures of different organization and this is the most complex.

We have 3 investors / partners. We have decided on ownership share percentages. We have a preliminary business partnership agreement which was more geared towards a LLP but we haven’t signed it yet.

One partner is concerned about who can vote and what voting threshold is required for various business decisions.

I assume we can all be on the board which is there to help with overall decision making but the business changes have to go to a vote of the shareholders. His concern was that he wanted a unanimous vote for things like dissolving the company (which was a section of the LLP agreement). I am feeling like there is some standard organization of a corporation and who can vote, what their vote is worth and what is required for a specific motion to pass.

Is that so? Or is this really all up to our own wants and something we put in to the articles or meeting minutes?

None of us owns a majority and any two can override the other. The other partner is my wife so I believe the 3rd partner is concerned we will always vote the same. I’d like to keep a unanimous vote off as much as possible since I know there will be some contention down the line and don’t want to handcuff us.

Is there anything that I can use to base this off of?

submitted by /u/whodkne
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April 22, 2017 at 04:29AM

from /u/whodkne