Legal Question in Business Law in Iowa
I am currently a minority shareholder and officer in a startup technology company (C-Corp - Iowa). In the process of starting up, its' apparent that this company will need to employ the services of another business to do some development work. The work that is needed to be performed is very familiar to me and some close friends. Would it be a conflict of interest, legally, for me to assist my friends in starting up another company to become that vendor and negotiate that contract the ensues? Furthermore, would I face any legal issues if I was to invest and/or participate in the management of the vendor company?
1 Answer from Attorneys
As long as you disclose your interest in this second corporation and the first corporation waived any conflict of interest I think you could do it.
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