Legal Question in Business Law in Nevada
Shareholders rights over directors
I live in Canada and have incorporated a business in Las Vegas. We have five partners and seven shareholders. Two shareholders that reside in Europe are also on the board of directors. Since they are common law, does/could this constitute a conflict of interest. (12% each)
(Percentage ownership is 30%,23%,15%,12%,12%,5%,1% = 98%).
Without having the first board meeting it was decided that there would be 4 out of 5 vote would determine resolution. If the elected/appointed President and CEO of the company feels that the board in incompetent in making the best decision for the company and had 51% shareholders agree. Can the board be over ruled? Does majority ownership over rule the board? The company has not had the first official board meeting. The company has not started operations yet. The contracts are standard/generic does. I am trying to fire a director because of unethical business practice. Just want to know what can be done legally. Thank you.
1 Answer from Attorneys
Re: Shareholders rights over directors
Your answers should be in the corp's bylaws.
Related Questions & Answers
-
On time delivery What remedy do I have against a door company that took my cash... Asked 6/03/04, 2:07 am in United States Nevada Business Law
-
Breah of contract or promise I enterred into an agreement with a mining llc(formed... Asked 4/01/04, 12:13 am in United States Nevada Business Law
-
What's in a name (Inc at end only)? I am making decisions on a name for a... Asked 3/15/04, 4:26 pm in United States Nevada Business Law
-
Amending an Operating Agrement of an LLC A medical practice which is a Nevada... Asked 2/03/04, 3:31 pm in United States Nevada Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
