Legal Question in Business Law in New York

Signature Card
I became 96% financial owner of my corporation by repaying a loan to my brother who initially put up the capital into our company for me to get started. I am Pres/Treas/Manager, and I have run this company myself since it started in Feb 5/2008. Each of the other members have 2% shares of ownership in the corporation. One is VP and Sec, and the other is a VP. I am applying for WBE and DBE and I think that they have to be off my signature card. What do I have to do to get them off the signature card. Can we make their shares 1%? Would that help? Can I be every officer myself. My brother and the other investor will do whatever they have to to help me get my Minority status. Do you know the ruls of signature cards for corporations? Is it mandatory that ALL officers be on it? Is it mandatory that all SHAREHOLDERS, no matter what percentage BE ON IT? Thank you for any help,
Cathy

Asked on 1/30/09, 5:53 am

jeffrey lazroe Jeffrey A. Lazroe attorney at law

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Re: Signature Card

I know of no reason why anyone but yourself has to be on a bank signature card, regardless of your position as an officer of the corporation.

I also see no reason why you cannot be all of the officers, shareholders, etc.

Sometimes even a 1% owner can cause grief.

We have applied and have been successful in obtaining financing as a minority investor.

If you would like to contact this office, please fee free to do so..

Answered on 1/30/09, 10:24 am

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