Legal Question in Business Law in Texas

Family Owned Refuge Business
My father recently passed away in November, him being the sole owner of a multi million dollar refuge company. He had the company put into 1000 shares when he was still with us, 500 for him and 500 for my mom. His 500 was split amongst his 5 children, his 1 daughter in law and 1 lifelong employee. Each one has 82.5 shares, except for the employee. We are trying to establish a board of directors for the company. We are in disagreement on the number of board members because some of us have bad credit. The other members are saying that the board members must have good credit in order for the company to continue running effiecently. Is this true? Does the company who has been doing business for almost 30 years, depend upon the credit of the board members?

Asked on 1/30/09, 5:27 pm

Doug McCullough Phillips & Reiter

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Re: Family Owned Refuge Business

In the current credit climate, I would suggest you err on the side of caution.

Answered on 1/30/09, 5:34 pm

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