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Posts Tagged ‘directors’

Corporations 101: Roles, Responsibilities, Structure

How are corporations structured? What must you do to fund them and take money out? How do you set them up? What are best business practices? I’ve talked in previous blog posts about specific aspects of closely held businesses, such as shareholder disputes and the rights of minority shareholders. Today, I want to get back to basics with a series that I’m calling Corporations 101. Let’s start with the first question above: […]

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Care, Loyalty and Lawsuits: Fiduciary Duties of Directors

Let’s start with a hypothetical scenario: A friend of yours, the co-owner of a small L.A. based enterprise that produces custom made furniture, asks you to join his company’s Board of Directors. You feel honored by the trust placed in you, don’t see any potential conflict of interest, reflect on what the time commitment might be — a few board meetings a year doesn’t sound too bad — and are […]

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