QUESTION
I incorporated a business a year ago. I want to change the president of my company.
Asked on Oct 08th, 2012 on Business Law - California
More details to this question:
WHEN I INCORPORATED THE BUSINESS I CHOOSED MY FRIEND AS MY PRESIDENT, THE TRESSURE AND SECRETARY. I WANT TO CHANGE IT AND BE THE ONE NOW RUNNING MY BUSINESS. DO I NEED HIS CONCENT TO DO THE CHANGES?
2 ANSWERS
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The board of directors has the power to terminate the corporate officers (subject to any employment contract(s) they may have. If you are the sole director and/or the sole shareholder, you have that right, subject to any requirements that might be contained in your bylaws.
Answered on Oct 23rd, 2012 at 11:47 AM
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The board of directors elects the officers. If you are the sole director, you have the right to designate anyone you want as the officers. If you aren't the sole director but are the sole stockholder, you have the right to designate yourself as the sole director. Your attorney can assist you in documenting these changes properly.
Answered on Oct 09th, 2012 at 7:53 AM