Question
“I am one of two partners involved in a small start-up. We both are contributing even amounts financially and consider the business an equal partnership in every way. Recently we have had to execute some documents where a President and Secretary were required to sign. We had not discussed this previously and were caught by surprise. Is this distinction necessary in an incorporated company? If so what criteria are used to decide who is President and so forth? Where can I find more info on this topic?”
Reader responses
Sabine Schleese, Schleese Saddlery Service Ltd., Ont.
Titles mean nothing — especially pro forma titles which are part of the company’s corporate minutes, rather than an actual distribution of duties. Power itself can be contractually established, regardless what your title is. My husband is president as per the incorporation papers and in the minute books; I am de facto CEO, and our partner, who is listed as treasurer in the papers is the general manager and actually runs the day-to-day business. In the papers I am ‘only’ the Secretary.
