What is the name of your state?Oregon
There are 3 shareholders in an S Corporation. One is President with 51% of shares. All three are on the Board of Directors. Do the Board of Directors decide on the President's salary with a majority vote--or does the President set his own salary because he has majority of shares? Also then, what function and powers exactly do the board of directors have, given the unequal ownership of the company? Finally, is there a reference that might be used for further questions in this regard, or is an attorney the best source?
There are 3 shareholders in an S Corporation. One is President with 51% of shares. All three are on the Board of Directors. Do the Board of Directors decide on the President's salary with a majority vote--or does the President set his own salary because he has majority of shares? Also then, what function and powers exactly do the board of directors have, given the unequal ownership of the company? Finally, is there a reference that might be used for further questions in this regard, or is an attorney the best source?