Company Control as Largest Shareholder Vs. Being a Director... Question..
Last edited 13/11/2019 - 23:53
May I ask any of the corporate / shareholder agreement law experts out there (and I know this is an important question probably not overly suited for this forum)…
If I am the largest shareholder out of 3 shareholders in a startup Australian 'Pty Ltd' company, of which I'm the sole founder (business is all my idea using my knowledge), but I'm choosing to not be a Director of it, do I still:
1. Have control and controlling vote over all decisions made for the company, and
2. Have ability to fire and rehire a sole Director (who would hand all day to day operations) or add another Director to the company (eg. me being the largest shareholder)?
3. Have ability to control basically everything and prevent anything or anyone in it from going against me as the sole founder and main ideas person of the business?
Trying to work out if I actually need to be a Director as well as largest controlling vote shareholder. I want to be able to have a full time job elsewhere (without conflict of interest) but not loose control of the business startup I was founder of and would remain largest shareholder of should it take off and be a long term thing on the side for me.
NOTE: the other 2 shareholder's combined shareholding would not be more than the amount of shares I would hold.
Thanks so much!