A question for the lawyers out there ...
I'm looking at setting up a Corporate Trustee coy. Its been recommended that the equivalent of individual trustees (in a normal trust) is achieved by setting them up as shareholders of Corporate Trustee coy, and hubby and wife should be setup as directors. I'm told the independent person does not need to be a director just the third shareholder (equal shares).
That leads me to the question or rather concern I have. Under the above recommendation do I truly still retain the concept of independence, as opposed to a sham? I want to do the right thing here and not create something that is going to be a problem or not work
thanks
I'm looking at setting up a Corporate Trustee coy. Its been recommended that the equivalent of individual trustees (in a normal trust) is achieved by setting them up as shareholders of Corporate Trustee coy, and hubby and wife should be setup as directors. I'm told the independent person does not need to be a director just the third shareholder (equal shares).
That leads me to the question or rather concern I have. Under the above recommendation do I truly still retain the concept of independence, as opposed to a sham? I want to do the right thing here and not create something that is going to be a problem or not work
thanks
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