Business question - keeping identities private
My partner and I are starting a business, but don't want our names visibly attached to the company. If we incorporate, obtain a 3rd party who will be listed as the president, are we able to be hide our identity by becoming silent partners? If we can't via this method, is there a way we can become silent partners?
Re: Business question - keeping identities private
As far as public records go, Illinois lists the directors and officers of the corporation, but not the shareholders. If you want to stay in the background, then you need to find at least one person to act as director.
Be careful, however, because the director will have the power to make decisions that, under Illinois law, you cannot eliminate. You can have the right, as shareholders, to remove a recalcitrant director, but that may be after the fact.
David Staub, business attorney
Re: Business question - keeping identities private
As far as public records go, Illinois lists the directors and officers of the corporation, but not the shareholders. If you want to stay in the background, then you need to find at least one person to act as director.
Be careful, however, because the director will have the power to make decisions that, under Illinois law, you cannot eliminate. You can have the right, as shareholders, to remove a recalcitrant director, but that may be after the fact.
David Staub, business attorney
