Legal Question in Business Law in Illinois

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?


Asked on 4/03/08, 8:30 pm

2 Answers from Attorneys
John Steele Steele Law Firm

Re: Business question - keeping identities private

There are ways to do this, but it involves multiple corporations, and incorporating in other states. But people do it.

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Answered on 4/04/08, 12:12 pm
David K. Staub Staub Anderson LLC

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

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Answered on 4/04/08, 12:28 am


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