Re:Well, We Failed – Wattage is shutting down
by URSpider94 on Wednesday May 06, 2015 @12:23AM
(#9496577)
Under U.S. corporation law, shareholders have very little ability to affect corporate management, unless they own a large enough stake to impact board elections. In a start-up valued at $1MM post-money, these 10 angels are not going to own more than a couple percent each, while the founders will control 75 percent of the company. The founders will have more than enough voting control, assuming they vote together, to ignore the investors.
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