if you have a co-op,is sponsor,alowed to be president, of the co-op board member and management company,?

Question

my question is to have three hats if this is conflict of interest..if it is please give me a source of the Law would like to thank in advanced everyone who will give me the correct answer,

Answer 1

Yes it is, but as long as they are clearly definied in the accounts and you are not drawing three salaries it is permitted but not wise, the tax man will be all over you assuming you are being tricky - it is not worth splitting up the roles when you can just be a general manager and do all those things