I'd say don't get into a stance if someone threatens you. its a very obvious challenge, and most bullies, because they have fragile self esteem to begin with, will not back down in front of their peers if challenged in this way. if you go into a stance, you're probably gonna get hit.
Just look them in the eyes, and try to make it look like you won't be so easy a mark, and most of the time, the bully will extricate himself from the situation to save face, because he doesn't want to lose.
(this is coming from a teacher here, so take it as you please) I would advise you in a school situation to not ever throw the first punch, and if you're gonna hit back, make sure there are lots of witnesses around so you don't get sued. If someone hits you, you're gonna get suspended anyway, because legally, schools are required to suspend everyone involved in the fight, even if they were just defending themselves. I would also advise you, that if hit, with appropriate witnesses, to open up an appropriately responsive can of whoop-****. by appropriately responsive, I mean that if he takes a swing at you, use non lethal, non damaging strikes. groin shots and stomach shots are good. knock him down, knock the wind out of him. don't maim or kill. when the administration asks you about it, the correct response is "he came at me and threw a punch...I thought he was gonna kill me or something!" you need to establish immediately that you acted in self defense and were afraid for your personal welfare. If you are taken to the office, you need to ask that your parents be called. Mom and dad are your best allies in this situation. also, teachers are aware of who's bullying. they're not stupid, and they can easily identify their problem students. however, until something happens, their hands are tied in most situations, but if a known bully is picking on you, the administration will back you as much as they can.