Texas Corporation Act Withdrawal

State:
Multi-State
Control #:
US-CC-12-1358I
Format:
Word; 
Rich Text
Instant download

Description

The Texas corporation act withdrawal allows shareholders of a domestic corporation to dissent from specified corporate actions, such as mergers or significant asset sales. The process requires shareholders to file a written objection prior to the vote on the action. If the action passes, dissenting shareholders must demand payment for the fair value of their shares within ten days of receiving notice from the corporation. The fair value is determined as of the day before the vote and excludes any anticipated appreciation or depreciation. If the corporation and the dissenting shareholder cannot agree on a fair value, either party may petition the court for a determination. The court will appoint appraisers to evaluate the shares and issue a judgment that mandates payment. This form is vital for attorneys, partners, and legal assistants involved in corporate governance, as it provides a clear framework for protecting shareholder rights. Paralegals and associates will benefit from understanding the notice and demand procedures to ensure compliance with the Texas Business Corporation Act.
Free preview
  • Preview Articles 5.11, 5.12 and 5.13 of Texas Business Corporation Act
  • Preview Articles 5.11, 5.12 and 5.13 of Texas Business Corporation Act
  • Preview Articles 5.11, 5.12 and 5.13 of Texas Business Corporation Act
  • Preview Articles 5.11, 5.12 and 5.13 of Texas Business Corporation Act

How to fill out Articles 5.11, 5.12 And 5.13 Of Texas Business Corporation Act?

Whether for commercial reasons or for personal matters, everyone must confront legal situations at some point in their lives.

Filling out legal documentation requires meticulous care, starting from selecting the correct form template.

With an extensive US Legal Forms catalog available, you don't need to waste time searching for the right template across the web. Utilize the library’s easy navigation to find the correct document for any situation.

  1. Obtain the template you require using the search bar or catalog browsing.
  2. Review the form’s description to confirm it meets your circumstances, state, and county.
  3. Click on the form’s preview to inspect it.
  4. If it is the wrong document, return to the search feature to locate the Texas Corporation Act Withdrawal template you require.
  5. Download the file when it aligns with your needs.
  6. If you possess a US Legal Forms account, click Log in to access documents you have previously saved in My documents.
  7. If you do not currently have an account, you can acquire the form by clicking Buy now.
  8. Select the suitable pricing plan.
  9. Complete the account registration form.
  10. Choose your payment method: use a credit card or PayPal account.
  11. Select the file format you desire and download the Texas Corporation Act Withdrawal.
  12. Once it is saved, you can complete the form using editing tools or print it and finish it by hand.

Form popularity

FAQ

You can notify the Comptroller's office that you are closing your account by entering the information on the Close Business Location webpage and selecting ?Close all outlets for this taxpayer number.?

The entity must: Take the necessary internal steps to wind up its affairs. ... Submit two signed copies of the certificate of termination. ... Unless the entity is a nonprofit corporation, attach a Certificate of Account Status for Dissolution/Termination issued by the Texas Comptroller. ... Pay the appropriate filing fee.

Under Texas law, a member of an LLC may neither voluntarily withdraw nor be expelled from a Texas LLC. However, an agreement can modify this statutory default prohibition.

Complete and submit Form 05-359, Request for Certificate of Account Status to Terminate a Taxable Entity's Existence in Texas or Registration (PDF), or request the certificate online using Webfile.

How do you dissolve a Texas corporation? To dissolve your Texas corporation, you file Form 651 Certificate of Termination of Domestic Entity and accompany that with a tax clearance certificate from the Texas Comptroller of Public Accounts indicating that all taxes have been paid by the entity.

Trusted and secure by over 3 million people of the world’s leading companies

Texas Corporation Act Withdrawal