Alabama Agreement Between Board Member and Close Corporation
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How to fill out Agreement Between Board Member And Close Corporation?
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(a) General Rule. A foreign business entity owning property located in Alabama is considered doing business in the state of Alabama, and is considered to be subject to the Alabama business privilege tax.
The easiest definition of a close corporation is one that is held by a limited number of shareholders and is not publicly traded. The company is run by the shareholders and is generally exempt from many requirements of other corporations, including having a board of directors and holding annual meetings.
A close corporation is a corporation which does not exceed a statutorily defined number of shareholders and is not a public corporation. This number depends on the state's business laws, but the number is usually 35 shareholders.
Pros of Close CorporationsFewer formalities. The most obvious advantage of a close corporation is fewer rules to follow.Limited liability. In general, shareholders of a close corporation are not personally liable for the business's debt.More shareholder control.More freedom.
To dissolve your Alabama corporation, you must provide the completed original and two copies of the Domestic Business Corporation Articles of Dissolution form, to the Judge of Probate in the county where the original Certificate of Formation was recorded, by mail or in person. An original signature is required.
The first is voluntary dissolution, which is an elective decision to dissolve the entity. A second is involuntary dissolution, which occurs upon the happening of statute-specific events such as a failure to pay taxes. Last, a corporation may be dissolved judicially, either by shareholder or creditor lawsuit.
You can submit paperwork to formally dissolve the company or simply walk away and wait for the state to declare an administrative abandonment. Contact an attorney for assistance with the decision, because there can be long-term legal or financial consequences for dissolving the company.
Ernst & Young, PricewaterhouseCoopers, SC Johnson, Hearst Corporation, and Publix Super Markets, Inc. are other well-known U.S. closed corporations. Some examples of a non-U.S. closed corporation are Sweden's IKEA, Germany's ALDI and Bosch, and Denmark's LEGO.
Disadvantages to a Close CorporationClose corporations do not exist in all states.A close corporation often costs more money to organize.While shareholders have the benefit of greater control over the sale of shares, shareholders in a close corporation are also burdened with increased responsibility.More items...
How To Order A Certified Copy Of Articles Of Organization Or A Certified Copy Of Articles Of Incorporation From Alabama Secretary Of StateBy Phone: Call (334)242-5324 and request your certified copy.By Email:By Mail:By Fax:In Person:Counter Service:Expedited processing:Normal processing:More items...
