This a shareholders' agreement for a professional service corporation which has been managed over time by the two founding shareholders and is about to admit another shareholder. It addresses governance, income-sharing, indemnities, repayment of loans, disability, termination of the relationship, retirement, and all other issues commonly found in shareholders' agreements.
Arkansas Shareholders Agreement
State:
Multi-State
Control #:
US-L02035
Format:
Word;
PDF;
Rich Text
Instant download
Description
Free preview
How to fill out Shareholders Agreement?
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FAQ
In legal terms, shareholders don't own the corporation (they own securities that give them a less-than-well-defined claim on its earnings). In law and practice, they don't have final say over most big corporate decisions (boards of directors do).
The shareholders aren't the actual true owners of the business. While they aren't legal owners, they are still considered owners due to their ownership in stock. Such ownership will depend on the percentage of shares that each person carries in the corporation.
In some cases, corporate profits are taxed twice first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns. Corporations have a completely independent life separate from its shareholders.
When you want to transfer LLC ownership in Arkansas, you have two options. You can sell the entire LLC, or you can conduct a partial sale of the ownership interests of one or more members. This is often known as a buyout.
As a corporation and its shareholders are separate legal entities, incorporation allows business owners to keep business risks and liabilities within the corporation and limit their personal exposure. However, this limitation of liability is not absolute.
Start a Business in Arkansas.Get a DBA Name for Your Arkansas Business.Form Your Arkansas LLC.File Your Arkansas Annual Report.Get an Arkansas Operating Agreement Template.Get an Arkansas Certificate of Good Standing.Get an Arkansas Registered Agent.
In order to amend your Articles of Organization for an Arkansas LLC, you'll need to file a Certificate of Amendment with the Arkansas Secretary of State. In addition, you must pay a $25 (paper) OR $22.50 (online) filing fee. This page provides a free guide for how to file the Arkansas Certificate of Amendment yourself.
To start a corporation in Arkansas, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Articles of Incorporation with the Arkansas Secretary of State. You can file this document online or by mail. The articles cost $50 to file ($45 online).
Yes. All states allow a single shareholder to create and run a corporation. And all states allow it to have just one director as well. So you can be the sole shareholder, director and officer for your company.
How to Sell Your LLC and Transfer Complete OwnershipReview your Operating Agreement and Articles of Organization.Establish What Your Buyer Wants to Buy.Draw Up a Buy-Sell Agreement with the New Buyer.Record the Sale with the State Business Registration Agency.