Missouri Voting Trust of Shares in Closely Held Corporation

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Closely held corporations are those in which a small group of shareholders control the operating and managerial policies of the corporation. Most, but not all, closely held corporations are also family businesses. Family businesses may be defined as those companies where the link between the family and the business has a mutual influence on company policy and on the interests and objectives of the family.


A voting trust is a device for combining the voting power of shareholders. It is not unlawful for shareholders to combine their voting stock for the election of directors so as to obtain or continue the control or management of a corporation. Some state laws limit the duration of voting trusts to a period of a certain number of years.

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FAQ

To qualify as a closely held corporation, a business must fit the following requirements:Have more than 50% of the value of its outstanding stock owned, directly or indirectly, by five or fewer individuals at any time during the last half of the tax year.Not be a personal service corporation1feff

Definition of closely held : having most stock shares and voting rights in the hands of a few a closely held business.

A shareholder agrees to vote its voting shares generally or in favour of a specific proposal and against any contrary proposal. Voting agreements are commonly used in business combination transactions to assure the purchaser that significant shareholders will vote to approve the subject transaction.

Shareholders may own common voting shares, non-voting shares, or preferred shares, each conferring a different level of power over how a company is run or dictating how dividends are distributed.

Unlike voting trusts, voting agreements can be for any duration and do not need to be filed with the corporation.

Can I Be My Own Registered Agent In Missouri? Yes, any owner or employee of a business can be its registered agent in Missouri as long as they are over the age of 18, and have a street address in Missouri.

While not explicitly labeled as closely held, most LLCs are, in fact, closely held companies. LLCs are modeled after partnerships, where a limited number of individuals share in the ownership and management of the business.

Missouri Annual Report Information. Businesses and nonprofits are required to file annual reports to stay in good standing with the secretary of state. Annual reports are required in most states. Due dates and fees vary by state and type of entity.

The nature of a closely held corporation offers several advantages, including: Control. Because most of the company's shares are in the hands of only a few people, managers who are also major shareholders have a greater degree of control over the operation of the business and any decisions that may affect it.

Closely Held Corporation Taxes A closely held corporation may be a C corporation or S corporation, which is an important classification for tax reasons. If you form a closely held corporation, and it meets the IRS criteria for S corporation status, all profits are passed through to the owners' personal tax returns.

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Missouri Voting Trust of Shares in Closely Held Corporation