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Agreement Between Board Member and Close Corporation

North Carolina Agreement Between Board Member and Close Corporation

Q: What is a close corporation agreement?

ORC 1701.591 entitled Close Corporation Agreement provides a mechanism for shareholders of a close corporation to agree in advance on issues related to the internal management and business operations of their corporation and the relations between and among themselves as shareholders.

Category:

Contracts - Board Member

State:

Multi-State

Control #:

US-1035BG

Format:

Instant download

Description

A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partner¬ship, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both. A disclaimer is a denial or renunciation of liability. A disclaimer may apply to a denial of responsibility for another's claim and/or may be a statement of non-responsibility.

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FAQ

A Close Corporation is a legal entity with its own persona. To have its own persona means that, although it is not an individual person, it can act as if it is a person and certain rights and obligations are conferred to it, seperate from its members, from the moment it is registered.

The articles of incorporation of a close corporation may provide that the business of the corporation shall be managed by the stockholders of the corporation rather than by a board of directors.

A close corporation is a legal entity much like a company. A CC is run and administered by its members, who must be natural persons (i.e. not other legal entities). A close corporation's members are like a company's shareholders.

Can a close corporation or a company be a member of a close corporation? No, only a natural person or a inter vivos trust/testamentary trust can become a member.

A Close Corporation has members and a Company has shareholders and directors. The Close Corporation has its own estate seperate from its members.

A CC has no share capital and therefore no shareholders. The owners of a CC are the members of the CC. Members have a membership interest in the CC. Members' interest is expressed as a percentage.

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...

Features of a Close CorporationDesigned for a small, cohesive group.Restricted to no more than 30 shareholders.Corporation cannot become publicly traded.Eliminates management by a Board of Directors.Shareholders assume the responsibilities of the Directors and directly manage the company.More items...

In a close corporation, certain shareholder decisions are required to be unanimous, including deciding whether to terminate the corporation.

ORC § 1701.591 entitled Close Corporation Agreement provides a mechanism for shareholders of a close corporation to agree in advance on issues related to the internal management and business operations of their corporation and the relations between and among themselves as shareholders.