New York Ratification of Sale of Stock
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How to fill out Ratification Of Sale Of Stock?
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FAQ
Enacted in 1905, New York State's stock transfer tax (STT) is an excise tax levied on stock trades. The STT taxes each sale of stock worth over $20 at 5 cents.
The generic term close corporation is often used to refer to any corporation formed under a state's regular corporation statutes where the stock is not traded on an exchange, such as the New York Stock Exchange.
Can I still register a CC? No, since the introduction of the new Companies Act in no more new Close Corporations can be registered; however, if you still have an existing Close Corporation you can continue doing business as per normal as it remains a valid legal entity indefinitely.
A close, or "closely held," corporation is a type of venture where the shareholders, directors and officers are typically the same people, and where all parties desire to remain a small, tight-knit group. Close corporations are restricted to no more than 30 shareholders.
Both Close Corporations (CC) and Private Companies (Pty) count as a legal entities and have limited liability of members or shareholders. Close Corporations are often the type of company chosen by small business owners. CCs have members ? up to a maximum of 10 natural people.
By structuring as a closed corporation when incorporating, a partnership can benefit from liability protection without dramatically changing the way that the business operates. It can also offer companies greater flexibility in operations, as they are free from most reporting requirements and shareholder pressure.
