South Carolina 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

(b) A professional corporation may be a promoter, general partner, member, associate, or manager of a partnership, joint venture, trust, or other entity only if the entity is engaged solely in rendering professional services or in carrying on business authorized by the professional corporation's articles of

Under general corporation law, shareholders as principals have the right to vote for directors as agents of the corporation; however, a shareholder does not have the right to be elected as a director or appointed as an officer of the corporation.

Summary. A corporation is not required to have a shareholder agreement, but due to the flexibility of this document and what it can include, it is in the interest of shareholders to legalize such an agreement so as to protect their rights and the success of the corporation.

The voting rights of equity shareholders can be summed up pretty simply: Investors of record who own shares of common stock are generally entitled to one vote per share, which they can cast at the annual shareholder meeting to shape company policy and potentially profitability.

A shareholder agreement, on the other hand, is optional. This document is often by and for shareholders, outlining certain rights and obligations. It can be most helpful when a corporation has a small number of active shareholders.

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

Here are some of the ways a company may allow you to vote:In person. You may attend the annual shareholder meeting and vote at the meeting.By mail. You may vote by filling out a paper proxy card if you are a registered owner or, if you are a beneficial owner, a voting instruction form.By phone.Over the Internet.

One of your key rights as a shareholder is the right to vote your shares in corporate elections. Shareholder voting rights give you the power to elect directors at annual or special meetings and make your views known to company management and directors on significant issues that may affect the value of your shares.

The voting rights of equity shareholders can be summed up pretty simply: Investors of record who own shares of common stock are generally entitled to one vote per share, which they can cast at the annual shareholder meeting to shape company policy and potentially profitability.

The voting rights of equity shareholders can be summed up pretty simply: Investors of record who own shares of common stock are generally entitled to one vote per share, which they can cast at the annual shareholder meeting to shape company policy and potentially profitability.

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South Carolina Voting Trust of Shares in Closely Held Corporation