South Carolina Adoption of Amendment to Bylaws Authorizing Election of Directors Emeritus
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FAQ
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. A close corporation has to be governed by both a shareholders agreement and the company bylaws.
Notices to the Attorney General. (a) A nonprofit organization shall give the Attorney General written notice that it intends to dissolve at or before the time it delivers articles of dissolution to the Secretary of State. The notice shall include a copy or summary of the plan of dissolution.
A statutory close corporation is a special election that corporations with fewer than 50 shareholders may select. The designation allows for more flexibility than typically allowed with a ??regular? corporation.
The tax status of a close corporation is determined by the type of corporation that is elected. The company may elect to use C corporation status or may take the IRS S corporation election. Since an S corporation limits the number of shareholders to 100, a close corporation would qualify for this designation.
South Carolina Business Corporation Act of 1988 defines a Corporation or Domestic Corporation as a corporation incorporated for profit and not a foreign corporation. Any person may act as the incorporator of a corporation by delivering articles of incorporation to the Secretary of State for filing.
Any corporation may be incorporated as a close corporation, except mining or oil companies, stock exchanges, banks, insurance companies, public utilities, educational institutions and corporations declared to be vested with public interest in ance with the provisions of this Code.
(a) Unless prohibited or limited by the articles or bylaws, any action that may be taken at any annual, regular, or special meeting of members may be taken without a meeting if the corporation delivers a written or electronic ballot to every member entitled to vote on the matter.
The difference lies primarily in the way that ownership, by way of shares, is distributed. In a close corporation, shares of the corporation are generally held by only a small number of people and are not available for sale or purchase in the public markets.
