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Illinois Pre-Incorporation Agreement, Shareholders Agreement and Confidentiality Agreement

Category:
Corporations - Pre-incorporation
State:
Illinois
Control #:
IL-00INCA
Format:
Word; 
Rich Text
Instant download
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Description

This package of forms contains a pre-incorporation agreement for the formers of a corporation to sign agreeing on how the corporate will be operated, who will be elected as officers and directors, salaries and many other corporate matters.


The Shareholders Agreement is signed by the shareholders to agree on how the shares of a deceased shareholder may be purchased and how shares of a person who desires to sell their stock may be obtained by the other shareholders or the corporation. Restrictions on the Sale of stock are included to accomplish the goals of the shareholders to keep the corporation under the control of the existing shareholders.


The Confidentiality Agreement is made between the shareholders wherein they agree to keep confidential certain corporate matters.

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Key Concepts & Definitions

Illinois Pre Incorporation Agreement Shareholders: This refers to an agreement made between potential shareholders in the state of Illinois before a corporation is legally formed. This document outlines each party's responsibilities, contributions, and the distribution of the corporation's shares. Its main aim is to protect the interests of each shareholder and set clear expectations for the operation and management of the corporation.

Step-by-Step Guide to Creating a Pre-Incorporation Agreement

  1. Determine the Purpose of the Corporation: Clearly outline what the business will do. This helps in ensuring all shareholders are aligned in their vision.
  2. Choose the Initial Shareholders: Decide who will hold shares in the corporation upon its formation.
  3. Define Share Distribution: Agree on how shares will be distributed among the shareholders.
  4. Outline Responsibilities and Contributions: Detail what each shareholder will contribute, whether in the form of capital, assets, or expertise.
  5. Decide on Management Structure: Establish who will manage the corporation and how decisions will be made.
  6. Draft the Agreement: Put all agreed terms into a written document. It's advisable to have a lawyer review the document.
  7. Sign the Agreement: Have all parties sign the agreement before incorporating the business.

Risk Analysis of Pre-Incorporation Agreements

  • Disagreements on Terms: Without clear communication, shareholders might disagree on terms after the corporation has been formed, leading to potential litigation or partnership breakdown.
  • Lack of Flexibility: Early agreements can sometimes limit the flexibility of changing business strategies as the corporation evolves.
  • Legal Non-Compliance: If the agreement is not properly drafted, there could be elements that are not in compliance with Illinois state laws, leading to potential legal issues.

Best Practices

  • Involve a Lawyer: Have a legal expert in corporate law review or help draft the pre-incorporation agreement to ensure all terms are lawful and binding.
  • Clear Definitions: Clearly define all terms and roles within the agreement to avoid ambiguities that could lead to conflicts.
  • Flexible Terms: Incorporate flexibility into the agreement to allow easy updates as the business grows and changes.

Common Mistakes & How to Avoid Them

  • Vague Terms: Avoid vague language by specifying exact numbers, dates, and requirements. This precision will prevent misunderstandings.
  • Ignoring Dispute Resolution: Include a clause for handling disputes among shareholders to avoid costly litigation in the future.
  • Skipping Legal Review: Never bypass professional legal scrutiny, regardless of the initial agreement among shareholders to save on costs.

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FAQ

Many social workers are unaware that duty to warn laws vary from state to state and that a few states have not established a statutory duty to warn. Twenty-two states have statutes applicable to social workers that establish a mandatory duty to warn.

The Mental Health Act does not have a specific section relating to confidentiality, and neither is confidentiality a guiding principle in the Mental Health Act Code of Practice for Wales. This reflects the fact that, in differing circumstances, professionals have to weigh up different considerations.

The terms 'privacy' and 'confidentiality' are commonly used interchangeably. Confidentiality relates to information only.The legal duty of confidentiality obliges health care practitioners to protect their patients against inappropriate disclosure of personal health information.

When the term disclosure is used, it is referring to both the written and oral communication of confidential information. This includes phone conversations, communication at meetings, casual conversations, written records, etc.

Other states, including Illinois, then enacted Tarasoff Laws that permit or require reporting when there is a serious, credible threat to a specific, targeted individual.

Confidentiality(n.) the state or attribute of being secret; privacy; as, you must respect the confidentiality of your client's communications.

In 1985, the California legislature codified the Tarasoff rule: California law now provides that a psychotherapist has a duty to protect or warn a third party only if the therapist actually believed or predicted that the patient posed a serious risk of inflicting serious bodily injury upon a reasonably identifiable

The duty to warn refers to a counselor's obligation to warn identifiable victims. The duty to protect is a counselor's duty to reveal confidential client information in the event that the counselor has reason to believe that a third party may be harmed.

Duty to warn refers to the responsibility of a counselor or therapist to inform third parties or authorities if a client poses a threat to themselves or another identifiable individual. 1feff It is one of just a few instances where a therapist can breach client confidentiality.

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