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Voting Trust of Shares in Closely Held Corporation

Maine Voting Trust of Shares in Closely Held Corporation

Category:

Trusts - Voting Trusts

State:

Multi-State

Control #:

US-02094BG

Format:

Instant download

Description

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

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.

While not explicitly labeled as closely held, most LLCs are, in fact, closely held companies. LLCs are modeled after partnerships, where a limited number of individuals share in the ownership and management of the business.

The IRS has the clearest definition: For corporate tax purposes, a closely held corporation is one where more than half of the stock is owned (directly or indirectly) by five or fewer individuals at any time in the second half of the year.

Common stock ownership always carries voting rights, but the nature of the rights and the specific issues shareholders are entitled to vote on can vary considerably from one company to another.

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.

Generally speaking and unless your articles provide otherwise, each share in the corporation entitles the shareholder to one vote. The larger the number of shares a shareholder holds, the larger the number of votes the shareholder can exercise.

United States: Basics Of Forming The Closely Held CorporationConsiderations In Forming The Corporation. State Of Incorporation.Selection Of A Name For The Corporation.Trademark And Other Protection For The Corporate Name.Using An Assumed Name.Capital Structure Of The Corporation.Stating The Corporate Purposes.

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