Nevada Voting Trust of Shares in Closely Held Corporation

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US-02094BG
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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

If you want to remove a shareholder, you first must decide if the shareholder is leaving the company voluntarily or involuntarily. For involuntary removals, the shareholder will usually need to have violated the shareholders agreement or company bylaws before they can be forced out of the company.

NRS 78.347 Application by stockholder for order of court appointing custodian or receiver; requirements of custodian; authority of custodian; adoption of regulations by Secretary of State.

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

Elements of a Close Corporation They are limited to no more than 30 shareholders, and there are often significant restrictions on the ability of existing owners and shareholders to transfer or sell stock in the company.

Closed corporations are companies with a small number of shareholders that are held by managers, owners, and even families. These companies are not publicly traded and the general public cannot readily invest in them.

While there are no limits on the number of shareholders, a privately-held corporation ceases to be eligible for a prospectus exemption available for private issuers once it has over 50 shareholders (excluding employees and former employees of such corporation and its affiliates).

Section 1900(a) requires for corporations generally that approval by shareholders with at least 50% of the voting power is required for voluntary dissolution.

Close corporations cannot make a public offering of its stock. Most states limit the number of shareholders between 30 and 35. The necessary Shareholder Agreements are relatively complex and typically require experienced counsel. Close corporation shareholders typically do not need to hold annual meetings.

The first step in dissolving a corporation usually involves having your board of directors and shareholders vote to approve the dissolution. Under most state rules, you start by holding a meeting of the board of directors to vote on a resolution to approve the dissolution of the corporation.

In most states, you only need one person to form a corporation, while the maximum number of shareholders varies by corporation type. For example, C corporations don't have ownership restrictions, while S corporations are limited to 100 shareholders, who must all be U.S. citizens.

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Nevada Voting Trust of Shares in Closely Held Corporation