South Carolina Articles of Incorporation Benefit Corporation Professional Corporation-Statutory Close Corporation
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How to fill out South Carolina Articles Of Incorporation Benefit Corporation Professional Corporation-Statutory Close Corporation?
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FAQ
If a corporation is owned by a small number of shareholders, it is considered closely held. South Carolina corporations with a single shareholder or more can make the statutory close corporation election.
It is a legal entity with its own legal personality and perpetual succession and must register as a taxpayer in its own right. A CC has no share capital and therefore no shareholders. The owners of a CC are the members of the CC. Members have a membership interest in the CC.
Unlike general corporations where management of the business operations of the corporation is reserved for the board of directors or the officers, shareholders in close corporations may enter into agreements that give them authority to run the company.
Disadvantages to a Close Corporation Close corporations do not exist in all states.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.
Unlike normal corporations, statutory close corporations are not required to have company bylaws. Instead, these corporations can include legally required bylaw provisions in their Articles of Incorporations. Required provisions include: The location and time of shareholders meetings.
(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.
A Statutory Close Corporation (also known as ?Close Corporation?) is a corporation that does not publicly trade stock and is formed under a special statute. This type of corporation is held by a limited number of shareholders.