Wayne Michigan Agreement to Incorporate Close Corporation

Name: Wayne Michigan Agreement to Incorporate Close Corporation
Brand: US Legal Forms
Rating: 4.7 (466 reviews)

Category:

Corporations - Incorporation

State:

Multi-State

County:

Wayne

Control #:

US-0092BG

Format:

Instant download

Description

A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partner¬ship, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both.

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FAQ

The easiest definition of a close corporation is one that is held by a limited number of shareholders and is not publicly traded. The company is run by the shareholders and is generally exempt from many requirements of other corporations, including having a board of directors and holding annual meetings.

For instance, US grocery giant Albertsons was a popular name as a close corporation with the backing of private equity firm Cerberus. In 2020, Albertsons became a publicly-traded company. It means that anybody can sell or buy these companies' shares from the open market.

Overview. The Close Corporations Act applies to the management of close corporations. To provide for the formation, registration, incorporation, management, control and liquidation of close corporations; and for matters connected therewith.

Section 54(1) of the Act provides that a member of a close corporation is an agent of the close corporation in dealings with a third party. This then means members have the ability to bind the close corporation.

A closed corporation is a company whose shares are held by a select few individuals who are usually closely associated with the business.

Advantages of a corporation include personal liability protection, business security and continuity, and easier access to capital. Disadvantages of a corporation include it being time-consuming and subject to double taxation, as well as having rigid formalities and protocols to follow.

Pros of Close Corporations Fewer formalities. The most obvious advantage of a close corporation is fewer rules to follow.Limited liability. In general, shareholders of a close corporation are not personally liable for the business's debt.More shareholder control.More freedom.

Disadvantages of C Corporations Double taxation of corporation profits. The corporation pays federal and state taxes on its profits.Forming a corporation costs more. Attorneys charge more to form a corporation. States have higher fees.More state and federal regulations and oversight.

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.

Advantages They require fewer formalities than standard corporations. Close corporation shareholders have a great degree of control over sales of shares to outsiders. Liability protection for shareholders is strong.Disadvantages. Close corporations are not available in all states.

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Wayne Michigan Agreement to Incorporate Close Corporation

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