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Voting Trust of Shares in Closely Held Corporation

Broward Florida Voting Trust of Shares in Closely Held Corporation

Name: Broward Florida Voting Trust of Shares in Closely Held Corporation
Brand: US Legal Forms
Rating: 4.82 (229 reviews)

Category:

Trusts - Voting Trusts

State:

Multi-State

County:

Broward

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

issued certificate that evidences stock ownership but reserves voting rights for the trust. Voting trust certificates are exchanged for stock when voting power must be consolidated. Thus, holders of certificates have all the usual rights of stockholders with the exception of voting rights.

Shareholders can use voting trusts to help resolve conflicts of interest in some functions of the company. Ordinarily, such shareholders would transfer their shares to a trustee who would then vote on their behalf at arms-length to mitigate against conflicts of interest.

Voting Agreements A voting agreement is an agreement between shareholders to vote their shares in a specific way. Instead of delegating voting authority to a third party as is the case in a voting trust, in a voting agreement, each shareholder pledges to abide by the agreement.

Key Takeaways. Voting trust agreements allow shareholders to transfer their voting rights to a trustee, effectively giving temporary control of the corporation to the trustee.

Definition. A trust formed when individual shareholders transfer both the legal title and voting rights in their shares to a trustee. The trustee then controls a unified voting block - with a stronger voice on matters of corporate governance than the individual shareholders could have on their own.

A voting trust is a legal trust created to combine the voting power of shareholders by temporarily transferring their shares to the trustee.

Voting trusts are often formed by company directors, but sometimes a group of shareholders will form one to exercise some control over the corporation.

While the proxy may be a temporary or one-time arrangement, often created for a specific vote, the voting trust is usually more permanent, intended to give a bloc of voters increased power as a groupor indeed, control of the company, which is not necessarily the case with proxy voting.

Voting trusts normally pay no taxes and file no tax returns, as it holds only the right to vote and if it receives any dividends, it does so merely as an agent of the shareholders. Funds or other trust assets are not managed as they would be with another type of trust.

A voting trust agreement is a contractual agreement that records the transfer of shares from a shareholder to a trustee. The agreement gives the trustee temporary control of the voting powers of the shareholders.

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Broward Florida Voting Trust of Shares in Closely Held Corporation

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Is a voting trust certificate A security?

Why would an owner of a stock enter into a voting trust agreement?

Can shareholders agree to vote together?

Can a shareholder transfer shares to a voting trust?

What is a voting trust in a corporation?

Are voting trusts illegal?

Can shareholders form voting trusts?

What is the difference between a proxy and a voting trust agreement?

Does a voting trust file a tax return?

What is voting trust agreement?

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