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Voting Trust of Shares in Closely Held Corporation

Philadelphia Pennsylvania Voting Trust of Shares in Closely Held Corporation

Name: Philadelphia Pennsylvania 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:

Philadelphia

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

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.

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.

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

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.

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

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.

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 closely held corporation, also referred to as a closed corporation, is a firm whose stock is held by a small number of people. While this may include traditional investors, it may also be held by the family members or other insiders associated with a particular business.

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.

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.

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Beneficiary survives who will succeed to the property in the trust? General procedures for completing Form 1041 during the election period.Property to corporations in exchangefor securities, section 351 of the LAS. In some voting trust agreements, the trustee may be allowed to sell and redeem the shares. (Read carefully the instructions in your Working Copy before completing this Form). FORM 8. United States. Congress. Senate. Committee on Banking and Currency.

Report on the proposed merger of the National City Bank of Omaha with the First Federal Savings and Loan Association (Form 8). SECRECY FOR TRANSFER OF INDIVIDUAL CITIZENS TO AN INDIVIDUAL ACCOUNT. Notice that the United States Secretary of the Treasury is requiring a statement from the trustee before completing Form 8 to notify the individual of the transfer of such individual's account to an individual account (General Instructions) SECRECY FOR TRANSFER OF CERTAIN TRANSFERS ON AND AFTER ELECTION DATE. No statement from the trustee before completing Form 8 is required for individual transfers which occurred on or after Election Day (General Instructions), except that a notice of transfer is required to be submitted to the Office of Government Ethics pursuant to the Ethics in Government Act of 1978 (5 U.S.C. App.), in addition to any additional required statements.

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Philadelphia Pennsylvania Voting Trust of Shares in Closely Held Corporation

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

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

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Can a shareholder transfer shares to a voting trust?

Can shareholders form voting trusts?

What is voting trust agreement?

Does a voting trust file a tax return?

Is a close corporation the same as a closely held corporation?

Do all shares issued by a corporation have voting rights?

What is a voting trust in a corporation?

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