Queens New York Agreement Between Board Member and Close Corporation

• Category: Contracts - Board Member
• State: Multi-State
• County: Queens
• Control #: US-1035BG
• Format: Word; Rich Text

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. A disclaimer is a denial or renunciation of liability. A disclaimer may apply to a denial of responsibility for another's claim and/or may be a statement of non-responsibility. Queens New York Agreement Between Board Member and Close Corporation A Queens New York Agreement Between Board Member and Close Corporation is a legally binding document that outlines the terms and conditions of the relationship between a board member and a close corporation based in Queens, New York. This agreement serves to establish clear expectations, rights, and responsibilities for both parties involved. Keywords: Queens New York, agreement, board member, close corporation, relationship, expectations, rights, responsibilities. There can be different types of agreements between a board member and a close corporation in Queens, New York, depending on the specific goals and requirements of the parties involved. Here are a few notable types: 1. Board Membership Agreement: This type of agreement outlines the terms of the board member's appointment, responsibilities, meeting schedules, voting rights, compensation (if any), term limits, and any provision for removal or resignation. It also typically includes a confidentiality clause to protect sensitive information. 2. Non-Disclosure Agreement: In certain situations, a close corporation may require its board members to sign a non-disclosure agreement to safeguard proprietary information, trade secrets, financial data, or any other confidential material. This agreement ensures that board members understand their obligations to maintain the confidentiality of such information during and after their term. 3. Conflict of Interest Agreement: A conflict of interest agreement is designed to address potential conflicts that may arise during a board member's tenure. It ensures that board members disclose any potential conflicts to the corporation promptly and take appropriate steps to prevent any perceived or actual conflicts from interfering with their fiduciary responsibilities. 4. Compensation Agreement: In some cases, a board member may be entitled to receive compensation for their services. In such instances, a compensation agreement outlines the terms of payment, including the amount, frequency, and any additional benefits or incentives provided by the close corporation. 5. Indemnification Agreement: An indemnification agreement protects board members against legal claims and liabilities that may arise while carrying out their duties. It ensures that the corporation will cover legal expenses, damages, or losses incurred by the board member as a result of their service, as long as their actions were not intentionally unlawful or in bad faith. It is important for board members and close corporations in Queens, New York, to carefully consider the specific type of agreement that best suits their needs to establish a clear and mutually beneficial relationship. By documenting their expectations and obligations, both parties can ensure a smooth and effective governance structure.

Queens New York Agreement Between Board Member and Close Corporation A Queens New York Agreement Between Board Member and Close Corporation is a legally binding document that outlines the terms and conditions of the relationship between a board member and a close corporation based in Queens, New York. This agreement serves to establish clear expectations, rights, and responsibilities for both parties involved. Keywords: Queens New York, agreement, board member, close corporation, relationship, expectations, rights, responsibilities. There can be different types of agreements between a board member and a close corporation in Queens, New York, depending on the specific goals and requirements of the parties involved. Here are a few notable types: 1. Board Membership Agreement: This type of agreement outlines the terms of the board member's appointment, responsibilities, meeting schedules, voting rights, compensation (if any), term limits, and any provision for removal or resignation. It also typically includes a confidentiality clause to protect sensitive information. 2. Non-Disclosure Agreement: In certain situations, a close corporation may require its board members to sign a non-disclosure agreement to safeguard proprietary information, trade secrets, financial data, or any other confidential material. This agreement ensures that board members understand their obligations to maintain the confidentiality of such information during and after their term. 3. Conflict of Interest Agreement: A conflict of interest agreement is designed to address potential conflicts that may arise during a board member's tenure. It ensures that board members disclose any potential conflicts to the corporation promptly and take appropriate steps to prevent any perceived or actual conflicts from interfering with their fiduciary responsibilities. 4. Compensation Agreement: In some cases, a board member may be entitled to receive compensation for their services. In such instances, a compensation agreement outlines the terms of payment, including the amount, frequency, and any additional benefits or incentives provided by the close corporation. 5. Indemnification Agreement: An indemnification agreement protects board members against legal claims and liabilities that may arise while carrying out their duties. It ensures that the corporation will cover legal expenses, damages, or losses incurred by the board member as a result of their service, as long as their actions were not intentionally unlawful or in bad faith. It is important for board members and close corporations in Queens, New York, to carefully consider the specific type of agreement that best suits their needs to establish a clear and mutually beneficial relationship. By documenting their expectations and obligations, both parties can ensure a smooth and effective governance structure.