Tarrant Texas Agreement Between Board Member and Close Corporation

• Category: Contracts - Board Member
• State: Multi-State
• County: Tarrant
• 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. Tarrant Texas Agreement Between Board Member and Close Corporation: A Tarrant Texas Agreement Between Board Member and Close Corporation is a legally binding document that outlines the rights, responsibilities, and expectations between a board member and a close corporation in Tarrant County, Texas. This agreement helps establish a clear understanding of the board member's role and the corporation's obligations towards them. The purpose of this agreement is to ensure transparency, accountability, and a harmonious relationship between the board member and the close corporation. It sets out the powers and limitations of the board member and the corporation's commitment to supporting their work. Keywords: Tarrant Texas, Agreement Between Board Member, Close Corporation, rights, responsibilities, expectations, legally binding, transparency, accountability, powers, limitations, support. Different types of Tarrant Texas Agreements Between Board Member and Close Corporation: 1. Roles and Responsibilities Agreement: This type of agreement clearly defines the specific roles and responsibilities of the board member within the close corporation. It outlines the expectations from both parties regarding decision-making, management, and communication. 2. Compensation Agreement: This agreement focuses on the compensation terms for the board member. It outlines the salary, bonuses, stock options, or any other form of benefits the board member is entitled to receive. 3. Confidentiality Agreement: This agreement ensures the protection of sensitive corporate information by prohibiting the board member from disclosing any proprietary or confidential information obtained during their tenure. It also establishes the consequences of breaching this obligation of confidentiality. 4. Non-Compete Agreement: A non-compete agreement restricts the board member from engaging in activities that directly compete with the corporation during their tenure and for a specific period after the termination of their involvement. This protects the corporation's interests and prevents any conflicts of interest. 5. Term Agreement: This type of agreement sets the duration of the board member's service with the close corporation. It defines the starting and ending date of their term, along with any provisions for renewal or termination. 6. Indemnification Agreement: An indemnification agreement offers protection to the board member against any legal claims or liabilities that may arise during their service. It ensures that the corporation will cover their legal expenses and provide indemnification for actions taken in good faith. These different types of Tarrant Texas Agreements Between Board Member and Close Corporation cater to various aspects of the board member-corporation relationship, safeguarding the interests of both parties while promoting a healthy and productive working environment.

Tarrant Texas Agreement Between Board Member and Close Corporation: A Tarrant Texas Agreement Between Board Member and Close Corporation is a legally binding document that outlines the rights, responsibilities, and expectations between a board member and a close corporation in Tarrant County, Texas. This agreement helps establish a clear understanding of the board member's role and the corporation's obligations towards them. The purpose of this agreement is to ensure transparency, accountability, and a harmonious relationship between the board member and the close corporation. It sets out the powers and limitations of the board member and the corporation's commitment to supporting their work. Keywords: Tarrant Texas, Agreement Between Board Member, Close Corporation, rights, responsibilities, expectations, legally binding, transparency, accountability, powers, limitations, support. Different types of Tarrant Texas Agreements Between Board Member and Close Corporation: 1. Roles and Responsibilities Agreement: This type of agreement clearly defines the specific roles and responsibilities of the board member within the close corporation. It outlines the expectations from both parties regarding decision-making, management, and communication. 2. Compensation Agreement: This agreement focuses on the compensation terms for the board member. It outlines the salary, bonuses, stock options, or any other form of benefits the board member is entitled to receive. 3. Confidentiality Agreement: This agreement ensures the protection of sensitive corporate information by prohibiting the board member from disclosing any proprietary or confidential information obtained during their tenure. It also establishes the consequences of breaching this obligation of confidentiality. 4. Non-Compete Agreement: A non-compete agreement restricts the board member from engaging in activities that directly compete with the corporation during their tenure and for a specific period after the termination of their involvement. This protects the corporation's interests and prevents any conflicts of interest. 5. Term Agreement: This type of agreement sets the duration of the board member's service with the close corporation. It defines the starting and ending date of their term, along with any provisions for renewal or termination. 6. Indemnification Agreement: An indemnification agreement offers protection to the board member against any legal claims or liabilities that may arise during their service. It ensures that the corporation will cover their legal expenses and provide indemnification for actions taken in good faith. These different types of Tarrant Texas Agreements Between Board Member and Close Corporation cater to various aspects of the board member-corporation relationship, safeguarding the interests of both parties while promoting a healthy and productive working environment.