Wake North Carolina Agreement Between Board Member and Close Corporation

• Category: Contracts - Board Member
• State: Multi-State
• County: Wake
• 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. The Wake North Carolina Agreement Between Board Member and Close Corporation is a legal document that outlines the terms and conditions of the relationship between a board member and a close corporation based in Wake County, North Carolina. This agreement details the roles, responsibilities, and rights of both the board member and the corporation, ensuring clarity and establishing a solid foundation for their professional collaboration. Keywords: Wake North Carolina, agreement, board member, close corporation, legal document, terms and conditions, relationship, roles, responsibilities, rights, professional collaboration. There are two main types of Wake North Carolina Agreements Between Board Member and Close Corporation: 1. Appointment Agreement: This type of agreement is executed when a board member is appointed to serve on the board of a close corporation. It outlines the specific details of the board member's appointment, including their term, duties, and compensation. Additionally, it may include provisions related to the removal or resignation of the board member. Keywords: Appointment Agreement, board member, appointed, close corporation, term, duties, compensation, removal, resignation. 2. Non-Disclosure Agreement: In some cases, the close corporation may require a board member to sign a non-disclosure agreement (NDA) to protect sensitive information and trade secrets. This type of agreement ensures that the board member will maintain confidentiality and not disclose any proprietary or confidential information to unauthorized parties. Keywords: Non-Disclosure Agreement, NDA, board member, close corporation, sensitive information, trade secrets, confidentiality, proprietary, confidential, unauthorized parties. It is crucial for both the board member and the close corporation to carefully review and understand the terms and conditions outlined in this agreement. Consulting with legal professionals is highly recommended ensuring compliance with local laws and regulations and to avoid any potential disputes or conflicts in the future. Keywords: Review, understand, terms and conditions, agreement, legal professionals, compliance, local laws, regulations, disputes, conflicts.

The Wake North Carolina Agreement Between Board Member and Close Corporation is a legal document that outlines the terms and conditions of the relationship between a board member and a close corporation based in Wake County, North Carolina. This agreement details the roles, responsibilities, and rights of both the board member and the corporation, ensuring clarity and establishing a solid foundation for their professional collaboration. Keywords: Wake North Carolina, agreement, board member, close corporation, legal document, terms and conditions, relationship, roles, responsibilities, rights, professional collaboration. There are two main types of Wake North Carolina Agreements Between Board Member and Close Corporation: 1. Appointment Agreement: This type of agreement is executed when a board member is appointed to serve on the board of a close corporation. It outlines the specific details of the board member's appointment, including their term, duties, and compensation. Additionally, it may include provisions related to the removal or resignation of the board member. Keywords: Appointment Agreement, board member, appointed, close corporation, term, duties, compensation, removal, resignation. 2. Non-Disclosure Agreement: In some cases, the close corporation may require a board member to sign a non-disclosure agreement (NDA) to protect sensitive information and trade secrets. This type of agreement ensures that the board member will maintain confidentiality and not disclose any proprietary or confidential information to unauthorized parties. Keywords: Non-Disclosure Agreement, NDA, board member, close corporation, sensitive information, trade secrets, confidentiality, proprietary, confidential, unauthorized parties. It is crucial for both the board member and the close corporation to carefully review and understand the terms and conditions outlined in this agreement. Consulting with legal professionals is highly recommended ensuring compliance with local laws and regulations and to avoid any potential disputes or conflicts in the future. Keywords: Review, understand, terms and conditions, agreement, legal professionals, compliance, local laws, regulations, disputes, conflicts.