There are several advantages to doing business as a corporation. One advantage is that corporate shareholders are not personally responsible for the actions of the corporation. This means that shareholders are distinct and separate from the corporations they control. Therefore, if the corporation does not pay a debt, the corporation itself is responsible for repayment, …
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Preparing board of directors meeting minutes is an important task for all types of corporations. Having accurate minutes can help avoid litigation. Also, accurate minutes assist with managing future litigation risk. To avoid litigation risk, board of directors minutes must provide an accurate record of board decisions. The minutes should also contain a record of …
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A buy-sell agreement protects the owners of a business from unintended consequences of a co-owner’s death, retirement, divorce or disability. Moreover, subject to certain exceptions, without a buy-sell agreement, the owners of a business may sell or transfer their business ownership interest (their “Interest“) without restriction. First, a buy-sell agreement establishes:• when the co-owners of …
Under Colorado law, what corporate actions require a shareholder vote or other type of shareholder approval? The shareholders of a corporation generally have decision making power over the following corporate actions: Annually electing the members of the corporation’s board of directors Removal of a member of the corporation’s board of directors Amendment or restatement of …
Parties to a real estate transaction use a letter of intent to agree on, and describe, the important terms of a real estate transaction. The important terms of a real estate transaction are typically the financial terms and the other contract terms that have a substantial affect on one or both of the parties after …
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