March 24, 2015
Q.: In a privately held company, is it necessary for a stock transfer between two directors to be approved by the shareholders? A.: Under most state laws, shareholders have the right to approve (or disapprove) any transferring ownership is involved, including a stock transfer. If the company has multiple classes of stock, the shareholders’ agreement may specify that only the owners of certain classes of will vote on that particular issue – in other words, that particular kind of stock transfer is not an issue open to all shareholders, only some. To answer your specific situation, speak to an attorney in your state to review the different classes of stock, voting rights, and corporate bylaws, all of which will have a bearing on the best way to document the stock transfer. Want to learn more about Kaufman Business Law? This is the video to watch. Watch our Video
Continue ReadingQ.: I recently started a limited liability company but have not purchased a company with it yet. I also haven’t set up any credit accounts or bank account for it. My goal is to establish…
Read MoreQ.: What kind of financial reports are minimally required of an LLC, and how often should they be made available to the partners? A.: Minimally, LLCs are required to file annual tax returns for…
Read MoreSometimes, it seems, you do have to look a gift horse in the mouth. As Sarah Needleman points out in her Wall Street Journal article, “Taking a Partner Can Help… or Hinder,” a promise of…
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