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Business Transactions
- Product Labeling Law: ANSI, UL, CPSC - Some Thoughts for Product Importers and Distributors
- Buying a Car Wash In NY or NJ: Some Thoughts for Purchasers
- Buying a Gas Station or Car Wash you Need Landlord Consent - No Matter What the Lease Says
- $22 Million New York City Entrepreneur Fund Created for Starting Businesses in New York City
- Small Business Commercial Lease Agreements in New York: Limiting your Personal Guaranty may Not be Enough
Legal News
- "Must Use" Online Resources When Buying a Business or Franchise...
Posted on 1/13/2011
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Business Transactions
- CPSC Reporting Requirements: Knowing When to Report a Product Defect
- Three Things You Need to Remember About Your Product Warranties
- FTC's "Environmental" Marketing Rules: What Manufacturers, Distributors and Franchisors Need to Know
- Proposition 65: Information that Product Manufacturers and Distributors Need to Know
- Prop 65 Warning Requirements for Product Manufacturers and Distributors
What is a "Shareholder Agreement".
A: Shareholder agreements are the governing agreements between shareholders of a corporation. In New York and New Jersey when small closely held companies are typically established as a corporation. For the small closely held company the shareholder agreement is sometimes thought of and referred to by its shareholders as a "partnership agreement". The shareholder agreement identifies and sets out the management of the business and addresses rights and responsibilities, including:
- The voting rights of each shareholder;
- The percentage of shareholder vote required for significant business decisions such as the procurement of loans, investing in new equipment, purchasing real property and hiring and firing employees;
- The officers and directors of the company;
- Restrictive covenants between the shareholders respecting the sale of their stock shares and their ability to compete with the company or with one another;
- The rights of each shareholder upon the liquidation or sale of the company;
- Required capital contributions;
- The rights of each shareholder upon the death or disability of another shareholder.
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