Kiritsis & Associates
Kiritsis Law Group Contact us at 212-922-0005
Author John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Directors can be dismissed from their positions by shareholder votes for cause, or if the certificate of incorporation or bylaws provide for it, without cause. BCL 706. The extent of any benchmark standard between “for cause” and “no cause” is inherently subjective.
It may be a good idea to make a list of potential legal issues that need to be addressed in the Corporation's governing documents, such as:
What is the Corporation's name?
Is the corporation going to be for profit or not?
Will the bylaws indicate if the corporation is for profit or not?
Is it possible to take action on behalf of shareholders without holding a meeting?
How many members of the Board of Directors will be appointed?
Is there going to be a seal for the Corporation?
Will the company bylaws be amendable by a simple majority vote?
Will a super majority be required to change the company bylaws?
Will the corporation cover the legal expenses of its directors and officers in the case of a lawsuit?
Will the Corporation be able to issue stock certificates in response to a valid request?
Will the company take on a new name?
What will the legal name of the corporation be?
What will the Corporation's physical address be?
What is the Corporation's mailing address going to be?
When do you think the Corporation's operations will start?
How many people will work for the Corporation?
What is the Corporation's expected yearly revenue?
What are the main types of activity that the Corporation will pursue?
Where will the Corporation's day-to-day activities take place?
What is the number of authorized shares that the Corporation will have?
Will the Corporation's shareholders have the legal right to keep their ownership percentage by purchasing more stock?
Will the Corporation's stockholders be compelled to first offer their shares to the Corporation before selling them to others?
When will the Corporation's fiscal year come to a close?
What are the members of the Board of Directors' names, residences, and phone numbers?
Will the terms of the directors be staggered?
\What will the duration of the director periods be if they are staggered in terms of years in office?
Will the directors be protected from the Corporation's personal liability?
What is the President of the Corporation's contact information?
What is the Vice President of the Corporation's contact information?
What is the corporate secretary's contact information?
What is the Corporation's treasurer's contact information?
Will the Corporation pay for the legal defense of the Corporation's directors/officers if they are sued for their work performance and/or corporate duties?
Is it legal for the Corporation to do business with its directors and officers?
In terms of real estate contract agreements, who has the authority to sign and legally bind the Corporation?
What will individual directors/officers be allowed/authorized to conduct on a day-to-day basis on behalf of the Corporation?
Will the Corporation's directors be able to lease office space on the Corporation's behalf?
In terms of correspondence with the underlying commercial landlord, who is the corporate commercial tenant's point of contact?
Will the corporation's executives and directors be able to engage into employment arrangements with the company?
Which corporate executives will have legal authority to bind businesses in employment agreements?
What is the individual officers' contact information?
In terms of taxation and corporate governance, who are the Corporation's most important employees?
Will there be significant workers who aren't Board members?
Who were the company's first shareholders?
What will each of the early stockholders' contributions be?
What shareholder voting procedures are required for properly organized shareholder meetings to approve company action?
What are the conditions for approving corporate activity by written permission (in the absence of a shareholder agreement)?
What are the conditions for amending the company bylaws in terms of shareholder voting?
When and where will the first shareholder meeting of the Corporation be held?
What are the logistics of business shareholder meetings that are scheduled?
Is it possible for the Corporation to issue stock certificates?
Will the Corporation provide any ancillary benefits?
What (if any) advantages will the Corporation provide to its shareholders, executives, and/or directors?
Who will be the registered agent for the corporation?
Who will serve as the company's accountant?
Who will serve as the Corporation's general counsel and lawyer?
Who will serve as the Corporation's insurance expert?
Who will be the banker for the Corporation?
Is there a founder's kind of agreement in place before to the incorporation date?
Is the Corporation's underlying business an existing one or a brand-new venture?
Is the Corporation going to be regarded as a C Corporation for tax purposes?
Will the corporation elect to be taxed as a S Corporation?
Will the corporation have Limited Liability Companies (LLCs) as Subsidiaries?
Citations and possibly useful reference links, may include:
-New York State Bar Association
-New York City Bar Association
-American Bar Association
-New York State Secretary of State: Divisions of Corporations
-Internal Revenue Code
-Internal Revenue Service
-New York Department of Finance
-New York Business Corporation Law
-New York UCC (Uniform Commercial Code)
-New York LLC (Limited Liability Company) Law
-New York General Obligations Law (GOL)
-New York CPLR
-Delaware Corporate Law
-Delaware LLC Law
-Revised Uniform Limited Liability Company Law (RULLCA)
-New York Partnership Law
-New York Trust Law
-New York Constitution
-Buckley v. Valeo, 424 U.S. 1 (1976)
-First National Bank of Boston v. Belloti, 435 U.S. 765 (1978)
-Subchapter C of the Internal Revenue Code
-Subchapter S of the Internal Revenue Code
-McConell v. FEC, 540 U.S. 93 (2003)
Law Offices of Kiritsis & Associates
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New York, NY 10017
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Our firm has a robust practice area presence regarding business formation and corporate governance. Below are just some of the areas that our firm can help you with:
-New York Incorporation State Filing Forms
-NY Incorporation State Filing Fee Payment Forms
-Corporate Books and Records
-Incorporator Filer Services
-Incorporation Organizer Services
-Corporate Secretary Services
-Piercing the Corporate Veil
-Professional Service Corporations
-Corporate Meeting Minutes
-Corporate Paper Meetings
-Corporate Live Meetings
-New York BCL Legal Analysis Services
-DIrect Corporate Litigation
-Derivative Corporate Litigation
-Corporate Employment Contracts
-Corporate Independent Contractor Agreements
-Corporate Reverse Mergers
-Corporate Tax Return
-Corporate Tax Compliance
-Corporate Tax Controversies
-Corporation Stock Certificates
-Corporation Preliminary Name Search
-Corporate Banking Resolution
-Corporate Asset Purchase Agreements
-Asset Protection Driven Incorporations
-Tax favored Corporations
-S Corp tax election
-Corporate Resolution Authorizing Transaction
-Corporate Service Agreements
-Ongoing Corporate Legal Counsel Assistance
-Minority Business Certification for New York Corporations
-Women Owned Certification for New York Corporations
-Veteran Owned Small Business Certification for New York Corporations
-Service Disabled Veteran Small Business Certification for New York Corporations
-Legal Name Selections for New York Corporations
-Corporate Tax Ids
-Corporation New York State Tax Id
-Federal Corporate Income Tax Return
-State Corporate Income Tax Return
-For Profit Business Corporations
-New York Domestic Business Corporations
-New York Foreign Qualified Corporations
-Shareholder Proxy Battles
-Shareholder Voting Proxy Trust Agreements
-Bearer Corporate Stock Certificates
-Par Value Corporate Stock Shares
-Par Value Corporate Stock Certificates
-Corporation LLC Divisions
-Corporation D & B Numbers
-Bank Letters for Corporations
-Employer Manuals for Corporations
-Corporation Federal Trademarks
-Corporation State Trademarks
-Corporation Federal Service Marks
-Corporation State Service Marks
-Corporation Copyright Registration
-Corporation Business Registration
-Corporation Biennial Filing Reports
-Corporation Franchise Fee Filling Reports
-Corporation Stock Purchase Agreements
-Corporate Indemnification Agreements
-Corporate Shareholder Restrictive Agreements
-Corporate Shareholder Divorce Protection Structuring
-Corporate Security Agreements
-Corporate Lender's Agreements
-Corporate Promissory Notes
-Corporate Capital Stock
-Corporation Non Voting Stock Certificates
-Corporation Preferred Stock Certificates
-Corporate Side Agreements
-Corporation Registered Agent Services
-Corporation General Counsel Club Services
-Duplicate Corporate Kit Orders
-Replacement Corporate Kit Orders
-New Corporate Kit Orders
-Corporate Books & Ledgers
-Corporate Meeting Recordation Services
-Articles of Incorporation
-Corporate Shareholder Ownership Register
-Seed Capital Credit Agreements
-Shareholder Stock Pledge Agreements
-Corporation Independent Director Service Agreements
-Customized Corporate Record Kits
-Corporation Document Retrieval Services
-Corporation Filing Forms Services
-Corporation Nominee Services
-UBO (Ultimate Beneficial Owner) Trust Agreements
-Corporate Stock Ledgers
-Corporation Fictitious Names
-Corporation Alternate Names
-For Profit Corporations
-Low Profit Corporations
-Non Profit Corporations
-Shareholder Directive Order Agreements
-Perpetual Duration Corporations
-Limited Duration Corporations
-De jure Corporations
-De facto Corporations
-Corporation Certificate of Good Standing
-Corporate Tax Clearance Letter
-Corporate Spin Offs
-C Corp electing S Corp tax treatment
-Ending S Corp tax election
-C Corp Subsidiary
-C Corp Division
-S Corp Subsidiary
-S Corp Sub Subsidiary
-Shareholder Meeting Agenda
-Shareholder Meeting Paper Ballots
-Incorporation for Licensed Professional Owners/Executives
-Corporate Tax Avoidance Planning
-Reverse Corporate Piercing
-Corporate Bankruptcy Petition Filings
-Corporate Governance Documents
-Corporate Stock Shares Certificates
-Board of Director Meeting Minutes
-New York Articles of Incorporation Filing Forms
-New York Amendment of Articles of Incorporation
-New York Correction of Articles of Incorporation
-New York Corporation Kits
-New York LLC formation
-New Jersey LLC Formation
-New York Incorporations
-New Jersey Incorporations
-Delaware LLC formation
-Limited Liability Law
-Business Corporate Law
-Limited Liability Partnerships
-DBAs (Doing Business As)
-Registered Agent Services
-Agents for Service of Process
-NY LLC Newspaper Publication
-New Jersey Business Registration
-NY Entity Biannual Report
-NJ Entity Biannual Report
-Delaware Franchise Tax Returns
-Partnership Tax Returns
-Non-Profit Entity Structures
-Joint Venture Agreements
-Seed Capital Contracts
ATTORNEY ADVERTISING. PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME.
The views expressed by this author are not legally binding or reflective of the author, the author's firm, the author's employers, the author's employees, or any individual and/or organization.