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“Insider” Loans: What You Should Know
Part 3: Loan Docs
Part 3: Loan Docs* Small, closely held corporations many times prefer to borrow money from their shareholders instead of from a bank. The shareholders may also be actively involved in managing or directing the business, and are usually willing to loan money to the corporation when it needs operating funds, or to make a major […]
“Insider” Loans: What You Should Know
Part 2: Full Disclosure
Full Disclosure* Following the rules that pertain to “insider” loans (i.e. loans to officers, directors or shareholders with a financial interest in the loan) can help avert a future challenge by another shareholder, a creditor, or other party that might claim an interested insider should be personally liable for any advantage or financial gain they […]
“Insider” Loans: What You Should Know
Part 1: Conflicts of Interest
Conflicts of Interest* It is not unusual for corporate shareholders or directors to have a personal interest in business decisions that affect the company they own or manage. For example, directors usually vote on setting their own compensation and that of the officers, which, in many small and closely held corporations, include themselves. This is […]
Corporate Resolutions: A Brief Introduction
Need for resolutions Generally, directors or shareholders need not adopt a formal corporate resolution in order to bind the corporation or otherwise confer authority to bind the corporation. Still, resolutions have their place and importance. Formally adopting and recording a resolution in the company minutes should reduce or eliminate misunderstandings among directors and shareholders, the […]