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CalAttorney2, Attorney
Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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What are the current state statues for the state of NC for

Customer Question

What are the current state statues for the state of NC for paying shareholders when the company is making a profit, fora small non-public company? Isn't it 30-50 % of the profits? Isn't it paid out by the President, when that President is given the ability to do so in the company by-laws?
Submitted: 3 years ago.
Category: Legal
Expert:  CalAttorney2 replied 3 years ago.

William B. Esq. :

Dear Customer,

I there is no general state statute requiring the distribution of profits or dividends to shareholders (that is a business judgment decision left to the Board or governing body - or it is controlled by the governing documents), but the Statute governing distribution to shareholders in North Carolina is GS 55-6-40 (

The general statutes governing corporations in North Carolina can be found here:

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Expert:  CalAttorney2 replied 3 years ago.

Dear Sarah,

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Expert:  CalAttorney2 replied 3 years ago.

Dear Sarah,

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