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Corporate Charter Questions

What is a Corporate Charter?

A Corporate Charter is a document that is drawn up when a Corporation is started, that details the state of the new Corporation, and includes the specific purpose, location of business, number and classes of shares if they have any, and duration of the Corporation.

In the state of Illinois, if a club wants to decrease the number of class A memberships available from 150 to 125 from when the club was first organized, and add 25 class B memberships, does this require an amendment to the charter.

In the state of Illinois a person can change the number of memberships if they file the appropriate articles of amendment and change the by-laws to reflect the changes that the person wishes to make. The articles of amendment can be found here. http://www.cyberdriveillinois.com/publications/pdf_publications/nfp11030.pdf

Is it legal in the state of Florida for the directors to appoint themselves preferred stock in a company?

In the state of Florida the person would have to check in the corporate charter to see what the guidelines are for directors issuing themselves stocks. Although it seems like it may very well be invalid since as officers they are in a financial capacity and are obligated not to engage in self dealing, even when some corporate charters do allow this type of situation. The best way to handle this may be to hire a lawyer and send a letter to the board to either get them removed or to get the stocks voided.

If a company dissolves the business, close out bank accounts, etc. what happens to the money they are still owed?

If the company is a LLC and does not dissolve, then the money that they are still owed can be deposited into the corporate bank account. The owners can keep the corporate charter and quit doing business, so that they can wrap up all outstanding debts or outstanding money that is owed to them. Once the owner surrenders the charter, it may be very hard to accept and cash any checks the company may receive.

What does a corporate charter have to do with a corporation fee for a state?

When a person starts a corporation he/she will have to file a corporate charter or articles of incorporation and in doing this they would have to pay the fees to file. Then the person would have to pay a yearly fee as well as taxes to maintain the corporate charter and keep the company in business.

Is it legal for president of a company to pay all money, or profit, in bonuses instead of paying dividends? Some people own 27% of a small corporation and only get a small amount in a bonus while other people owning 9% of the corporation get more in bonus money than the people who own the larger amount receive.

The company would have to comply with the corporation charter and with the board if there is a board. Although, in most cases, the people who own a larger share of the corporation should typically receive more in bonus money than the people whom own a small amount of shares.

Corporate charters regulate and state how a corporation is run and the rules in which the corporation is regulated. When a person starts a corporation they have to fill out the corporation charter for the corporation to be legal in any state. When a person sets out to do this he/she may need to get the advice or the opinion of an Expert so that he/she knows what they are getting into with the Corporate Charter.

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Recent Charter Questions

  • The tenant is a 66 year old and have been living in a HUD

    The tenant is a 66 year old and have been living in a HUD section 8 apartment building for 14-years he is also the president of the United Tenants Association where he lives and he fight for all the tenants rights and problem they have with management. His rent is 750.00 per month, and HUD pays 500.00 and he pays 250.00. When he was given an eviction notice for some rule violation that he denied to the court in a timely manner, he was told that he had 60 days to work out something with the land lord, and if they did not work anything out there will be a trial. The 60 days will not be up until January 18, 2015. And then there is to be a trial to settle the matter.
    Further, today is only Dec. 20, 2014 and my friend received a letter Dated Dec. 17, 2014 in the mail from the plaintiff attorney titled; REQUEST FOR ENTRY OF DEFAULT (Application to Enter Default). (This is form CIV 100. And the box is checked that say; Enter Clerks Judgment for restitution of the premises only and issue a writ of execution on the judgment. Code of Civil procedures section1174(c) does not apply. (Code of Civil Procedures section 1169) and the box is checked that say; included in the judgment all tenants and other occupants of the premises. The Prejudgment claim of Right of Possession was served in compliance with code of Civil Procedures section 415.46.
    The document also said, Declaration under code of Civil Procedure Section 585.5 (Required for entry of default under Civil Code Proc., Section 585.5(a))
    What is he trying to pull here? And what are my friends options to block this assault and to get into court so a judge or Jury cant here the
  • Mr. Smith is the owner of a 130 unit apartment building located

    Mr. Smith is the owner of a 130 unit apartment building located in Carson, California this building has a HUD section 8 contract for senior citizens.
    On Oct. 7, 2011 “ Big Ed’s Property Management Company Inc.” signed its original contract to manage Mr. Smith 130 unit apartment building located in the city of Carson California and “ Big Ed’s Property Management Company Inc.” Continue to have a contract to manage the same property for Mr. Smith today Dec 20, 2014.
    However, the city of Carson requires all property management companies doing business in the city of Carson to have a City of Carson business license to operate as a property management company in their city for Mr. Smith 130 unit apartment building.
    On Dec. 19, 2014, the City of Carson reported to Mr. Smith in writing that “Big Ed’s Property Management Company Inc.,” does not have a business license to operate in the City of Carson. And there is no record that that “Big Ed’s Property Management Company Inc.,” has ever had a business license in that name.
    Question; Is “Big Ed’s Property Management Company Inc.” operating illegally as a management company in the city of Carson, by not having a business license in the City of Carson, and if “Big Ed’s Property Management Company Inc.,” is operating illegally can “Big Ed’s Property Management Company Inc.” lawfully file an Unlawful Detainer Complaint (eviction action) in the courts stating“ Big Ed’s Property Management Company Inc.” is the Plaintiff ; and the defendant is a tenant living in one of Mr. Smith 130 unit section 8 apartments in the city of Carson? So “Big Ed’s Property Management Company Inc., has filed the eviction action as the Property Management Company against Mr. Smith’s tenant Mr. Williams living in Carson California.
  • I want to check from a legal aspect, about the following: Can

    I want to check from a legal aspect, about the following:
    Can a US Citizen "incorporate" (either as an LLC or an S Corp) as a Business in the US which will provide Consulting services, as a Consultant to a Foreign Company that has *no* physical presence (i.e. no registered business entity) in the US. The foreign company would pay an invoice that I will send to them, as a consultant, for work I performed for them in the US, for their US customers ?
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