How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CalAttorney2 Your Own Question
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
Type Your Legal Question Here...
CalAttorney2 is online now
A new question is answered every 9 seconds

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: 4 years ago.
Category: Legal
Expert:  CalAttorney2 replied 4 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:

I hope that the above information is helpful, if you have any questions, please use the “Reply to Expert Link” and I will follow up promptly. Once you are satisfied with your answer, please rate my service by clicking on the “OK” “GOOD” or “EXCELLENT” buttons, if you believe my service is anything less than “OK” please stop and tell me what additional information or clarification you need to make your experience satisfactory.

Please keep in mind that this information cannot be construed as specific legal advice or instruction, I do not know everything that you know, and I cannot make a full legal analysis – furthermore, I am prohibited from practicing law through this forum. I do hope that by providing these legal principles that you will have a better understanding of the law and that you can apply this to your own situation.

If after reading the above information, you have any further questions, or if I missed or misunderstood what you were asking, please do ask and I will follow up promptly.

Expert:  CalAttorney2 replied 4 years ago.

Dear Sarah,

My system shows you as “offline.” I have moved your question to our “Q&A” format to ensure that you are able to review my response and ask any questions you may have (or to follow up if I misunderstood or missed what you were asking for in the first place, as this sometimes happens in this type of forum).

I will respond to any questions you may have promptly, and will do my best to ensure that you receive the best answer possible.

Once I have answered your questions, please do not forget to rate my response so that I can receive credit for it.

Best regards, and thank you,


Expert:  CalAttorney2 replied 4 years ago.

Dear Sarah,

I just wanted to follow up on your legal matter. I hope that my information was of some assistance. Please let me know if you have any further questions.

If you do not have any further questions, and have not yet had the opportunity, please do not forget to rate my response.

Very Truly Yours,