Duties of Stockholders of Close Corporations
Many smaller business owners elect to conduct their enterprise in the form of a corporation or limited liability company. In doing so, they recognize the benefits this form of entity provides such as limited liability and perpetual existence, among others. However, what may be underappreciated is the nature of the obligations and duties stockholders of close corporations and members of limited liability companies owe to one another and to the entity itself. These obligations and duties are fiduciary in nature. Business owners would
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