Below is information about CAN AN OFFICER OF A CORPORATION SELL SOMETHING from a variety of sources. Please take a look at the materials that our team has selected for you.
https://www.avvo.com/legal-answers/can-an-officer-of-a-s-corp-sell-company-equipment--2622153.html
Short answer: No. Even if he were permitted to sell the property, he would have to account for the money. Also, officers/directors owe a duty of loyalty and a fiduciary duty to the entity. Actions like those you describe constitute breaches of those duties.
https://semlerbrossy.com/insights/can-corporate-officers-sell-stock/
Executive officers generally start from a position that they cannot sell company stock, at least not easily. Consider that to do so: First, they must be in compliance with their company’s own share ownership guidelines or retention and holding requirements.
https://www.indeed.com/hire/c/info/officers-of-a-corporation-roles-and-responsibilities
https://www.upcounsel.com/sale-of-corporation
A sale of corporation can take many forms, including asset sales and stock sales. The type of sale will depend on your goal. With an asset sale, for instance, you are selling everything that your business owns. During a stock sale, you are only selling the …
https://www.quora.com/What-are-the-SEC-rules-about-when-officers-of-public-companies-can-sell-their-company-stock
For officers who normally have material non-public information, there are two common ways of handing it: Make a decision to sell stock the day or so after an earnings announcement. The assumption is that at that time, everyone knows as much as you do. Have a plan, announced in advance, to sell stock on a regular schedule.
http://www.canipelaw.com/blog/can-my-companys-board-of-directors-sell-off-all-the-companys-assets
Until recently, the North Carolina Business Corporations Act was pretty fuzzy on this big point. Until January 1, 2014, the law was that the BOD had to get shareholder approval to sell, lease, or otherwise dispose of “substantially all” of the corporation’s assets. But, there was no guidance in the statute on exactly what that key phrase meant.
https://www.mystockoptions.com/content/are-share-sales-by-executives-and-directors-of-public-company-subject-to-securities-law-restrictions
Yes. In addition to the prohibition against insider trading, company stock held by an "affiliate" (e.g. any director or executive officer) of a public company generally must be sold under SEC Rule 144 and Section 16. These restrictions apply whether the stock was acquired by option exercise or purchased in the open market.
https://legalbeagle.com/12717738-can-the-officer-of-a-corporation-be-held-personally-liable.html
The state statutes that authorize the formation of corporations also authorize them to own property, buy and sell goods and services, pay income taxes and litigate in court, all in the corporation's own name. In practice, this means that officers and directors manage the affairs of the corporation, but they are doing so on the corporation's behalf.
https://www.robertschriebman.net/articles/an-officer-of-a-corporation-or-llc-is-a-statutory-employee/
When the EDD selects your company for audit and demands the production of your 1099s for the past three years, you can count on an assessment for unpaid employment and withholding taxes, several levels of penalties, together with interest on both the tax and penalty portions. Taking a 1099 as a corporate officer is just flat out wrong.
https://www.upcounsel.com/how-to-sell-a-corporation
Types of Corporation Sales The sale of the business can be structured in one of the following ways: An installment purchase, in which the buyer finances the remainder of the cost after a down payment of 20 to 50 percent of the sales price. This agreement could include either monthly or quarterly payments and is subject to interest.
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