What CPAs Need to Know About Shareholder Duties in Closely-Held Corporations in Massachusetts
By Marc. C. Laredo
CPAs need to understand the rights and obligations that shareholders of closely-held businesses in Massachusetts owe to one another. CPAs also play a critical role in helping shareholders craft agreements and resolve disagreements among themselves. This article provides an overview of the legal framework in which closely-held corporations in Massachusetts function, including the definition of a closely-held corporation, the general rules that govern the shareholders of these entities, the importance of careful planning to avoid disputes among shareholders, and available remedies when disputes do arise.
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This article first appeared on MSCPAonline.org, Summer 2009.