Corporations 

Alabama Code > Title 10 > Chapter 2A > § 10-2A-300 - Law applicable to close corporations

(a) This article applies to all close corporations, as defined in Section 10-2A-301. Unless a corporation elects to become a close corporation in the manner prescribed, it shall be subject in all respects to the provisions of this chapter, except this article dealing with close corporations.

(b) All provisions of this chapter shall be applicable to all close corporations as defined in Section 10-2A-301 except insofar as this article otherwise provides.

(c) Neither election to become, nor operation as, a close corporation shall deprive any shareholder of such corporation of the limitation of liability provided under Section 10-2A-43.

(d) This chapter shall apply only to close corporations formed in accordance with Section 10-2A-302 or electing to become a close corporation pursuant to Section 10-2A-303 before January 1, 1995, and which has not voluntarily terminated its status as a close corporation or otherwise ceased to be a close corporation to which the provisions of this article apply before January 1, 1995.

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Questions & Answers: Corporations

A corporation was dissolved by the state due to 17 years of unpaid annual report fees. The sole owner of the corporation has died. He has left the dissolved corporation's buildin...

Shari, Please clarify what you mean when you say the owner "left" the corporation's building to his children. Even though the corporation was dissolved it still continues to exist...

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