A well-drafted shareholder/corporation Vehicle Lease Agreement will:
- Provide the shareholder a framework for creating a valuable tax deduction when allowing the corporation to use the shareholder's vehicle in the business.
- Provide a framework for the creation of tax-free money received by the shareholder paid by the corporation.
- Define the exact monthly rental paid by the corporation to the shareholder for use of the vehicle.
- Document the actual commencement date and length of the lease agreement and allows for automatic renewals of the lease agreement to avoid additional lease preparation costs in the future.
- Provide the corporation with a framework for valuable tax deductions, that is, the deduction of the amount paid to the shareholder.
- Be a legally binding, written lease agreement between the corporation and the shareholder for use of the shareholders vehicle.
- Prevent the vehicle from being in jeopardy of judgment creditors, writs of execution or attachments (In case of any litigation against the corporation).
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Information & Benefits:
The following information and benefits is what distinguishes us from other online providers.
Definitions
Defines important terms including "fair market value" and what a "transfer" is.
Restrictions on Transfer
Describes what the Contractor will do for Principal
Rights of First Refusal
Describes what the Contractor will do for Principal
Sale of Shares
Describes what the Contractor will do for Principal
Buy/Sell Provisions
Describes what the Contractor will do for Principal
Meetings
Describes what the Contractor will do for Principal
Sub-S
Describes what the Contractor will do for Principal
Banking Power
Describes what the Contractor will do for Principal
Restrictive Covenants
Such restrictive covenants offer the Corporation statutory remedies for violation and often prevent the Shareholder from unfairly competing against it or disclosing its confidential business information. As always, ensure any such restrictive covenant is within statutory parameters.
Mediation and Arbitration
Mediation and Arbitration should always specify a location in Client's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
Governing Law
Always stipulate that the contract will be governed under whatever law the Client ordinarily conducts business. Always make sure that venue and jurisdiction are as convenient to client (Buyer) as possible.
No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
Notices
Notices should always list the current and best addresses where each party may contact the other for whatever reason.
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Spiegel & Utrera, P.A. : Affordable Agreements. Custom-Fit Contracts.
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