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Hawaii Corporate Legal Questions

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2 legal questions have been posted about corporate law by real users in Hawaii. Ask your question and dive into the knowledge of attorneys who handle your issue regularly. Similar topics to explore also include corporate litigation, corporate taxation, and corporate governance. All topics and other states can be accessed in the dropdowns below.

Can a minor be an executive if he has controlling interest in a corporation?

Answered 13 years and 3 months ago by attorney Hilary B. Miller   |   1 Answer
It depends. In most states, there is no age limitation on service as a corporate officer. Any contract of employment that the minor makes with the corporation will be voidable.
It depends. In most states, there is no age limitation on service as a corporate officer. Any contract of employment that the minor makes with the... Read More

Can the person with controlling interest in a public corporation "pay" themselves out of the companies assets or profits?

Answered 13 years and 3 months ago by attorney Hilary B. Miller   |   1 Answer
Yes. This happens all the time. As long as there is some legitimate corporate purpose for the payment (such as compensation for services in accumulating the cash pile or selling the assets), the board of directors of the corporation may approve such a payment. Normally, the board's judgment in such matters is respected by the courts.... Read More
Yes. This happens all the time. As long as there is some legitimate corporate purpose for the payment (such as compensation for services in... Read More

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