Delaware Code (Titles 8, 9, 25, 30)
8 Del. C. § 354
Operating corporation as partnership
No written agreement among stockholders of a close corporation, nor any provision of the certificate of incorporation or of the bylaws of the corporation, which agreement or provision relates to any phase of the affairs of such corporation, including but not limited to the management of its business or declaration and payment of dividends or other division of profits or the election of directors or officers or the employment of stockholders by the corporation or the arbitration of disputes, shall be invalid on the ground that it is an attempt by the parties to the agreement or by the stockholders of the corporation to treat the corporation as if it were a partnership or to arrange relations among the stockholders or between the stockholders and the corporation in a manner that would be appropriate only among partners.
Amendment history
56 Del. Laws, c. 50.
Source: view the official text
In this title (40 sections)
- 8-324 · Attachment of shares of stock or any option, right or interest…
- 8-325 · Actions against officers, directors or stockholders to enforce…
- 8-326 · Action by officer, director or stockholder against corporation…
- 8-327 · Stockholder’s derivative action; allegation of stock ownership
- 8-328 · Effect of liability of corporation on impairment of certain…
- 8-329 · Defective organization of corporation as defense
- 8-330 · Usury; pleading by corporation
- 8-341 · Law applicable to close corporation
- 8-342 · Close corporation defined; contents of certificate of…
- 8-343 · Formation of a close corporation
- 8-344 · Election of existing corporation to become a close corporation
- 8-345 · Limitations on continuation of close corporation status
- 8-346 · Voluntary termination of close corporation status by amendment…
- 8-347 · Issuance or transfer of stock of a close corporation in breach…
- 8-348 · Involuntary termination of close corporation status; proceeding…
- 8-349 · Corporate option where a restriction on transfer of a security…
- 8-350 · Agreements restricting discretion of directors
- 8-351 · Management by stockholders
- 8-352 · Appointment of custodian for close corporation
- 8-353 · Appointment of a provisional director in certain cases
- 8-354 · Operating corporation as partnership
- 8-355 · Stockholders’ option to dissolve corporation
- 8-356 · Effect of this subchapter on other laws
- 8-361 · Law applicable to public benefit corporations; how formed
- 8-362 · Public benefit corporation defined; contents of certificate of…
- 8-363 · Nonprofit nonstock corporations [For application of this…
- 8-364 · Stock certificates; notices regarding uncertificated stock
- 8-365 · Duties of directors
- 8-366 · Periodic statements and third-party certification
- 8-367 · Suits to enforce the requirements of § 365(a) of this title
- 8-368 · No effect on other corporations
- 8-371 · Definition; qualification to do business in State; procedure
- 8-372 · Additional requirements in case of change of name, change of…
- 8-373 · Exceptions to requirements
- 8-374 · Annual report
- 8-375 · Failure to file report
- 8-376 · Service of process upon qualified foreign corporations
- 8-377 · Change of registered agent; reinstatement of qualification to…
- 8-378 · Penalties for noncompliance
- 8-379 · Banking powers denied