counsel familiar with the applicable state laws and the needs of the corporation and its shareholders to determine what should be included in a particular shareholder agreement. It is also advisable to have a tax and accounting advisor and estate planning counsel review the agreement for possible tax, accounting and estate planning issues. At times, a short-form shareholder agreement addressing only a very limited number of issues may be sufficient and appropriate, and in other circumstances, a long-form agreement addressing many potential issues would be the best approach. Particularly when admitting a new shareholder, it is very important to consider whether a shareholder agreement should be entered into. Even in existing corporations where there is no shareholder agreement, the shareholders may want to consider entering into a shareholder agreement to address future issues. If a shareholder agreement exists but was entered into many years ago or when different shareholders were in control of a corporation, it can be a worthwhile endeavor to carefully review it to see if the prior agreement is still a good fit for the shareholders. Manning, Leaver, Bruder & Berberich LLP is a Los Angeles law firm that practices throughout California and has been in existence for over 100 years. It has a strong automobile dealer practice covering all areas related to the automobile dealer industry, including dealership buy-sells, real estate transactions, business and consumer litigation, regulatory compliance, dealer association law, new motor vehicle board matters and franchise law. See manningleaver.com for more information and areas of practice. Nothing in this article may be considered as legal advice. Contact legal counsel for legal advice. Stay compliant. Protect your bottom line. We have a combined 95 years of experience helping automobile dealers comply with EPA, IIP and OSHA regulations. Let our experts show you a new approach for managing compliance at your dealership. (562) 704-4000 cellyservices.com Spend less time on compliance issues and more time running your dealership. LET’S TALK! 21 California New Car Dealer Quarterly
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