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Legal Environment of Business

by: Carmela Blanda

Legal Environment of Business BL 3305

Marketplace > Baylor University > Business Law > BL 3305 > Legal Environment of Business
Carmela Blanda
Baylor University
GPA 3.79

Martha Agee

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Martha Agee
Class Notes
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This 2 page Class Notes was uploaded by Carmela Blanda on Saturday October 3, 2015. The Class Notes belongs to BL 3305 at Baylor University taught by Martha Agee in Fall. Since its upload, it has received 66 views. For similar materials see /class/217918/bl-3305-baylor-university in Business Law at Baylor University.


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Date Created: 10/03/15
CH 34 CORPORATIONS Corporation creature of the state formed by substantial compliance w state law CORPORATE ATTRIBUTES Legal entity7 separate and apart from SH s with entirely distinct rights amp liabilities Limited Liability 7 limited to amount invested by SH Free Transferability of shares 7 can easily be bought and sold Perpetual existence 7 unless charter says otherwise can last forever Centralized management 7 SH elect BOD managepolicy who appoints officers run day to day affairs CLASSIFICATION OF CORPORATIONS Public 7 created to administer a unit of local civil government or created by the US to conduct public business Private 7 private individuals create it and it has no governmental duties Pro t 7 founded for purpose of operating a business for pro t Non pro t 7 any profits made are used exclusively for charitable education or scienti c purposes for which it was formed Domestic 7 in the state in which it was incorporated Foreign 7 not doing business in the state where it was incorporated must have a certificate of authority to do business in those states Publicly held 7 corporation whose shares are owned by a large number of people and are widely tra ed Closely held 7 owned by few shareholders and whose shares are not actively traded SH are usually active in management and control of business Subchapter S 7 corporation has elected to be taxed as a partnership under IRS Code Professional Corporation 7 corporate from under which duly licensed individuals may practice their profession FORMATION OF CORPORATION Organizing the Corporation Promoters 7 take preliminary steps to organize a corporation and start the business enter into contracts on behalf of the corporation and will remain liable unless novation have a duciary duty to themselves the corporation subscribers and initial SHs to deal fairly honestly utmost trust Subscribers 7 person who agrees to purchase stock in corporation Formalities of Incorporation m7 unique so will avoid confusion clearly designate entity as a corporation Incorporators 7 persons who sign articles of incorporation Articles of incorporation 7 charter or basic document of a corp filed with the secretary of state More difficult to amend since SH must approve See book for required info Organizational meeting 7first meeting held to adopt bylaws appoint officers etc Bylaws 7 rules and regulations that govern intemal management of corp usually BOD has power to amend without SH approval Recognition or Disregard of Corporateness Defective incorporation 7 depending on seriousness of error and knowledge of persons creating corporation courts may disregard corporate form and hold individual owners personally liable for debts Piercing the corporate veil 7 court disregards corporate form amp hold SH liable usually in tort actions with very small corporation


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