Ch 5 corporations.docx

Ch 5 corporations.docx - Ch 5 corporations The LPP limited...

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Ch 5 corporations - The LPP limited liability company o A corportation is a thing that can endure beyond the natural lives of its members; has incorporators who may sue and be used as a unit and who are able to consign part of their property to the corporation for ventures of limited liability o Limited liability is a key feature of the modern corporation. It means that the members of the corporation are financially liable for corporate debts only up to the extent of their investments - 2 ways different than partnerships or other forms of business association o A corp. is not formed simply an agreement entered into among its first member. It becomes incorporated by being publicy registered or in some other way having its existence officially acknowledged by law. o A shareholder in a corp is entitled to a dividend from the companys profits only when it has been declared - Corps can be non profit or profit. -
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Ch 5 corporations.docx - Ch 5 corporations The LPP limited...

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