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ADMS2610-Session7-Ch17 - ADMS2610 Session 7 Chapter 17(pg...

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ADMS2610 Session 7 Chapter 17 (pg. 306-309, 313-314) What is a Corporation? - a type of legal entity created by the state - existence in law is separate from those who form it (limited liability) - a creature of statute - a person in the eyes of the law with similar rights and responsibilities to that of an individual - a large number of persons participating in business transaction requiring more capital than one individual or a small group possessed or cared to risk in a venture Characteristics of a Corporation - not an individual nor a partnership - separate legal entity from its owners - existence at law, but not material existence - rights and duties set forth by law - agents can bind corporations - shareholders have limited liability The Nature of a Corporation - Shareholder – a person who holds a share interest in a corporation; a part owner - Director – under corporation law, a person elected by the shareholders to manage its affairs - Officer – a person elected or appointed by the directors to fill a particular
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