Chapter38Corporation

Chapter38Corporation - Chapter 38: Corporation I....

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Chapter 38: Corporation I. Corporation a. Dominant business structure i. Exxon, IBM, GM, McDonalds b. An artificial being – created in each state c. Model Business Corporation Act i. Texas Business Corportation Act (TCBA) d. Limited Liability Company – less important. Created after traditional company e. Book is confusing – I will reorganize content II. Key Concept a. Shareholders own Company i. One or millions b. Shareholders elect Board of Directors i. Typically, three to approx. 20-30 c. Board appoints officers to manage company d. Officers hire employees to do the day-to-day work III.Classifications of Companies –by Geographical Location p 777 a. Domestic – home state i. Texas corporation with PPB in Houston b. Foreign corportation does business outside home state i. Texas corporation with office in Idaho c. Alien corporation – formed in one country, operating in another
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i. US corporation with operations in Mexico IV. Classification of corporation by how they are owned p.777-8
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Chapter38Corporation - Chapter 38: Corporation I....

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