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Business 207 Quiz 11

Business 207 Quiz 11 - 1 2 3 4 Corporations Corporation =...

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Corporations 1. Corporation = legal fiction created to allow a business to exist as an entity separate from its owners a. Limitation of owner liability for business debts b. Defined by documentation filed with the state c. May hold property, sue, and be sued, and must pay taxes on net income 2. 5 Corporate Documents a. Articles of Incorporation a.i. Defines who the corp. is; filed with sec of state a.ii. Until the articles are formally acknowledged, the corp. doesn’t legally exist b. Bylaws c. Directors & Officers Statement d. Shareholder List e. Meeting Minutes 3. Articles of Incorporation Required Documents a. Corporate Name a.i. Must include at least one word that is an identifier a.i.1. Letter combos are always identifiers a.ii. Must include either the word Incorporated (Inc.) or Corporated (Corp.) b. Corporate Purpose b.i. Most businesses are general business corporations b.ii. Other types: professional, banking, and insurance (specialized forms with restrictions on the types of business they may pursue) b.iii. Non-Business Corps. = non-profit, so no profit can be distributed c. Incorporators c.i. Persons who create the corporation; have liability until corp. exists; partnership d. Agent for Service d.i.
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