Notes Chapter 11

Notes Chapter 11 - Notes Chapter 11 I The Corporate Form of...

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Notes Chapter 11 I. The Corporate Form of Organization a. Corporations are created by law and have most of the rights and privileges of a person. b. Two Classifications b.i. By purpose- profit/non profit b.ii. By Ownership- publicly/privately held b.ii.1. Publicly held- many stockholders b.ii.2. Privately held- “closely held corp.” only a few stockholders c. Characteristics of a Corporation c.i. Separate Legal Existence c.i.1. It can buy own and sell property, borrow money, sue or be sued, and pay taxes under its own name c.ii. Limited Liability of Stockholders c.ii.1. Stockholders’ losses are generally limited to the amount of capital they have invested in the company. c.iii. Transferable Ownership Rights c.iii.1. Stockholders can buy and sell their stock as they please. c.iv. Ability to Acquire Capital c.iv.1. Many investors can become stockholders by investing small amounts of money. c.v. Continuous Life c.v.1. Corporations are not affected by the withdrawal, death, or incapacity of a stockholder c.vi.
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