CH07 - Chapter Seven Introduction to Corporations...

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Chapter Seven Introduction to Corporations
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Corporation Corporation Corporation : : A legal entity created by a state to carry out business (if a for- profit entity).
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Model Business Corporation Act MBCA: act on which individual state statutes governing corporations are based
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Corporate Powers List of activities enumerated by a state in which a corporation can engage
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Powers Typically Granted to a Corporation By State Law Slide 1 of 3 To sue and be sued and to defend in the corporation’s own name To make and amend bylaws for regulating the business of the corporation To purchase, acquire, own, hold, improve, sell, lease, or mortgage real or personal property To enter into contracts, incur liabilities, borrow money, issue bonds, and lend money To elect directors and appoint officers
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Powers Typically Granted to a Corporation By State Law Slide 2 of 3 To establish pension and other benefit plans for its directors, officers, agents, and employees To make donations for the public welfare
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This note was uploaded on 01/06/2012 for the course PARA 092 taught by Professor Stephanieferill during the Fall '11 term at DeAnza College.

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CH07 - Chapter Seven Introduction to Corporations...

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