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Unformatted text preview: The former Goldman Sachs, Law & Accounting Firms Sole Proprietors Bernard Madoff
Copyright 2013 Corporate Form v. Partnerships & Sole Proprietors Limited Liability for investors
Free Transferability of ownership interests
“legal person” ~ acts and responsibility separate from owners and managers
Copyright 2013 Corp. Form v. Others Continued Centralized Management
“Professional Management” (effort to make managers behave like owners)
ACCESS TO CAPITAL MAKES THIS FORM POPULAR (it evolves in the pursuit of capital)
Copyright 2013 Corporate Loyalty/Responsibility ‘Global Corporations’ Laws of state of incorporation, customs, mores, etc.
Laws of Host states (states use corporation for ‘social policy’ ex. labor laws, pension and benefit laws, discrimination laws, tax laws, etc.)
Impact of Regionalization & Globalization
State of Convenience limits state control Copyright 2013
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- Winter '14