Partnershipssole proprietors

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Unformatted text preview: The former Goldman Sachs, Law & Accounting Firms Sole Proprietors ­ Bernard Madoff Copyright 2013 Copyright 2013 Corporate Form v. Partnerships & Sole Proprietors Limited Liability for investors Limited authority Free Transferability of ownership interests Legal Personality ­ unlimited life ­ “legal person” ~ acts and responsibility separate from owners and managers Copyright 2013 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 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 Co...
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