A general rule of corporate law that provides that

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a general rule of corporate law that provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of their corporation and are not personally liable for the debts and obligations of the corporation. Government-Owned Corporation (public corporation) – pg 597 – a corporation formed to meet a specific governmental or political purpose.
Private Corporation a corporation formed to conduct privately owned business. Not-For-Profit Corporation (nonprofit corporation) a corporation formed to operate charitable institutions, colleges, universities, and other not-for-profit entities. These corporations have no shareholders. Model Non Profit Corporation Act governs the formation, operation, and termination of not-for-profit corporations. Publicly Held Corporation – pg 597 – a corporation that has many shareholders and whose securities are often traded on national stock exchanges. Closely Held Corporation a corporation owned by 1 or a few shareholders. Professional Corporation (P.C.) a corporation formed by lawyers, doctors, or other professionals. P.A. professional association S.C. service corporation Domestic Corporation a corporation in the state in which it was formed. Foreign Corporation a corporation in any state or jurisdiction other than the one in which it was formed. Certificate of Authority where a foreign corporation is required to qualify to conduct intrastate commerce in a state, it must obtain this certificate from the state. This requires the foreign corporation to file certain information w/the secretary of state, pay the required fees, and appoint a registered agent for service of process. Alien Corporation a corporation that is incorporated in another country. In most instances, alien corporations are treated as foreign corporations. Revised Model Business Corporation Act (RMBCA) – pg 599 – a 1984 revision of the MBCA that arranges the provisions of the act more logically, revises the language to be more consistent, and makes substantial changes in the provisions. A corporation can be incorporated in only one state, even though it can do business in all other states in which it qualifies to do business.
Incorporator – pg 600 – the person or persons, partnerships, or corporations that are responsible for incorporation of a corporation. Promoter a person(s) who organize and start a corporation, negotiate and enter into contracts in advance of its formation, find the initial investors to finance the corporation, and so forth. Promoter’s Contracts a collective term for such things as leases, sales contracts, contracts to purchase property, and employment contracts entered into by promoters on behalf of the proposed corporation prior to its actual incorporation.

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