a corporation formed to conduct privately owned
Not-For-Profit Corporation (nonprofit 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
Closely Held Corporation
a corporation owned by 1 or a few
Professional Corporation (P.C.)
a corporation formed by lawyers,
doctors, or other professionals.
a corporation in the state in which it was formed.
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.
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 –
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.