Corporate Formation and Financing

Corporate by laws may also grant or limit a

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incorporation, and in the state and federal corporations. Corporate by-laws may also grant or limit a corporation’s express powers.  Implied Powers. To perform all acts reasonably necessary to accomplish its corporate purposes. A corporate officer can bind corporation in contract in matters connected with the  ordinary business affairs of the enterprise . What is the Ultra Vires Doctrine? Ultra Vires Doctrine. Corporate acts beyond the express or implied powers of   the corporation (by  statute of articles of incorporation). Corporate articles of incorporations now adopt very broad purposes to prevent  lawsuits against the corporation. What are the different classification of Corporations? De Jure      and      De Facto      Corporations.       De Jure:   substantial statutory requirements are met; cannot be  attacked by state  or 3 rd  parties.   De Facto statutory requirements not  met, but promoters made good faith effort  to comply with corporate law; can only be attacked by state How does a corporation come into existence? Corporation by Estoppel:  i f it acts like a corporation, cannot avoid liability by  claiming that no corporation exists.
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