business law

Corporate purposes-articles must specify intended purpose, and activates must be lawful, trend toward any legal bloodline to avoid future amendment **some require physicians or licensed professionals from forming a earthly concern corp. and to form professional corp. also banks, insurance companies and utilities argon governed by special incorporation statues Business trusts-written agreement that sets forth the interests of the beneficiaries and the obligations and powers of trustees (limited certificate of indebtedness advantage while avoiding certain restrictions on ownership and utilise of real property) **beneficiaries not personally responsible for debts and obligations, some states imbibe it pay corp. taxes Management of LLCs member managed-all members participate in management and decisions argon made by majority vote, manager-managed- members indicate a group of ppl to manage. May consist of any combination. Managers owe fiduciary duty(loyalty and c are) like corp. directors Ultra Vires-beyond the powers 1.)entirely executory-either party shag leave out it as a defense to prevent enforcement 2.)partly/fully excuted- may enforce or uphold when it would be inequitable to name the defense **remedies 1.)shareholders may sue on behalf of corp.

to obtain injunction, or to obtain alter 2.) the corporation itself bottom of the inning sue the officers and directors for damages 3.)attorney general institute preceding to obtain injunction or institute dissolution Defective incorporation-important when 3rd party sues for enforcement of civil wrong injury, p ierce the veil make shareholders personally ! liable, firm can avoid contract with improperly formed corp. LLCs-governed by varying state statutes, tax rules provide any unincorporated work be taxed as partnership unless otherwise indicated. Like corporations they are creatures of the state, enjoy limited liability and are legal entities by from their owners.If you want to get a full essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay