What Is a Corporation?
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A corporation is a type of organization authorized by the state to act as a single legal entity recognized by private and public law. Early corporations were established by ‘charter’: an ad hoc act passed by a legislature or parliament, or granted by a monarch. In most jurisdictions today, new corporations are created through registration.
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Post your response to the following focus questions:
Describe a sole proprietorship and discuss its advantages and disadvantages.
Describe a partnership and discuss its advantages and disadvantages.
Describe a corporation and discuss its advantages and disadvantages.
Describe an S corporation and discuss its advantages and disadvantages.
Solution
Broadly speaking for conducting any type of Business activity we require to have a Business
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Business entity is called a sole Proprietorship. It is most simple and subjected to least terms &
conditions governing the business activities. The main disadvantages includes personal liability
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persons and formed under an agreement signed by all owners for some common purpose/ goal
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more persons as owners may give advatages of sharing resources, knowledge, skills which are
essential for setting up of businesses of sizes unmanageable by a single person. Pooling diversity
of partners helps in the development and growth of the Business entity. Like sole propreitorship,
the partners under partnerships may be subjected to unlimited liabilities under or arising out of
the business activities of the Partnership firm. There are additional set of rules & regulations
under the law of the land governing the partnership firms.
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and or company. A corporation/ company is different from its owners. This form of business
entity draws difference between the owner and management of the business entity. Unlike the
earlier set ups of Sole Propreitor and Partnership, the business activies are conducted neither by
sole owner nor by partners but managers who are considered to be having different identity than
the business entity which is also considered as a legal person. A corporation can be sued and it
can also sue others in the court of law.A corporation comes into existence with its incorporation
documents such as Memorandum of Understanding, Articles of Associations, Delegation of
Powers etc. These documents required for giving birth to the corporation varies from state to
state, nation to nation, lews of the land under whose jurisdiction it falls. The main advantage of a
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Lifting the Corporate Veil. Power Point Presentation
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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What Is a Corporation?
- 1. Marko Vujosevic What Is a Corporation?
- 3. T here are many different types of corporation. In contrast with other forms of business entity, such as a joint proprietorship or sole propri- etorship, one of the main advantages of a corporation is limited liability. Limited liability protects passive sharehold- ers in law, meaning they will not be held li- able for contractually agreed obligations of the corporation, and protecting them from being sued for torts – or involuntary harms – committed by the corporation against a third party. However, the latter issue is somewhat con- tentious, because third parties do not ac- tually agree to waive their right to pursue shareholders. Stock corporations recognize investments by issuing stock or shares. Non-stock cor- porations are precluded from issuing stock, and are instead owned by persons or other legal entities that have obtained member- ship of the corporation. Registered corporations have legal person- ality, limiting shareholders’ liability to the amount of their investment in most cir- cumstances. A corporation is a type of organization authorized by the state to act as a sin- gle legal entity recognized by private and public law. Early corporations were established by ‘charter’: an ad hoc act passed by a legislature or parliament, or granted by a monarch. In most jurisdic- tions today, new corporations are created through registration.
- 4. information about corporate law, visit the blog of Marko Vujosevic. For more