Business Associations

Corporate bargain--limited liability I.CHARACTERISTICS OF A CORPORATION A.PRINCIPAL CHARACTERISTICS OF A CORPORATION a)Entity Status--a batch is a healthy entity created to a lower place the ascendency of legislature b)Limited Liability--as a legal entity, a corp is amenable for its let debts; its shs liability is limited to their coronation; c)Free Transferability of Interest--shargons, representing self-command interests, are freely sendable; d)Centralized Management and Control--a corps concern is centralized in a board of dirs and officers. Shs have no direct encounter everyplace the boards activities; e)Duration--Continuity of Existence--a corp is capable of everlasting existence; f)Taxation--a corp, as an entity, pays taxes on its own income; shs are taxed more thanover on dividends; g)Re piece Attributes of the Corporation--CLIFF: 1)Centralization of focal point; 2)Limited liability; 3)Forever (perpetual duration); 4)Freely alienable (shares rear be sold). B.CORPORATIONS DISTINGUISHED FROM early(a) FORMS OF business concern ASSOCIATIONS. 1.GENERAL PARTNERSHIPS--in most states, pships are governed by the Uniform confederation identification number (UPA). However, the Revised UPA (RUPA) has been adopted by a fewer states a)Aggregate Status--a pship is an solicitation of two or more persons who are engaged in disdain as co-owners. Although not a legal entity, a pship is treated as atomic number 53 for certain purposes, e.g., ownership and transfer of property.

RUPA confers entity status on pships; b)Unlimited Liability--every coadjutor is subject to untrammeled ain liability on pship debts; c)Transferability of Interests--a henchman cannot make a transfer a member of the pship. She can, however, ascribe his interest in the pship, olibanum permitting the assignee to receive distributions of profits. Because the assignee does not do a member of the pship, he is not entitled to recruit in pship business or management. d)Duration and Dissolution--a pship cannot have perpetual existence. It is temporary at forget unless a definite term is expressed or implied, and is to a dent dissolved by death, incapacity, or withdrawal of any partner. If you neediness to get a ample essay, order it on our website: Ordercustompaper.com

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