business law

Corporate purposes-articles must specify intended purpose, and activates must be lawful, trend toward any legal bloodline to avoid hereafter amendment **some require physicians or licensed professionals from forming a unexclusive 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 financial obligation advantage while avoiding certain restrictions on ownership and use of real property) **beneficiaries not personally responsible for debts and obligations, some states ingest it pay corp. taxes Management of LLCs member managed-all members participate in management and decisions argon made by majority vote, manager-managed- members establish a group of ppl to manage. May consist of any combination. Managers owe fiduciary duty(loyalty and care) like c orp. directors Ultra Vires-beyond the powers 1.)entirely executory-either party shag strike down it as a defense to prevent enforcement 2.)partly/fully excuted- may enforce or uphold when it would be inequitable to launch the defense **remedies 1.)shareholders may sue on behalf of corp.

to obtain injunction, or to obtain alter 2.) the corporation itself go off sue the officers and directors for redress 3.)attorney general institute preceding to obtain injunction or institute dissolution Defective incorporation-important when 3rd party sues for enforcement of civil wrong injury, pierce the veil make sh areholders personally liable, firm can avoid! contract with improperly formed corp. LLCs-governed by varying state statutes, tax rules provide any unincorporated demarcation 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