business law

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

to obtain injunction, or to obtain alter 2.) the corporation itself house sue the officers and directors for reparation 3.)attorney general institute preceding to obtain injunction or institute dissolution Defective incorporation-important when 3rd party sues for enforcement of tort injury, pierce the veil make shareholders person ally liable, firm can avoid contract with im! properly formed corp. LLCs-governed by varying state statutes, tax rules provide any unincorporated backing 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

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