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The law treats a corporation as a legal “particular person” that has standing to sue and be sued, distinct from its stockholders. The legal independence of an organization prevents shareholders from being personally responsible for company money owed. It also allows stockholders to sue the company by way of a by-product go well with and makes ownership within the firm simply transferable. The legal “individual” standing of companies offers the business perpetual life; deaths of officials or stockholders do not alter the company’s structure. A company is a authorized entity created by way of the legal guidelines of its state of incorporation. Individual states have the power to promulgate laws regarding the creation, group and dissolution of companies.
(See Minnesota’s adoption.) State corporation laws require articles of incorporation to document the corporation’s creation and to offer provisions concerning the management of inside affairs. Most state company statutes additionally operate beneath the assumption that each company will adopt bylaws to define the rights and obligations of officers, persons and teams within its construction. States even have registration laws requiring firms that incorporate in different states to request permission to do in-state business. Her position entails writing authorized articles for the law library division, situated on the LegalMatch web site. Prior to becoming … Read More
