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    Corporations

    This condensed Corporations outline is developed for you so that you may customize it to your class.  Included are all the main points of the course, enabling you to easily identify and edit all of the important topics for daily course review and exam preparation.

    Authored by:

    Professor Tania N. Shah

    Download Complete Outline:

    Table of Contents

    1. Formation
    a. Need a person called a promoter/incorporator that facilitates the starting up of the company. They enter into pre-incorporation contracts on behalf of the corporation to be.
    b. Articles of Incorporation
    c. Status
    d. Organizational Meeting
    e. Bylaws and Reports
    f. Annual Report
    g. Hierarchy of Authority
    2. Status
    A. Domestic/Foreign
    3. Corporate Liability
    a. Registered Agent
    b. General Liability
    c. Purpose and Powers
    4. Directors & Officers
    a. Board of Directors
    b. Officers
    c. Business Judgment Rule
    d. Indemnification Agreements
    5. Stock Shares
    a. A stock certificate is a representation of the owner’s interest in the business entity.
    b. Stock Subscription and Options
    c. Payments for Shares
    d. Negotiable Securities
    e. Preemptive Rights
    f. Preferred Shares
    g. Other Shares
    6. Shareholders’ Rights
    a. Meetings and Voting
    b. Records and Financial Statements
    c. Legal Remedies
    d. Shareholder Decision
    e. Dividends
    7. Shareholder Liability
    a. shareholder is not usually liable for the acts or liabilities of a corporation beyond their original investment in the shares. There are exceptions known as piercing the corporate veil.
    b. Piercing the Corporate Veil
    8. Mergers
    a. Mergers are transactions that raise legal and organizational issues resulting from changes in ownership of the existing corporation. Mergers must not prejudice the rights of existing creditors.
    b. Mergers
    c. Consolidations
    9. Dissolution
    a. Dissolution is the legal termination of the corporate entity. Corporations have potentially unlimited life so affirmative action is necessary.
    b. Voluntary Dissolution
    c. Administrative Dissolution
    d. Judicial Dissolution
    10. Professional Services Corporations
    a. Most states now have a special corporate statute regarding professional services by architects, attorneys, CPAs, doctors, plumbers. Only licensed professionals are allowed to be shareholders, directors, or officers and only professional services and related services may be performed by the corporation. Usually, the name must include “PC” or “PLLC” or “PLLP”
    11. Limited Liability Companies (“LLCs”)
    a. An LLC has elements in common with both corporations and partnerships. Members of an LLC have limited liability similar to shareholders of a corporation and pass through taxation similar to the partners in a partnership
    b. Articles of Organization
    c. LLC Operating Agreement
    d. Management Authority
    e. Ownership
    f. Standard of Care
    g. Liability
    h. Dissociation
    i. An LLC is dissolved in the same manner of a corporation and assets are distributed pro rata within each class
    j. Essay Tip for LLCs
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    1. Formation