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What Is A Corporation?

SEPARATE LIFE

Assuming that a corporation is properly formed and maintained, it is an entity with a legal existence that is separate and distinct from its owners (shareholders). And is a separate "person" for tax purposes. A corporation is generally in existence perpetually until either affirmative action is taken to dissolve the corporation or until the corporation is dissolved by operation of law for failure to properly maintain its existence...i.e. By failing to file annual reports or take other statutorily required actions.

WHO OWNS A CORPORATION?

A corporation is owned by its shareholders. Each shareholder owns a percentage of the total equity of the corporation based upon the number of shares held by that shareholder to the total amount of shares of the corporation's stock that are issued and outstanding. Certain major transactions, such as dissolution and sale of substantially all of the corporation's assets require the approval of the shareholders.

WHO MANAGES THE CORPORATION'S BUSINESS?

There are two levels of management in most corporations. First there is the Board of Directors. In most states this may be a single person or it may consist of a number of individuals. The shareholders of the corporation normally elect the members of the Board of Directors. The Board of Directors is generally responsible for the overall management and policy of the Corporation. Certain actions require the approval of the Board of Directors depending on the laws of the relevant state and the terms of the corporation's governing documents.

The second level of management are the officers of the Corporation. The officers of the corporation are elected by the Board of Directors and generally serve at the will of the Board of Directors. The officers are generally in control of the day-to-day business operations of the corporation and for fulfilling the policies and directives of the Board of Directors.

ARE THE SHAREHOLDERS OR DIRECTORS LIABLE FOR THE DEBTS AND OTHER LIABILITIES OF A CORPORATION?

No. If properly organized and maintained, the owners of the corporation will not be responsible for the liabilities of the corporation. This is one of the primary reasons for forming a corporation; to insulate the personal assets of the owners of the business from the debts and obligations of the business.

There are exceptions to this general rule however, which you should know about and keep in mind at all times when operating your business. If the corporation fails to follow corporate formalities and in certain other instances, creditors may attempt to "pierce the corporate veil." If a creditor is able to "pierce the corporate veil" the creditor may have access to the personal assets of the shareholder. For this reason, it is necessary to be certain to follow all corporate formalities and properly maintain your corporation. Our E-Books contain many resources to assist you in properly maintaining your corporation.

Individual shareholders can also expose themselves by agreement to the debts or obligations of the corporation. For instance, lending institutions often require shareholders to sign personal guarantees of corporate obligations as a condition of financing.

 

 

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