Corporations

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Do You Need a Lawyer to Form Your Corporation?

While it is possible to form a corporation without the help of a corporate lawyer, it is important to keep in mind that the steps involved can be complex and the legal ramifications of losing corporate status can be costly.

While it is possible to form a corporation without the help ...

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Expelling a Minority Partner from the Business

If there is an agreement or a term in an agreement (such as the shareholders agreement) allowing majority owners of a corporation to force the minority holders to sell at a predetermined price (or a price determined by some other mechanism set forth in the agreement), the majority owners can enforce that agreement.

If there is an agreement or a term in an agreement (such as ...

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How Many People Do You Need to Form a Corporation?

In most states, you only need one person to form a corporation. Other state requirements vary, but usually no more than three are required to legally incorporate. An S corporation design is meant for small corporations. The major advantage of filing an S corporation as opposed to a standard C corporation is that you will not be required to file your shares with the Securities & Exchange Commission (SEC).

In most states, you only need one person to form a corporati...

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What are Corporate By-Laws?

Corporate by-laws are a corporation's operational blueprint. By-laws outline the structure of an organization. They should be customized for each situation. By-laws set forth the rights and powers of the shareholders, directors, and officers and they determine how those in charge are nominated or elected and they help settle any disputes among parties.

Corporate by-laws are a corporation's operational blueprint....

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What is a C Corporation?

A C corporation is a business that is a distinctly separate business and tax identity from its owners. Because it is not an S corporation, sometimes a C corporation is referred to as an ordinary corporation. The owners are shareholders rather than partners or proprietors. While a C corporation takes more time and effort to organize than other business entities, the key benefit of a C corp is that the business owners and their assets are protected from liability for business debts and judgments.

A C corporation is a business that is a distinctly separate ...

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The Organizational Structure of a Corporation

Corporations can have many structures, but the most typical corporation organizational structure consists of the board of directors, the officers, employees, and the shareholders or owners. In larger corporations, each of these groups may involve many people.

Corporations can have many structures, but the most typical ...

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What is a Professional Corporation (PC)?

Professional Corporations, or PCs (also called Professional Service Corporations)were created to allow certain kinds of professionals (e.g., doctors, lawyers, accountants, engineers, and so forth) to do business as a professional corporation.

Professional Corporations, or PCs (also called Professional ...

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What is a Closely Held Corporation? What is a Publicly Held Corporation?

A closely held corporation or a private corporation is one that is owned by private individuals who do not trade or sell their shares of ownership. This is in contrast to a publicly held company. Typically, closely held corporations are not subject to the same stringent reporting requirements as most public corporations.

A closely held corporation or a private corporation is one t...

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What are public purpose corporations?

The general definition of a public purpose corporation or public benefit corporation, is a corporation chartered by the state, usually formed to perform a government function. Some states define a public purpose corporation as any non-profit or charitable corporation, even if it is created by private parties.

The general definition of a public purpose corporation or pu...

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What is a Not-for-Profit Corporation?

A not for profit corporation is one specifically formed for purposes other than operating a profit-seeking business. Examples of not for profit companies are ones with charitable, religious, education, or scientific purposes. The purpose of the organization and the structure of the organization will determine whether a not-for-profit corporation will qualify for tax exemption status under 501(c).

A not for profit corporation is one specifically formed for ...

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Can You Set Up a Corporation Without a Lawyer?

While setting up a corporation without the help of an attorney is possible, you may want to take a look at all the variables before deciding to embark on this adventure by yourself. Aside from a corporation being a different legal structure than a partnership, LP or an LLP, there are different legal structures within the corporate form as well.

While setting up a corporation without the help of an attorn...

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How To Set Up a Corporation

The actual formal process of creating a corporation is known as incorporation. The process involves completing and filing a Certificate of Incorporation or Articles of Incorporation and paying a filing fee. Each state has its own set of laws governing the process of incorporating. Corporate existence starts when the Articles of Incorporation are filed with the state office that handles incorporations (e.g., usually the Secretary of State or Corporation Commissioner), along with the required filing fees. Accelerated incorporations or same day filings are available in some states.

The actual formal process of creating a corporation is known...

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Where to Incorporate an Internet Based Business

The process of choosing a state to incorporate an Internet business is not substantially different than choosing where to incorporate a brick and mortar business. You must first ask yourself where you will be conducting all or the majority of your business. You should also consider other business issues such as privacy and tax benefits.

The process of choosing a state to incorporate an Internet b...

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How Do You Incorporate a Business Outside of Your Home State?

If you choose to incorporate outside of your home state, you will have to qualify as a foreign corporation in your own home state. For example, suppose you form your corporation in Delaware, Wyoming or Nevada. These are the most popular states for incorporating, but are physically present in another state. This means your business will be a foreign corporation in your home state.

If you choose to incorporate outside of your home state, you...

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The Benefits of Incorporating a Business

There are many benefits of incorporating, ranging from liability protection to tax benefits. The primary reason many businesses incorporate is limited liability. Both corporations and LLCs allow owners to separate and protect their personal assets.

There are many benefits of incorporating, ranging from liabi...

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Legal Requirements for Maintaining Corporate Status

Corporate status, or a corporation business structure, may be the right choice for a business you intend to start, but establishing and maintaining corporate status may involve some careful decision making on your part. If you have already started a business, you may change its legal entity in order to gain corporate status if you wish.

Corporate status, or a corporation business structure, may b...

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The Role of Directors and Officers in a Corporation

Depending on the company, the board of directors and officers can be made up of the same individuals. The board of directors and officers often work together closely, but play very different roles in the corporation. The board of directors is also referred to just directors.

Depending on the company, the board of directors and officer...

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Buying or Selling a Business: Intangible Assets

Determining the value of a business' intangible assets can be a challenge. Following is a brief discussion of some types of intangible assets and factors affecting their value.

Determining the value of a business' intangible assets can b...

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