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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.
→ Read MoreIf 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.
→ Read MoreIn 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).
→ Read MoreCorporate 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.
→ Read MoreA 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.
→ Read MoreCorporations 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.
→ Read MoreProfessional 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.
→ Read MoreA 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.
→ Read MoreThe 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.
→ Read MoreA 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).
→ Read MoreFind the right lawyer for your legal issue.
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