TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 3 P25

Gale Encyclopedia of American Law Volume 3 P25 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 228 CORPORATIONS Wal-Mart s Executive Vice President and CFO Tom Schoewe addresses shareholders at the company s annual meeting in 2009. A corporation s officers are responsible for running day-to-day business affairs and carrying out policies established by the directors. AP IMAGES the general public. Municipal corporations are typically cities and towns that help the state to function at the local level. Quasi-public corporations would be considered private but their business serves the public s needs such as by offering utilities or telephone service. There are two types of private corporations. One is the public corporation which has a large number of investors called shareholders. Corporations that trade their shares or investment stakes on securities exchanges or that regularly publish share prices are typical publicly held corporations. The other type of private corporation is the closely held corporation. Closely held corporations have relatively few shareholders usually 15 to 35 or fewer often all in a single family little or no outside market exists for sale of the shares all or most of the shareholders help run the business and the sale or transfer of shares is restricted. The vast majority of corporations are closely held. Getting a Corporation Started Many corporations get their start through the efforts of a person called a promoter who goes about developing and organizing a business venture. A promoter s efforts typically involve arranging the needed capital or financing using loans money from investors or the promoter s own money assembling the people and assets such as land buildings and leases necessary to run the corporation and fulfilling the legal requirements for forming the corporation. A corporation cannot be automatically liable for obligations that a promoter incurred on its behalf. Technically a corporation does not exist during a promoter s pre-incorporation activities. A promoter therefore cannot serve as a legal agent who could bind a

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