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The residual claimant refers to the economic agent who has the sole remaining claim on an organization's net cash flows, i.e. after the deduction of precedent agents' claims, and therefore also bears the residual risk. [1] Residual risk is defined in this context as the risk associated with differences between the stochastic inflows of assets ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Residual loss: The costs that arise where the agent acts contrary to the best interests of the principal. [4] It has been argued that the problem of residual loss is particularly acute in firms where ownership is separated from management, such as publicly traded corporations. [ 8 ]
[1] [2] A shareholder in a corporation or limited liability company is not personally liable for any of the debts of the company, other than for the amount already invested in the company and for any unpaid amount on the shares in the company, if any—except under special and rare circumstances that permit "piercing the corporate veil."
The Bureau of Corporations, predecessor to the Federal Trade Commission, was created as an investigatory agency within the Department of Commerce and Labor in the United States. The Bureau and the Department were created by Congress on February 14, 1903, during the Progressive Era .
The business judgment rule is a case-law-derived doctrine in corporations law that courts defer to the business judgment of corporate executives. It is rooted in the principle that the "directors of a corporation ... are clothed with [the] presumption, which the law accords to them, of being [motivated] in their conduct by a bona fides regard for the interests of the corporation whose affairs ...
14 Stat. 292, §§ 1, 2, 3, 11, 18 (an Act of 1866 giving special privileges to the Atlantic and Pacific Railway Corporation) Southern Pacific Railroad Company , 118 U.S. 394 (1886), is a corporate law case of the United States Supreme Court concerning taxation of railroad properties.
Ultramares Corporation v. Touche , 174 N.E. 441 (1932) is a US tort law case regarding negligent misstatement , decided by Cardozo, C.J. It contained the now famous line on "floodgates" that the law should not admit "to a liability in an indeterminate amount for an indeterminate time to an indeterminate class."