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There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Articles of incorporation, also referred to as the certificate of incorporation or the corporate charter, is a document or charter that establishes the existence of a corporation in the United States and Canada. They generally are filed with the Secretary of State in the U.S. State where the company is incorporated, or other company registrar.
The New York Stock Exchange (headquarters pictured) is the major center for listing and trading shares in United States. Most corporations are, however, incorporated under the influential Delaware General Corporation Law. United States corporate law regulates the governance, finance and power of corporations in US law.
However, since "different states may register entities with the same names, a corporate name is a unique identifier only when combined with the name of the state of incorporation". [35] This explains why lawyers in legal papers often expressly refer to a corporation's state of incorporation after the first mention of its name. [35]
A company comes into existence by registering its incorporation at the location of its head office. 합명회사 ; 合名會社 ; hammyeonghoesa : gōmei gaisha (Japan); corporation similar to a general partnership
In 1837, Connecticut adopted a general corporation statute that allowed for the incorporation of any corporation engaged in any lawful business. [3] Delaware did not enact its first corporation law until 1883. Bank of the United States v. Deveaux, 9 U.S. 61 (1809) corporations have capacity to sue. Gibbons v.
In the United States, corporations are formed under laws of a state or the District of Columbia. Procedures vary widely by state. Some states allow formation of corporations through electronic filing on the state's web site. [3] All states require payment of a fee (often under $200) upon incorporation. [4]
In the United States, an S corporation is limited to 100 shareholders, [b] and all of them must be U.S. tax residents. [c] An LLC may have an unlimited number of members, and there is no citizenship restriction. Much less administrative paperwork and record-keeping than a corporation.