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By-laws may be established by entities such as a business corporation, a neighbourhood association, or depending on the jurisdiction, a municipality. In the United Kingdom and some Commonwealth countries, the local laws established by municipalities are referred to as by ( e ) -laws because their scope is regulated by the central governments of ...
Forum Selection Bylaws. The current MBCA permits the articles of incorporation or the bylaws of a corporation to specify the forum or forums for litigation involving internal corporate affairs. Venue for Judicial Proceedings. Recognizing that many states have developed specialized “business courts” that may be more appropriate venues for ...
An ordinary corporation may change to a benefit corporation merely by stating in its approved corporate bylaws that it is a benefit corporation. [2] A company chooses to become a benefit corporation in order to operate as a traditional for-profit business while simultaneously addressing social, economic, and/or environmental needs. [3]
Examples are the limited liability company (LLC) and the limited liability limited partnership (LLLP) in the United States. Other types of business organizations, such as cooperatives , credit unions and publicly owned enterprises, can be established with purposes that parallel, supersede, or even replace the profit maximization mandate of ...
In single-member LLC, an operating agreement is a declaration of the structure that the member has chosen for the company and sometimes used to prove in court that the LLC structure is separate from that of the individual owner and thus necessary so that the owner has documentation to prove that he or she is indeed separate from the entity itself.
New York Business Corporation Law section 1104-a, the holders of 20 per cent of voting shares of a non-public corporation may request that the corporation be wound up on grounds of oppression. NY Bus Corp Law §1118 and Alaska Plastics, Inc. v. Coppock , 621 P.2d 270 (1980) the minority can sue to be bought out at a fair value, determined by ...
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