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Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person , which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed.
While most states (39 of the 50) use the term "capitol" for their state's seat of government, Indiana and Ohio use the term "Statehouse" and eight states use "State House": Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Rhode Island, South Carolina, and Vermont. Delaware has a "Legislative Hall".
States (highlighted in purple) whose capital city is also their most populous States (highlighted in blue) that have changed their capital city at least once. This is a list of capital cities of the United States, including places that serve or have served as federal, state, insular area, territorial, colonial and Native American capitals.
This is a list of national capitals, including capitals of territories and dependencies, non-sovereign states including associated states and entities whose sovereignty is disputed. The capitals included on this list are those associated with states or territories listed by the international standard ISO 3166-1 , or that are included in the ...
So on the present law, regardless of where a corporation operates in the 50 states, the rules of the state of incorporation (subject to federal law) will govern its operation. [23] Early in the 20th century, it was recognized by some states, initially New Jersey, that the state could cut its tax rate in order to attract more incorporations, and ...
The following table is a list of all 50 states and their respective dates of statehood. The first 13 became states in July 1776 upon agreeing to the United States Declaration of Independence, and each joined the first Union of states between 1777 and 1781, upon ratifying the Articles of Confederation, its first constitution. [6]
The United States of America is a federal republic [1] consisting of 50 states, a federal district (Washington, D.C., the capital city of the United States), five major territories, and various minor islands. [2] [3] Both the states and the United States as a whole are each sovereign jurisdictions. [4]
The corporation was intentionally undercapitalized in order to avoid liability, which is a clear abuse of the corporate entity. The interests of the state in protection of victims of negligence is a sufficient basis to pierce the corporate veil. He held that "a participating shareholder of a corporation vested with a public interest, organized ...