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The articles of incorporation outline the governance of a corporation along with the corporate bylaws and the corporate statutes in the state where articles of incorporation are filed. To amend a corporate charter, the amendment must usually be approved by the company's board of directors and voted on by the company's shareholders. [16]: 10
An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
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 ...
Individual rules for corporations are based upon the corporate charter and, less authoritatively, the corporate bylaws. [45] Shareholders cannot initiate changes in the corporate charter although they can initiate changes to the corporate bylaws. [45] It is sometimes colloquially stated that in the US and the UK that "the shareholders own the ...
A corporation sole is a legal entity consisting of a single ("sole") incorporated office, occupied by a single ("sole") natural person. [1] [2] This structure allows corporations (often religious corporations or Commonwealth governments) to pass without interruption from one officeholder to the next, giving positions legal continuity with subsequent officeholders having identical powers and ...
The proprietary limited company is a statutory business form in several countries, including Australia. Many countries have forms of business entity unique to that country, although there are equivalents elsewhere. Examples are the limited liability company (LLC) and the limited liability limited partnership (LLLP) in the United States.
Typically, the board chooses one of its members to be the chairman (often now called the "chair" or "chairperson"), who holds whatever title is specified in the by-laws or articles of association. However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by ...
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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