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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
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private ...
An incorporated town or city in the United States is a municipality that is incorporated under state law. An incorporated town will have elected officials, as differentiated from an unincorporated community, which exists only by tradition and does not have elected officials at the town level.
Incorporation of a place, creation of municipal corporation such as a city or county; Incorporation (academic), awarding a degree based on the student having an equivalent degree from another university; Incorporation of the Bill of Rights, extension of parts of the United States Bill of Rights to bind individual American states.
Separate legal personality of the corporation (access to tort and contract law in a manner similar to a person) Limited liability of the shareholders (a shareholder's personal liability is limited to the value of their shares in the corporation) Transferable shares (if the corporation is a "public company", the shares are publicly listed and ...
Thus the corporation is a domestic corporation in Delaware or Nevada, and is a foreign corporation in any other state (or country) with which it registers. While there may be tax benefits as a result of choosing where a corporation's domestic jurisdiction is located, registering as a foreign corporation in another state can create new tax ...
A modern corporate office building in Münster, North Rhine-Westphalia, Germany An office building of Nokia Corporation in Hervanta, Tampere, Finland. A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective.
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 ...