Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Benefit Corporation, Charitable Corporation, Low-Profit Limited Liability Company

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Very literal to think of a corporation as a single person (this idea is not. They stated that he owed them before the owner received anything: salomon lost in court and then appealed which got denied. He appealed again in which he won and did not have to give back the assets. Salomon and the corporation are two separate people and therefore. Salomon is not liable (two separate legal entities: a corporation and its shareholders are not one person!! Not for profit corporations: e. g. city of london when you get a parking ticket, you pay the corporation of city of london, not all not for profit corporations are charitable corporations. Charitable corporation: a subset of not for profit corporations, no share capital, has members, wants to fulfill its mission rather than having a goal of profits, all charitable corporations are not for profit corporations. Crown corporations: owed and operated by the government.