BUS-294 Lecture Notes - Lecture 18: Insider Trading, Tender Offer, Cumulative Voting
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23 Sep 2020
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Corporation and limited liability companies: separate legal entity that are authorized to do business by the state. Separate legal entity authorized by each state which is formed to engage in an activity, which through case law, has provided for some form of limited liability to its shareholders. All shareholders agree to bylaws (corporation) or operating agreement, (limited liability company) - details the rules of the corporation/llc. Piercing the corporate veil: we believe there is this veil of protection that the corporations surrounds you with protection, but there are things that will pierce this veil and be able to get the person"s personal assets. Misrepresentation whether dealing with an individual or the entity: ppl do not know who they are doing business with. Courts will disregard corporate entity, and impose personal liability on shareholders to creditors. Corp: board of directors llc: managers- (responsible for overall management of corporation) Officers: (president, cfo,) board of directors hires and fires these officers.
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