Class Notes (839,150)
Canada (511,218)
York University (35,583)
ADMS 2610 (485)
Lecture

ADMS2610-Session7-Ch17.docx

2 Pages
64 Views

Department
Administrative Studies
Course Code
ADMS 2610
Professor
Robert Levine

This preview shows 80% of the first page. Sign up to view the full 2 pages of the document.
Description
ADMS2610 Session 7 Chapter 17 (pg. 306-309, 313-314) What is a Corporation? - a type of legal entity created by the state - existence in law is separate from those who form it (limited liability) - a creature of statute - a person in the eyes of the law with similar rights and responsibilities to that of an individual - a large number of persons participating in business transaction requiring more capital than one individual or a small group possessed or cared to risk in a venture Characteristics of a Corporation - not an individual nor a partnership - separate legal entity from its owners - existence at law, but not material existence - rights and duties set forth by law - agents can bind corporations - shareholders have limited liability The Nature of a Corporation - Shareholder – a person who holds a share interest in a corporation; a part owner - Director – under corporation law, a person elected by the shareholders to manage its affairs - Officer – a person elected or appointed by the directors to fill a particular office (president, secretary, etc) o shareholders elect directors and directors appoint officers - Control – management lies with directors o Subject to limitations in the articles or shareholders agreement o Shareholders cannot bind the corporation in contract (only officers and directors) - Limited liability o Shareholder loss limited to investment, personal assets generally are not subject to creditors - Transfer of Interests o Freedom of shar
More Less
Unlock Document

Only 80% of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit