ADMS 2610 Lecture Notes - Lecture 8: Double Taxation, Fiduciary, Numbered Company

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Richard Gasparini

Document Summary

Lecture notes session eight the 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 and it owes its continued existence to the legislative body responsible for its creation. A person in the eyes of the law with similar rights and responsibilities to that of an individual. Separate legal entity from its owners in the sense that it has an existence at law, but not material existence. Its rights and duties are delineated by law, and its existence may be terminated by the state. Law that refer to person are referring to human beings as well as corporations. The management of a corporation is vested in a small group of shareholders chosen by the general body of shareholders at an annual meeting held for the purpose of electing the management group. A person who holds a share interest in a corporation; a part owner.