ADMS 2610 Lecture Notes - Legal Personality, Share Capital
9 Aug 2012
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Document Summary
A type of legal entity created by the state. Existence in law is separate from those who form it (limited liability) 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. Not an individual nor a partnership separate legal entity from its owners. Existence at law, but not material existence. Agents can bind corporations shareholders have limited liability rights and duties set forth by law. 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: shareholders elect directors and directors appoint officers.
