MGSC30H3 Study Guide - Improper Conduct, Financial Statement, Correlation Does Not Imply Causation
13 Jun 2012
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Document Summary
A corporation is neither an individual nor a partnership; it is a separate legal entity in the sense that it has an existence at law, but no material existence. Its rights and duties are delineated by law and its existence may be terminated by the state. The differences between a corporation and a partnership can be outlined under three main headings: control, limited liability and transfer of interests: control: corporations have shareholder elect the directors. Shareholders do not have the power to bind the corporation in a contract. A form of incorporation whereby a corporation may be created by filing specific information required by the statute. To ensure that third parties are not affected by restrictions on the powers of general-act corporations, the doctrine of ultra vires has been abolished insofar as it would apply to corporations incorporated under the. Doctrine of constructive notice- presumption at law that everyone has knowledge of the content of all statutes.
