ADMS 2610 Chapter 17: chapter 17.docx

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taupeox854

3 May 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

William Pomerantz

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Document Summary

Corporation: a type of legal entity created by the state: existence is separate from those who form it, those who control it, and those who possess shares it in. Used for large amounts of capital to accumulate for business purposes. Large number of persons can participate in business transactions requiring more capital than one individual possessed or cared to risk. Creation dates back to creation of city-states, when trade became important. Creation and operation remained under control of sovereign or state; formed to carry out public or quasi-public functions. In 19th century, english trading corporations were permitted to incorporate in last half of 19th century, limited liability was available to shareholders. Modern form of corporation and following procedure set out in statute did not emerge until middle of century: decades behind a similar change in canada and united states. In u. s. , war of independence severed ties and special legislation for incorporation of companies was introduced.

Related Questions

An advantage of corporations over other forms of business organization is: Corporations face fewer regulations Corporations face less tax liability Corporate shareholders face unlimited liability, but get dividends Corporate investors face unlimited liability Corporations face fewer obstacles in raising large amounts of capital

bronzekangaroo836

WHICH OF THE FOLLOWING CORPORATIONS CAN QUALIFY AS AN SCORPORATION

A CORPORATION THAT HAS PARTNERSHIP AS A SHAREHOLDER

A CORPORATION THAT HAS 2 CLASSES OF STOCK AUTHORIZED BUT ONLYCOMMON STOCK IS ISSUED

AN INSURANCE COMPANY SUBJECT TO TAX UNDER SUBCHAPTER 1

POSSESSION CORPORATIONS CONDUCTING AN ACTIVE BUSINESS WITHCERTAIN POSSESSIONS OF THE UNITED STATES

lemongoldfish276

Match Column A with Column B

1) Partnership	a) a business owned by one person who is personally liable for all losses
2) Proprietorship	b) An artificial being created by a state
3) Limited partnership	c) two or more persons combine their efforts for a single transaction
4) Corporation	d) created when shareholders elect to be treates as partners for tax purposes
5) legal capacity	e) created by an agreement between two or more persons who agree to share profits and losses
6) buy-and-sell agreement	f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest.
7) Subchapter S corporation	g) the ability of an organization to sue or to own property
8) joint venture	h) exists when some partners are treated like shareholders for liability purposes
9) limited liability company	i) tax doctine that allows income to be taxed at the owner level, not the organization level
10) "pass through"	j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation.

ADMS 2610 Chapter 17: chapter 17.docx

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