| tart --> | | | | of directors that is responsible for the operation and |
| A corporation is a legal entity that separates the | | | | governance of the corporation in accordance with the |
| persons owning or operating a business from the | | | | state in which it is incorporated. Shareholders of the |
| actual business itself. They are set up to protect | | | | corporation elect the board of directors and the board |
| individuals from a range of possible damages and | | | | then assume what is called the fiduciary responsible to |
| obligations that might occur as a result of doing | | | | put the interests of the corporation first in all decisions |
| business. Unlike other forms of business registration | | | | and deliberations. |
| the owners of a corporation have no responsibility for | | | | Most corporations have a Chief Executive Officer or |
| the debts of the business and their liability is limited to | | | | President who is the spokesperson for the corporation |
| the number of shares that they hold in that corporation. | | | | in all public matters and a treasurer who is responsible |
| Corporation law has been around for a long time and | | | | for maintaining the good financial health of the |
| the oldest corporation in the United States is the | | | | organization. Other officer positions may be created |
| Harvard Corporation which was established in 1650 to | | | | by the corporation as provided for under the applicable |
| look after the business affairs of Harvard University. | | | | corporation law. |
| The act of incorporation is the basic of all corporation | | | | Corporations are created by filing articles of |
| law and in addition to provided limited liability for owners | | | | incorporation with the government and these articles |
| and shareholders this type of business registration is | | | | contain information about the general intent of the |
| very common for all large and medium sized | | | | corporation, the number of shares that the corporation |
| companies in the Unites States. | | | | intends to issue and the addresses and names of |
| Along with the provision of limited liability corporation | | | | corporate directors. After approval by the regulatory |
| law also sets out a series of standards and regulations | | | | body the board of directors of the corporation meets |
| that corporations must adhere to in order to maintain | | | | to create the bylaws of the corporation and proceed |
| their incorporated status. They include having a board | | | | to open for business. |