Corporate attorney
Corporate attorney differs based on the geographical area. A corporate is formed by filing articles or certificates to secretary of state where the business is operated. Corporate shareholders duties are governed by State Corporate law and corporations re governed by share holders, who elect the directors who in turn elect the governors, who actually run the corporations. These corporations operate apart from its directors and shareholders. So these corporations remain to exist even though something happens to shareholders or directors who run it. There are many types of corporations like Close Corporations, Professional corporations, S corporations, non profit corporations etc.
A corporation is a legal entity. It is not dependent on its directors or share holders. A corporation is formed b filing a certificate of incorporation to state secretary where the business is operated. The following information should be provided in article of incorporation.
Provisions that describe the corporate Management
Provisions that protect the corporation?s officers and shareholders and their personal liability to corporation and its share holders. Once the article is filed the information is public and anyone can access the information. The rights and obligations of corporate attorney are placed in State corporate statutes. These statutes contain the basic information like how to form the corporation, who are the necessary officers, how to file an annual report, types of corporate shares issued, etc. Some of these rules can be changed in by laws of corporate attorney.
Corporations are exercised in three levels
Shareholders elect Directors. Share holders do not have right to exercise on overall plans, day to day operations of the corporation. Corporate Statutes provides shareholders right to approve or dissent major corporate actions with out interfering in normal course of business. Directors are responsible for the management of corporation rights and powers. They set corporate policy through one or more committees to establish short and long term plans and strategies and guide overall direction of the corporate business.
? Directors elect Vice Presidents, president, treasurer to keep a track of day to day transactions.
The main advantage of Corporation is share holders, Directors and so on are nor responsible for the debts of corporation and because it is a legal entity a corporation is not terminated upon the demise of its share holder.
Non Profit Corporation:
In non profit Corporation incomes and revenues are not shared based on the ownership.
Incorporation of Non Profit Corporation:
The incorporation process differs from place to place. Incorporation process includes
Religious
Charitable
Scientific
Testing for public safety
Literary
Educational
Fostering national or international amateur sports competition
Preventing cruelty to children or animals
Civic leagues and social welfare organizations
Labor, agricultural and horticultural organizations
Business leagues
Social and recreational clubs
Fraternal societies
Employee associations
Credit unions
Veterans organizations
High-risk health coverage organizations
Workers comp reinsurance organizations.
Since this is a legal project is always advised to hire a lawyer to guide.
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