Business Associations

Corporate bargain--limited liability
I.CHARACTERISTICS OF A CORPORATION
A.PRINCIPAL CHARACTERISTICS OF A CORPORATION
a)Entity Status--a corporation is a legal entity created under the authority of legislature
b)Limited Liability--as a legal entity, a corp is responsible for its own debts; its sh's liability is limited to their investment;
c)Free Transferability of Interest--shares, representing ownership interests, are freely transferable;
d)Centralized Management and Control--a corp's management is centralized in a board of dirs and officers. Shs have no direct control over the board's…