ADM 3360 Lecture Notes - Lecture 11: Publication Ban, Tax Bracket, Amplifier
6 Oct 2017
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Why: separate legal entity- the act of incorporating creates a new legal entity called a corporation. The corporation has the same rights and obligations under. Can acquire assets, go into debt, enter into contracts, sue or be sued, and be found guilty of committing a crime. Corporation"s money and other assets belong to the corporation and not its shareholders. Nortel executives, crown attempted to bring them to court. Did not succeed because they couldn"t prove beyond a reasonable doubt that the event(s) occurred. Very difficult to prove criminal fault of corporations. Ex. uottawa is a non-profit corporation without shareholders. This is a private university(institution), funded by the state, meaning the charter does not apply to interactions between uottawa and the individual. Students suing their universities due to being unable to find a job after. If the corporation goes bankrupt, a shareholder will not lose more than his or her investment.
