BUSN 323 Lecture Notes - Lecture 14: Federal Deposit Insurance Corporation, Professional Corporation, Privately Held Company
Document Summary
Corporations: formation and organization: perpetual existence, centralized management, corporate taxation, liability for officers and employees. Characteristics of corporations: legal entity, rights as person and citizen, creature of state, limited liability of shareholders, unrestricted transferability of corporate shares. Classifications of corporations: public/private, for-profit/non-profit, domestic/foreign/alien, publicly held/closely held, s-corporation, professional corporation. Private corporations: public corporation: corporation created by government to administer law, with specific government duties to fulfill (created and owned by government, federal deposit insurance corporation (fdic, private corporation: corporation created for private purposes (not owned by government) Domestic, foreign and alien corporations: domestic: doing business within state of incorporation, foreign: doing business in states other than state of incorporation, alien: doing business in a country other than country of incorporation. Publicly held vs. closely held corporations: publically held: stock available to public, closely held ( close , family , privately held ): generally, does not offer stock to public.
