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Corporation Law Resources | Corporation Attorneys | Business.com (896 words) |
 | Once these roles are assigned, the corporation will hold the first meeting of the board of directors and assign stock to its shareholders. |
| File the paperwork No matter what type of corporation you form (C, S or limited liability); it does not exist until the paperwork is filed with the state of incorporation. |
| Corporations are automatically in the C class unless they elect to become S corporations. |
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Corporation (372 words) |
| Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. |
| A corporation is created (incorporated) by a group of shareholders who have ownership of the corporation, represented by their holding of common stock. |
| Although a corporation does not necessarily have to be for profit, the vast majority of corporations are setup with the goal of providing a return for its shareholders. |
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