Corporation Personal Held Within A Corporation In Palm Beach
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Continuity of Corporations A corporation, though made up of individuals, is a separate legal entity, apart from the owners . It can continue indefinitely until the owners or the state decide otherwise. Its existence is not affected by the death, withdrawal, or incapacity of its shareholders, officers, or directors.
C corporations provide limited liability protection to owners, who are called shareholders, meaning owners are typically not personally responsible for business debts and liabilities.
A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect their debts by going after corporate assets.
The life of a corporation is unlimited. Although corporate charters specify a life term, they also include rules for renewal. Because the corporation is an entity separate from its owners, the death or withdrawal of an owner does not affect its existence, unlike a sole proprietorship or partnership.
A corporation is a separate legal entity. It can enter into contracts and own property in its own name, separately and distinctly from its owners.
The life of a company is indefinite in the sense that it does not have a stated maturity date. A corporation in principal can exist forever so long as it continues to operate under the confines of the law. A corporate could also ceases to exist at any given point in time if it goes bankrupt and is dissolved.
A California corporation can protect (shield) the owners personal assets from the corporate debts, liabilities and obligations. Shielding personal assets from corporate liabilities (Asset Protection) is generally one of the primary purposes of incorporation.
To form a corporation in California, Articles of Incorporation must be filed with the California Secretary of State's office. Forms for the most common types of Articles of Incorporation are available on our Forms, Samples and Fees webpage. You may use the form or prepare your own statutorily compliant document.
In most countries, a corporation has the same rights as a natural person to hold property, enter into contracts, and to sue or be sued. Granting non-human entities personhood is a Western concept applied to corporations.
Incorporating with one person is called a single-member or one-person corporation. You will be the sole shareholder, the director, and the officer.
