A corporation is an artificial person that is created by governmental action. The corporation exists in the eyes of the law as a person, separate and distinct from the persons who own the corporation (i.e., the stockholders). This means that the property of the corporation is not owned by the stockholders, but by the corporation. Debts of the corporation are debts of this artificial person, and not of the persons running the corporation or owning shares of stock in it. The shareholders cannot normally be sued as to corporate liabilities. However, in this guaranty, the stockholders of a corporation are personally guaranteeing the debt of the corporation in which they own shares.
District of Columbia Continuing Guaranty of Business Indebtedness By Corporate Stockholders
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US-01108BG
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How to fill out Continuing Guaranty Of Business Indebtedness By Corporate Stockholders?
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FAQ
Related party transactions or self-dealing is a legal concept in which a fiduciary (such as a director, or officer,) personally benefits in a transaction involving a company to which he or she owes the fiduciary duty. A common example of self-dealing occurs when a director is on both sides of a transaction.
Corporate bylaws commonly include information that specifies, for example, the number of directors the corporation has, how they will be elected, their qualification, and the length of their terms. It can also specify when, where, and how your board of directors can call and conduct meetings, and voting requirements.
What information must a corporate charter include regarding the company's stock? Par value; Classes and series; Number of shares.
The corporation must be a domestic corporation. The corporation must have at least one nonresident alien as a shareholder. The corporation must operate in more than one state. The corporation cannot have more than 100 shareholders.
Broadly, articles of incorporation should include the company's name, type of corporate structure, and number and type of authorized shares. Bylaws work in conjunction with the articles of incorporation to form the legal backbone of the business.
Threefold Duties of a Director of a CorporationDuty to be diligent. Compliance with the duty of a director to act with diligence requires the exercise of reasonable care, prudence, and equate knowledge and skill.The duty to be loyal.The duty to be obedient.
The business judgment rule protects companies from frivolous lawsuits by assuming that, unless proved otherwise, management is acting in the interests of the corporation and its stakeholders. The rule assumes that managers will not make optimal decisions all the time.
The corporate opportunity doctrine prohibits a corporate fiduciary from exploiting an opportunity related to the corporation's business unless he or she first offers that opportunity to the corporation.
The following elements must be shown to prove200b usurping: 1) the opportunity was presented to the director or officer in his or her corporate200b capacity; 2) the opportunity is related to or connected with the200b corporation's current or proposed200b business; 3) the corporation has the financial ability to take advantage of
What information must a corporate charter include regarding the company's stock? Par value; Classes and series; Number of shares.
