Piercing the corporate veil?
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an action in equity by a court (and one of the most-litigated issues in
corporate law). It lifts the "veil" of liability protection from a corporate
wrongdoer and makes him, her or them personally liable for crimes or
serious civil wrongs that harmed the corporate person of its shareholders.
Usually brought as a matter of tort law.
What powers and rights do shareholders of a corporation actually have?
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shareholders may file suit in the name of the corporation against the
wrongdoer. Procedure (1) make a demand to the Board, (2) if rejected or
unanswered, shareholders usually must meet specific requirements of
, standing, but then may file suit; (3) an recovery accrues to the corporation
since its harmed the party.
What are fiduciary duties and who has them?
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to a business
means an obligation to act in
the business' best interests, even if
and when they conflict w/ one's own
best interests. Basics at common law
included a duty of loyalty to the org,
a duty of informed judgement, + a duty
of care.
limited liability partnership
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is a newer form of partnership organization for which the model rules
determined by the National Conference of Commissioners on Uniform
State Laws actually appear in RUPA.
How do LLCs differ from corporations, and what're the major advantages of formal
incorporation (and what's required for it?).
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The profits and losses of an LLC and a corporation are handled differently.
LLC profits and losses are passed through to individual owners, while
Give this one a try later!
an action in equity by a court (and one of the most-litigated issues in
corporate law). It lifts the "veil" of liability protection from a corporate
wrongdoer and makes him, her or them personally liable for crimes or
serious civil wrongs that harmed the corporate person of its shareholders.
Usually brought as a matter of tort law.
What powers and rights do shareholders of a corporation actually have?
Give this one a try later!
shareholders may file suit in the name of the corporation against the
wrongdoer. Procedure (1) make a demand to the Board, (2) if rejected or
unanswered, shareholders usually must meet specific requirements of
, standing, but then may file suit; (3) an recovery accrues to the corporation
since its harmed the party.
What are fiduciary duties and who has them?
Give this one a try later!
to a business
means an obligation to act in
the business' best interests, even if
and when they conflict w/ one's own
best interests. Basics at common law
included a duty of loyalty to the org,
a duty of informed judgement, + a duty
of care.
limited liability partnership
Give this one a try later!
is a newer form of partnership organization for which the model rules
determined by the National Conference of Commissioners on Uniform
State Laws actually appear in RUPA.
How do LLCs differ from corporations, and what're the major advantages of formal
incorporation (and what's required for it?).
Give this one a try later!
The profits and losses of an LLC and a corporation are handled differently.
LLC profits and losses are passed through to individual owners, while
