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Corporation
A fictitious legal entity that is created according to statutory requirements.
Corporation codes
State statutes that regulate the formation, operation, and dissolution of corporations.
Limited liability of shareholders
A general rule of corporate law which provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of the corporation and are not personally liable for the debts and obligations of the corporation.
Publicly held corporation
A corporation that has many shareholders and whose securities are usually traded on national stock exchanges.
Closely held corporation
A corporation owned by one or a few shareholders.
Revised Model Business Corporation Act (RMBCA)
A 1984 revision of the MBCA that arranges the provisions of the act more logically, revises the language to be more consistent, and makes substantial changes in the provisions.
Domestic corporation
A corporation in the state in which it was formed.
Articles of incorporation (corporate charter)
The basic governing documents of a corporation, must be filed with the secretary of state of the state of incorporation.
Registered agent
A person or corporation that is empowered to accept service of process on behalf of a corporation.
Bylaws
A detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing the business and the affairs of the corporation.
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