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3 Cards in this Set
- Front
- Back
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Pa Corporations
General statement of what a "corporation" Is: |
The corporation is a legal entity in its own right, with its own powers, rights and liabilities.
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Pa Corporations
Directors/Officers Standard of Care: (i.e. "The Standard") |
"A director/officer must discharge his duties in good faith and with a reasonable belief that what he is doing is in the corp's best interest. He must act with the degree of care a prudent person would use with regard to his own business. In doing so, he is not required to consider the interests of any particular group as controlling"
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Pa Corporations
The "Business Judgment Rule" ("BJR") |
"A court will not second-guess a decision if it was made in good faith, was informed and had a rational basis"
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