Business Law

(Your Name (Your University2007Define a confederation ? What ar the major attributes of a corporation What is the liability exposure of share holders for the debts and obligations of the corporation ? How does an S corporation differ from a C corporationA corporation is a legal structure authorized by state honor that allows a transmission line to organize as a collapse legal entity from its owners (Nolo tissue situation , n .d . It is considered an artificial entity or person similar to a natural person , it rump enter into contracts , conduct business operations , own properties , fulfill and be sued . After incorporation , the corporation takes on its liabilities and obligations and thus excludes its stockholders from personal liability for the obligations contracted by the corporationThe corporation has the authority to engage in the area of business as contract in its Articles of Incorporation and shall have such powers as provided and disposed(p) to it by equity . Corporations may be organized for improvement and others for non-profit . The corporation can own properties engage in business , enter into contracts and be held liable or hold anyone it transacts with as liable . The goal of a profit corporation is to increase their profits and make a return for their shareholders (Nolo web site , n .d . On the other hand , non profits are organized for charitable purposes and are existing based on donations from people for the betterment of the society .

The profit-making corporations are also called C corporations while those organized for non profit purposes are considered S corporation pursuant to sub chapter S of the Internal Revenue law (Nolo web site , n .d . C corporations are assessed tax income liabilities separate from those of the stockholders . Thus , these stockholders are not individually and personally liable for the obligations of the corporation . On the other hand , S corporations taxes as assessed by the federal government are oblige against the personal income tax returns of their owners (Nolo web site , n .dReferencesNolo web site , Corporations Retrieved on October 10 , 2007 , fromHYPERLINK http /www .nolo .com / translation .cfm /term /288F640F-F004-41BD-9DA1C46501BF E4D3 http /www .nolo .com /definition .cfm /term /288F640F-F004-41BD-9DA1C46501BFE 4D3PAGEPAGE 3 BUSINESS LAW...If you want to get a full essay, beau monde it on our website: Orderessay

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