corp nyc business law

Corporations

A Corporation is a legal personality, separate and distinct from the individual(s), usually used to manage and conduct business. Five common characteristics of the modern corporation, according to Harvard University Professors Hansmann and Kraakman are:

  1. Separate Legal Personality: the right to sue and be sued in its own name
  2. Limited Liability of the Shareholders: ◦If the company goes insolvent, the shareholders only owe the money that they subscribed for in shares
  3. Transferable shares
  4. Delegated Management, in other words, control of the company placed in the hands of a board of directors

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