Corporate Litigation

1434 Words6 Pages
Introduction The law as we know it has evolved over the years it has existed amongst the human race. Man despite his so called civility has found himself indebted of the same civility amongst each other that without the law, they would be turned into beasts than people. This paper will go into elaborate details of how litigation has become an integral part of man’s life and even though been termed to be an ass, how law has evolved to be greatest campaigner for civility. Corporations The law has in its domain two types of persons; private persons and corporates. To this end, whilst referring to a legal subject, a private person as well as corporate body can be held to have legal rights and obligations (Caste, 1992). There are however different types of corporations, like; general corporations which are the most common. They are in most cases with an unlimited number of stockholders. The liability of the stockholder is taken to be as much as their amount of investment. Secondly there is a closed corporation which is most appropriate for a person who wishes to start a company alone or with a small number of people. This sort of a corporation does not have legal recognition in all jurisdictions and has a maximum number of stockholders at 30 which the minimum for the open type. Further they differ in that the directors of such companies have to first offer shares to existing shareholders before offering them to new shareholders. There is a subchapter corporation. This is by all rights a general corporation that has special tax status with the Internal revenue Services after its formation. It is most appropriate for small business owners with preference to be taxed as if they were sole proprietors or partners. Lastly there is a Lim... ... middle of paper ... ...te, N. J. (1992). Corporations and rights. The Journal of Value Inquiry, 26(2), 199-209. Retrieved from Keenan, D. (2006). Business Law. Business, 1(4), 383-384. Cengage Learning EMEA. Retrieved from Mancuso, A. (2008). LLC or corporation?: how to choose the right form for your business. Nolo McCarty, R. (1988). Business, Ethics And Law. Journal of Business Ethics, 7(11), 7 881-889. Retrieved from$FILE/beq_2009_0019_0001_0005_0035.pdf Stone, B., & Till, J. (2009). Back From the Dead – Suing Dissolved Corporations and Deceased Individuals. Retrieved from:
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