We Must Think Bigger When We Fightback
What Would Happen If You Sued The Court, For Itâ€™s, Corporate Charter?
a. When you sue a corporation for its corporate charter and win would you have the same rights as the founders of the corporation?
b. Would you have a legal voice on the major components such as its objectives, structure, and planned operations.
c. If you owned the corporationâ€™s charter, would you automatically be on the board of directors that appoints and oversees the management of the corporation’s day-to-day activities?
d. Would you have an opportunity to change the corporate process to ensure no others were injured?
Food for thought.
More About A Corporate Charter:
A corporate charter, also known as a “charter” or “articles of incorporation,” is a written document filed with the Secretary of State (or registrar in Canada) by the founders of a corporation. It details the major components of a company, such as its objectives, structure, and planned operations.
Â Understanding Corporations:
All kinds of businesses around the world use corporations. While its exact legal status varies somewhat from jurisdiction to jurisdiction, a corporation’s most important aspect is limited liability. This means that shareholders may take part in the profits through dividends and stock appreciation but are not personally liable for the company’s debts.
The Day-to-Day Operations of a Corporation:
The shareholders, who generally receive one vote per share, annually elect a board of directors that appoints and oversees the management of the corporation’s day-to-day activities. The board of directors executes the corporation’s business plan and must take all the means to do so.
Special Considerations: The Liquidation of a Corporation:
When the corporation has reached its objectives, its legal life can be terminated using a process called liquidation or winding up. Essentially, a company appoints a liquidator who sells the corporation’s assets, then the company pays any creditors and gives any remaining assets to the shareholders.
How is a corporation formed?
Forming a corporation varies according to both the state that one resides and lives in and the state that the business is conducted in. Generally speaking, articles of incorporation will be filed with the state, followed by the issuance of stock to the corporation’s shareholders. After this point, in an annual meeting, the shareholders will elect a board of directors whose duties include executing the companyâ€™s business plan and overseeing the day-to-day operations of the business.
I think the corporation would not want to risk losing!