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Corporations (Classifications (Public/Private, For-Profit/Non-Profit,…
Corporations
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Formation
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Legal Process
Name, First meeting and filing incorporation
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Characteristics
■ Legal entity
■ Unrestricted transferability of corporate shares
■ Rights as person and citizen
■ Creature of state
■ Limited liability of shareholders
■ Perpetual existence
■ Centralized management
■ Corporate taxation
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Merger
A legal contract combining two or more corporations such that only one of the corporations continues to exist
Consolidation
A legal contract combining two or more corporations, resulting in an entirely new corporation
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