Business law vocab

1 .The 501c is an IRS taxs code is what grants nonprofit corpritatation there taxfree statuses.
Most states allow for the creation of such nonprofit corporations.

2. Agent for service of process is a registered agent is basically a company

repasentative and
Public face for the purpose of reeving legal papers.

3. Annual meeting of dictators is a once a year meeting where the board of

dictators typically
Selects corporate officers the upcoming year.

4. Annual meeting of shareholders is a once a year meeting where the board of

dictators
Typically selects officers for the upcoming year

5. The articles of incorporitantion are a document created in the early

processed of
Setting up a capitation.

6, the articles of organization are a document created in the early

processed of setting up a
Corpritantion .

7. The bussnise of judgment of rule is a limiteaded liability protects the

owners.

8. The corporate bylaws are a document created when setting up a

corporation which governs
Holds special meetings and how a corporation is going to be maintained.
9. A C corporation is the corporate from that most corporations are
organized and run as A corporation,

Like all the corporate forms, is a separate legal and tax-paying entity
forms its owners, meaning that
The standard double taxation applies that is the corporation pays its
own taxes on its profits and losses.
10. A certificate of incorporation, more generally referred to as the
articles of incoropation, is a document created early in the process of
setting up a corporation. And filed with the state of incorporation, it is the
creation and filling of this document.
11.

A certificate of limited partnership is a very simple document created for when the partnership
is first being setup, and which is then filed with the state.