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Simple English definitions for legal terms

corporations

Read a random definition: comstockery

A quick definition of corporations:

Corporations are like pretend people. They can do things like sue and borrow money, just like real people. They are made by following rules set by the government, and they can last forever. Each state has its own rules for corporations, but they all need to have papers that say how they were made and how they will be run. Corporations can sell parts of themselves to other people, and those people can make money if the corporation does well. The good thing about corporations is that if something goes wrong, the people who own them usually don't have to pay with their own money. But sometimes, if the corporation does something really bad, the owners might have to pay. Corporations have to tell the government and the public how much money they make and how they spend it. The bad thing about corporations is that they have to pay taxes twice on their money, which means less money for the people who own them. There are some special kinds of corporations that don't have to pay taxes twice, though.

A more thorough explanation:

Corporations are like fictional people. They can do things like sue, lend, borrow, and be sued. They can also easily transfer ownership through stock sales and exist forever. Each state has laws that govern corporations, and most require articles of incorporation and bylaws to define how the corporation is managed. Corporations are primarily created to limit personal liability, meaning that shareholders are only responsible for the money they invested in the corporation. However, in some cases, a lawsuit may require targeting individual shareholder's assets through what is known as piercing the corporate veil.

One of the downsides of a traditional corporation is that it is subject to double taxation. This means that corporate income is taxed at the corporate level and then again at the individual level when shareholders receive their profits. To avoid this, S-corporations were created.

For example, if a corporation with 10 shareholders records a profit of $100,000 and the tax rate is 10%, only $90,000 will be given to shareholders for a $9,000/shareholder profit. This $9,000 profit will again be taxed at the individual level, and each shareholder will walk away with $8,100.

Corporate law intersects with contracts and commercial transactions law.

corporation | corporeal

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babybunny
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I’ve heard this song before!!
babybunny
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hehehe
I like curse freaks too
trees1234567
17:06
chag!!! hope you’re happily enjoying your summer before you kill it at UT
babybunny
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you’re real as fuck for that
babybunny
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i have been working like a dog you guys
The Smiths, Radiohead, TV girl etc
babybunny
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i have a full time job and two internships
babybunny
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I love the smiths. what? I said i love the smiths
omg yes!
I love that you know that reference
babybunny
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i get compared to summer all the time tbh
babybunny
17:08
comes with the territory of being a girl with big eyes and art hoe tastes
I'm done trying to get into law school. Just going to go play dead in some grass somewhere. Good luck all.
KnowledgeableRitzyWasp
17:10
noo battle brother
KnowledgeableRitzyWasp
17:11
don’t surrender
Tom is me in that I am also a hopeless romantic
babybunny
17:17
me too it’s a very dangerous thing to be
babybunny
17:17
also i fear i may never learn that you’re not necessarily compatible with someone just because you like the same things
babybunny
17:18
got home and the ducky is still so cute i love life
@babybunny: yeah... I learned that after my last heartbreak which culminated in my lung randomly collapsing
Plant my feet and bitterly breathe up the time that's passing
anyone have advice on submitting an additional rec letter after WL even if the admissions officer said it's not necessary? rec letter is from someone affiliated with the school..
I would still do it
18:01
not someone claiming they got accepted from the SMU WL
One of my waitlist allowed me to submit a fifth letter of rec after submitting 4 in my initial applicstion
18:03
I just hope SMU gives me a chance once my test results post :’)
If it’s another prof, I would ask the law school if it’s okay if the new recommender submitted another letter directly to admissions team, if they say yes definitely go for it
18:05
I only have one LOCI for them left and I’m waiting to use it when my last results release, otherwise I would
manifestmoreadmissions
21:02
valley SMU would be so lucky to have you you would be such an asset
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