Warning

Info

LSDefine

Simple English definitions for legal terms

incorporate

Read a random definition: by God and my country

A quick definition of incorporate:

Term: Incorporate

Definition: Incorporating means creating a new company or organization. This is done by filling out special paperwork called the Articles of Incorporation and submitting it to the government. The Articles of Incorporation includes information about the company, like its purpose, location, and how many shares it has. Once the company is created, it becomes its own separate thing and the people who started it are no longer personally responsible for everything that happens. The company is usually identified by the letters "Inc." or "Ltd."

A more thorough explanation:

Definition: Incorporate (incorporation) is the legal process of creating a company or corporation. This involves filing the Articles of Incorporation (also known as the corporate charter) with the Secretary of State and listing the corporation's shareholders. The Articles of Incorporation typically include the corporation's purpose, the number and type of shares, its location, and its original capital structure. Once the corporation is established, its assets and income are separate from the personal assets and income of the shareholders. The corporation is usually identified as "Inc." or "Limited (Ltd.)".

Example 1: John wants to start a business selling handmade candles. He decides to incorporate his business to protect his personal assets from any potential lawsuits. John files the Articles of Incorporation with the Secretary of State and lists himself as the sole shareholder of the corporation.

Example 2: Sarah and her friends want to start a tech company. They decide to incorporate their business to raise capital and protect their personal assets. They file the Articles of Incorporation and list themselves as shareholders. The corporation is identified as "Tech Inc."

These examples illustrate how incorporating a business creates a separate legal entity that is distinct from its shareholders. This separation protects the personal assets of the shareholders from any liabilities or debts incurred by the corporation. Additionally, incorporating a business can make it easier to raise capital and attract investors.

incontrovertible evidence | incorporate by reference

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
LSD+ is ad-free, with DMs, discounts, case briefs & more.