Individual Discusion

In: Business and Management

Submitted By rrachell
Words 459
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Individual Discussion


December 8, 2011

Elaine and Roy Incorporating their home health agency gives them limited liability. The health care field has the potential for malpractice lawsuits, and this can bankrupt a small business. Elaine and Roy will not be personally responsible for the corporation’s debts or obligations. They will create a closely held corporation than may have themselves as shareholders versus a public corporation that would have thousands of shareholders. The process of incorporating begins with choosing which state they will incorporate in. Once that decision is complete, Elaine and Roy will file an article of incorporation or corporate charter with the secretary of state. The article of incorporation must include the name of the corporation, the number of shares it is authorized to issue, the address of their office and name of registered agent, and name and address of each incorporator (Cheeseman, 2010, p. 288). After filing their corporate charter Elaine and Roy will need to hold an organizational meeting with the initial directors and adopt their bylaws, conduct any business needed and elect officers (Cheeseman, 2010, p. 289). After their 10-year anniversary Elaine and Roy want to dissolve their corporation. This is called a voluntary dissolution and an article of dissolution must be filed with the secretary of state. At that point the corporation may not carry on business except to wind up and liquidate its assets and after completion they have terminated the corporation.
Toms Landscape Tom may be correct. In his incorporation he would have had to adopt bylaws and there is no information to show if they included record keeping. We do know that a court of equity can use a doctrine known as piercing the corporate veil. Courts can apply this doctrine in cases in which the corporation has not kept…...

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