corporations

Anti-Greenmail Provision

Definition

Provision in a corporate charter that prevents the board of directors from making greenmail payments. Usually allows the buyback to occur with the approval of a majority of the non-controlling shareholders.

See alsoGreenmailArticle of...

Antitrust Violations

Violations of laws designed to protect trade and commerce from abusive practices such as price-fixing, restraints, price discrimination, and monopolization. The principal federal antitrust laws are the Sherman Act (15 U.S.C. §§ 1-7) and the Clayton Act...

Article

Definition

A paragraph or section of a legal document or statute.

Articles of Incorporation

Definition

The highest governing document in a corporation. Also known as the corporate charter, it generally includes the purpose of the corporation, the type and number of shares, and the process of electing a board of directors. The articles of...

Articles of Organization

Definition

Document required to be filed with a designated official, usually the Secretary of State, to legally register a Limited Liability Company (LLC). Since LLCs are governed by state law, the information required to be in the Articles of...

Artificial Person

An entity established by law and given at least some legal rights and duties of a human being. Corporations are the most common types of artificial persons.

See [[legal person]]; cf. natural person.

Association

1. An organization of people that is not incorporated. In general, an association is not a separate entity from the persons who compose it. However, some laws may require associations to pay taxes, particularly if they have certain features that...

Audit

An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.

To audit (verb) is the act of conducting the formal...

Auditor

An auditor is one who conducts an audit. Specifically, an auditor is a person or firm (usually an accountant or accounting firm) that conducts a formal examination and verification of an individual’s or organization’s records and accounts,...

Authority

Authority is the official permission or right to act, often on behalf of another. Authority may also be a person or institution that has power over another person.

Authority as agency is the power to act on behalf of another...

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