The Corporation And Corporation Under Texas Law Essay

We follow regulations everyday of our lives. Whether it be making a complete stop at a stop sign, paying our taxes, or refraining ourselves from cutting off the tag of a mattress. It’s important to know what rules we and our elected officials are held accountable for. Being aware and knowing the difference between the United States and Texas Constitution allows citizens to be apprehensive of what is happening in our government. The topics on the amending and impeachment system and the Judicial and Executive Branch grant insight of the proceedings in our governments.

1. Assume that the state of Ohio passed a hazardous waste statute, seeking to protect the general public and workers. The state statute did not violate the Commerce Clause because it imposed no restriction on interstate commerce. Both the state statute and the federal Occupational Safety and Health Act (OSHA) established job safety standards and specified worker training and employer licensing, but the requirements differed. Which statute(s) Ohio corporations had to obey? Pick the best ANALYSISwer.

To first start, I must say that in the last fifteen weeks of class I did learn a lot about Texas government and how does the state manage the power between the politician and the people that elect them and also how must of the laws and major decisions are taken and how everyone in the state take a big part at the time of making a change, make proposed change a law or apply for a new law.

Talking about the first five articles of the Texas Constitution, the current Texas constitution was written in 1875 after the end of reconstruction and approved in 1876, it has 17 articles. The first five Articles consists of the Bill of Right, the power of the government, legislative Department, Executive Department, and the Judicial Department in their respective order.

case brief---Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy hour and Wessel will pay $250 to Gregory. All performers could make $500 per appearance on the comedy hour. and when Wessel was scheduled to aper on the comedy hour, Gregory informed him that he was unable to provide the monologue, because last time Wessel was asked to make special guest appearances at three local comedy clubs performance during the comedy hour. and Wessel bought lawsuit to Gregory for beach of contract and request damages of $1250.

Under Texas law, does a third party possessor with an unrecorded deed to the property, in the absence of bad faith or inadequate consideration, have a superior claim to a property than a subsequent purchaser if circumstances suggest that the subsequent purchaser should have had constructive notice of his presence on the property?

Coastal Surgical Specialist Incorporated operates as an S corporation and does business as Coastal Surgical Institute (CSI). In business there are different types of corporations and an S corporation, which is often referred to as an S Corp, is a unique type of corporation created through an IRS tax election (S Corporation | The U.S. Small Business). This means that the owners (shareholders) of the corporation are protected from liability. Essentially, an S corporation 's shareholder 's personal assets cannot be seized to satisfy business liabilities, and an S corporation can avoid being taxed twice (taxing both the corporation and the shareholders). In addition, S corporation shareholders can be employees of the business and draw salaries as employees. These advantages to shareholders have helped to create a vested interest in CSI, which seems to be one of the structural keys to the organization 's overall success - there are multiple parties involved who want CSI to do well.

The biggest advantage in XYZ electing S status is that it will allow the corporation to avoid the corporate level tax, however, this benefit will not apply the built-in gains (BIG) tax. The BIG tax is a corporate level tax that is imposed on certain built-in gains of an S-Corp if the gains arose while the corporation was a C-Corp. As provided by §1374, “If for any taxable year beginning in the recognition period an S corporation has a net recognized built-in gain, there is hereby imposed a tax [at the highest corporate tax rate in effect, currently 35%] on the lesser of the corporation's net recognized built-in gain for the tax year or the remaining net unrealized built-in gain not previously subjected to the tax.” The recognition period, as

A corporate constituency statute gives the board of directors the right to consider the interests of person or persons other than the corporation's shareholders when decisions by the board of directors are made. I agree with such statutes primarily because with this statute corporations are able to look past mere short-term profit. Corporations can take part in more sustainable business practices, maintain good relations with customers and suppliers, as well as their employees. Which eventually will all lead to better long-term growth and more profit in the

o Weakness: there is a societal imbalance in the distribution of resources, and it is virtually impossible for courts/legislatures to make important decisions that do not make someone worse off

The Corporation was made in 2003, it is a Canadian documentary film written by University of British Columbia by a law professor Joel Bakan, and directed by Mark Achbar and Jennifer Abbott. The documentary examines the modern-day corporation. Bakan also wrote the book, The Corporation: The Pathological Pursuit of Profit and Power, during the filming of the documentary

Due to the fact that corporations are separate legal entities from their owners, C-corporations are taxed separately requiring the filing of IRS Form 1120 each year to report its income and take advantage of any credits or deductions for which the corporation may be eligible (Internal revenue Service (IRS), 2012b). Income tax rates for corporation are tailored to corporations and as such are different from those

A own family commercial enterprise may be organized as a partnership, limited legal responsibility employer (LLC), an S business enterprise, or as a C organisation. even though a C employer has the biggest tax benefits, any dividend profits will be challenge to double taxation. furthermore, S and C groups are greater complicated business entities and extra taxes, which includes the nation corporate franchise tax, could additionally must be paid. A limited legal responsibility corporation with 2 or extra participants is taxed as a partnership, and while preferred partnerships are clean to arrange, they are able to have complex tax consequences.

Dalton defined tax as ‘a compulsory contribution imposed by the public authority, irrespective of the exact amount of service rendered to the taxpayer, in return for which no specific and direct quid pro quo is rendered to the payer’. In accordance to this definition, it is clear that paying tax is a compulsory contribution to which the state is entitled to. Even if the benefit in return to the tax paid is not proportional to the taxpayer, the taxpayer must pay taxes or face the consequences of avoiding taxes. Prof. Seligman also defined tax as ‘a compulsory contribution from the person to the State to defray the expenditure incurred in the common interest of all without any reference to the special benefits conferred’. As it can also be

Corporation origin from the Latin word Corpus which means body. It is formed by a group of people and has separate rights and liability from those individual. In any means, corporation exists independently from its owner and this principle is called the doctrine of separate personality. Doctrine of separate personality is the basic and fundamental principle in a Company Law. This principle outline the legal relationship between company and its members. Company’s assets belong to the company not the shareholders as assets are the equity for creditors. Company must use up all its assets to pay off the creditors if it became insolvent. The same applies to the corporation’s debts. For limited liabilities company, the shareholder liability is limited which means that the shareholder is restricted to the number of shares they paid and not personally liable for the corporation’s debts. If the company does not have enough equity to pay off debts, the creditors cannot come after the shareholders. However, limited liability company can be very powerful when in hands who do fraud and on defeating creditors’ claims. Courts then can ignore the doctrine for exception cases and lifting the corporate veil. Lifting the corporate veil is a situation where courts put aside limited liability and hold a corporation’s shareholders or directors personally liable for the corporation’s debts.