Questions & Answers

Are By-Laws or Operating Agreements filed with the Secretary of State?

Are By-Laws or Operating Agreements filed with the Secretary of State? No, By-laws and Operating Agreements (and any amendments thereto) are maintained by the business entity and are not filed with the Secretary of State. Requests for copies or information about these documents should be directed...

Do I have to live in Delaware to have a Delaware Corporation?

Do I have to live in Delaware to have a Delaware Corporation? No. Delaware law requires every corporation to have and maintain a Registered Agent in the State who may be either an individual resident, a domestic corporation, or a foreign corporation authorized to transact business in Delaware whose...

What does it Mean to Pierce the Corporate Veil?

What does it Mean to Pierce the Corporate Veil? Piercing the corporate veil describes a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders or directors. Usually a corporation is treated as a separate legal person, which is solely...

What is a "Close" Corporation?

What is a "Close" Corporation? A "close corporation" (or "closely held corporation") is a type of corporation where the shares are held by a small number of shareholders, often consisting of family members or a limited group of individuals. This structure allows for greater control and less...

What is a C Corporation?

What is a C Corporation? C Corporation refers to any corporation that, under United States income tax law, is taxed separately from its owners. Stay Ahead of the Curve! Explore our comprehensive CLIC law Business Compliance Library for in-depth resources and insights. These materials were obtained...

What is a Corporation?

What is a Corporation? A Corporation is a legal entity that is created under the laws of a state designed to establish the entity as a separate legal entity having its own privileges and liabilities distinct from those of its shareholders. There are many different types of corporations, most of...

What is a D/B/A ("Doing Business As" or "Fictitious Business Name")?

What is a D/B/A ("Doing Business As" or "Fictitious Business Name")? D/B/A is an acronym for "Doing Business As" also known as a "Fictitious Business Name." A D/B/A is a trade name or a fictitious business name which a company may use to do business as instead of its actual (true) name. If a...

What is a Franchise?

What is a Franchise? A franchise is a contractual agreement between a person or entity and an established business for the use of the name, structure, reputation, management policies and expertise of the business for a specified period of time. Stay Ahead of the Curve! Explore our comprehensive...

What is a Limited Liability Company ("LLC")?

What is a Limited Liability Company ("LLC")? A Limited Liability Company ("LLC") is a blend of legal entity that combines elements of a partnership and a corporate structure. It is a legal form of company that provides limited liability to its owners in the vast majority of U.S. jurisdictions. Stay...

What is a Professional Limited Liability Company?

What is a Professional Limited Liability Company? A Professional Limited Liability Company (PLLC, P.L.L.C., or P.L.) is a limited liability company organized for the purpose of providing professional services. Usually, professions where the state requires a license to provide services, such as a...

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