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Posted: 9/27/2004 5:01:03 PM EST
Can it have an indiviual who owns it?
Link Posted: 9/27/2004 5:02:33 PM EST
Yes - shareholder(s) own a corporation.
Link Posted: 9/27/2004 5:03:50 PM EST

Originally Posted By BYU:
Yes - shareholder(s) own a corporation.



+1

You can be all the officers as well as shareholder.
Link Posted: 9/27/2004 5:04:16 PM EST
Shareholders own a corp. and the majority shareholder usually accrues an income as being President of the company.
Link Posted: 9/27/2004 5:05:29 PM EST

Originally Posted By GrH_Revelation:
Shareholders own a corp. and the majority shareholder usually accrues an income as being President of the company.



Correction, shareholders own PUBLICLY traded companies (including corporations and other business entities).

Private corporations can, and many do, have a sole owner.
Link Posted: 9/27/2004 5:07:57 PM EST
Yes. A single person can be the sole shareholder, although, your state may prefer that there be at least one other person who is an officer of the corporation. Officers need not be shareholders.

Also, if your corporation conducts business in another state, it may need a "registered agent" who is a resident of the other state. The registered agent may be another corporation.

Depending on the nature of the business of the proposed entity, a corporation may not be the most advantageous setup. It could be a sole proprietorship, a limited liability corporation or any of a myriad other forms.
Link Posted: 9/27/2004 5:08:24 PM EST

Originally Posted By SWO_daddy:

Originally Posted By GrH_Revelation:
Shareholders own a corp. and the majority shareholder usually accrues an income as being President of the company.



Correction, shareholders own PUBLICLY traded companies (including corporations and other business entities).

Private corporations can, and many do, have a sole owner.


Where would I find the data on this, govemrent facts etc. Just having a debate that just because something is a corp doesn't mean no one owns it.

The person thinks a peice of paper owns it
Link Posted: 9/27/2004 5:08:36 PM EST
non-traded corps have officers who own %'s of the business. The original creator of the corp is usually the president who has a majority of the stock.
Link Posted: 9/27/2004 5:10:15 PM EST

Originally Posted By SWO_daddy:
Correction, shareholders own PUBLICLY traded companies (including corporations and other business entities).

Corporations need not be publicly traded to have shareholders. For example, Cargill is a HUGE corporation that is privately held.
Link Posted: 9/27/2004 5:13:38 PM EST

Originally Posted By olyarms:
Where would I find the data on this, govemrent facts etc. Just having a debate that just because something is a corp doesn't mean no one owns it.

The person thinks a peice of paper owns it

Look at your state's Department of State for corporate regulations.

So who does your opponent thinks owns Coca-Cola? Some stack of paper in Atlanta? No. It is owned by millions of people, individuals all, in the form of individual shareholders and institutional investors, such as mutual funds. But in the end, even if the shares are held by another corporation, that shareholder corporation is in turn held by individuals somewhere down the line.

Why would a piece of paper have a profit motive?
Link Posted: 9/27/2004 5:15:37 PM EST

Originally Posted By olyarms:

Originally Posted By SWO_daddy:

Originally Posted By GrH_Revelation:
Shareholders own a corp. and the majority shareholder usually accrues an income as being President of the company.



Correction, shareholders own PUBLICLY traded companies (including corporations and other business entities).

Private corporations can, and many do, have a sole owner.


Where would I find the data on this, govemrent facts etc. Just having a debate that just because something is a corp doesn't mean no one owns it.

The person thinks a peice of paper owns it



It is a piece of paper when it comes to bankruptcy or a lawsuit. The president can still be held for mis conduct.
Link Posted: 9/27/2004 5:19:12 PM EST
Your friend is confusing several different theories. A corp is sometimes referred to as a fictional person, a seperate legal entity, inasmuch as it can sue an be sued, enter into contracts, etc. However, all corporate entities are "owned" (either in terms of shares or membership interests in the case of limited liability companies). However, non-profit or not-for-profit companies are often non-stock companies and not really "owned" by anyone.
Link Posted: 9/27/2004 5:24:33 PM EST
S Corp - Sole Propreitorshop - Partnership:
Think long and hard about how you set up a business. They all have their advantages and disadvandiges.
Do NOT think that incorporating will protect your personal assets.
It will NOT!!! A lawsuit will come right through the corp and take your personal assets.
S-Corp gives you the advantage to distribute the profits/losses amoung the "shareholders".
Hopefully a "Loss" if you do your accounting creatively.
But keep your records in order - ie minutes of meetings (whether you hold them or not), etc.

Been There, Done That (more than once) And have the T-Shirt(s) to prove it.
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