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closed corporation
a corporation whose stock is owned by relatively few people and is not sold to the general public
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open corporation
a corporation whose stock can be bought and sold by any individual
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domestic corporation
a corporation in the state in which it is incorporated
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foreign corporation
a corporation in any state in which it does business except the one in which it is incorporated
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alien corporation
a corporation chartered by a foreign government and conducting business in the united states
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common stock
stock owned by individuals or firms which may vote on corporate matters but whose claims on profit and assets are subordinate to the claims of others
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preffered stock
stock owned by individuals or firms who usually do not have voting rights but whose claims on dividens are paid before those of common stock owners
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dividend
a distribution of earnings ti the stockholders of a corporation
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proxy
a legal form listing issues to be decided at a stockholders meeting and enabling stockholders to transfer their voting rights to some other individual or individuals
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corporate structure
board of directors(the top governing body of a corporation, the members of which are elected by the stockholders
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advantages of corporation
limited liability, ease of raising capital, ease of transfer of ownership, perpetual life, specialized management
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Limited liability (advantages of corporations)
a feature of corporate ownership that limit each owners financial liability to the amount of money that he or she has paid for the corporations stock
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disadvantages of corporation
double taxation, conflict within the corporation, government regulation and increased paperwork
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s corporation
a corporation that is taxed as though it were a partnership
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limited liability company
a form of business ownership that combines the benifits of the restrctions and disadvantages of those forms of ownership
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not-for-profit corporation
a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit
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cooperative
an association of individuals or firms whose purpose is to preform some business function for its members
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