Chapter 5 - What Will My Corporation Look Like - Corporate Bylaws, Charters, And Other Legalities
Joseph W. Bartlett, Special Counsel, McCarter & English LLP, Co-Founder of VCExperts
McCarter & English LLP
2002-08-02
A corporation is an artificial legal entity chartered by one of the fifty states and endowed by the legislature with certain valuable privileges; it follows that its powers are limited to those expressly or impliedly set out by statute. With exceptions not generally significant, the Directors usually manage a corporation.
The general corporation laws in each state vary in detail, but they follow a generally similar pattern. The Model Revised Business Corporation Act, drafted by a select committee of the American Bar Association, is a composite of the most advanced thinking.