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% Document Info
\author{parkeraz}
\pdfinfo{
  /Title (corporations.pdf)
  /Creator (Cheatography)
  /Author (parkeraz)
  /Subject (Corporations Cheat Sheet)
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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Corporations Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{parkeraz} via \textcolor{DarkBackground}{\uline{cheatography.com/32519/cs/20109/}}}
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\fancyfoot[L]{ \footnotesize
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{LL}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}parkeraz \\
  \uline{cheatography.com/parkeraz} \\
  \end{tabulary}
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 24th July, 2019.\\
   Updated 26th July, 2019.\\
   Page {\thepage} of \pageref{LastPage}.
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}}  \\
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  \vspace{-5pt}
  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.44333 cm} x{3.53367 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{People Involved in Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
\seqsplit{Shareholders} & Investors, ultimate owners of a residuary interest in a corporation \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
Directors/ Board & Elected by shareholders, responsible for major corporate decisions, appoint officers \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Officers & Run the corporation on a daily basis \tn 
% Row Count 8 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.89586 cm} x{4.08114 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Pre-Incorporation Transactions}}  \tn
% Row 0
\SetRowColor{LightBackground}
\seqsplit{Promoters} & Try to find investors, enter into contracts on behalf of corporation, fiduciary of corporation \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\seqsplit{Liability} & Corporation not liable but promoters personally liable \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\seqsplit{Novation} & Special agreement that alters the default rule; it shifts liability from the promoter to the corporation; An agreement between the promoter, the corporation, and the third party \tn 
% Row Count 11 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Incorporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Incorporators & must sign and file the articles of incorporation, pay fee; not liable for contracts formed by promoters \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
Articles of Incorporation & Must include name, agent, incorporator, duration, purpose, and authorized shares \tn 
% Row Count 9 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Ultra vires & Acts beyond the powers of the corporation; corporation acts outside of its stated purpose, the acts will be held unenforceable. Shareholders can sue to enjoin; corporations can take action against directors or officers; states can initiate proceedings to enjoin such actions \tn 
% Row Count 21 (+ 12)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Timing of Incorporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Moment of incorporation & Liability begins \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
 & Corporation existence begins when the Secretary of State accepts the fee and files the articles \tn 
% Row Count 6 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Bylaws}}  \tn
% Row 0
\SetRowColor{LightBackground}
File? & No obligation to file \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Why not in articles & easier to amend; Board can change (on shareholders can amend articles) \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
article conflict & articles of incorporation always win \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
de jure corporation & When all of the statutory requirements for incorporation have been satisfied \tn 
% Row Count 9 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.54747 cm} x{4.42953 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{De Facto Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Issue & What if the corporation is not properly formed, but nevertheless enters into obligations after it was supposedly formed \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Rule & Corporation will still be treated as a corporation, with limited liability, if the organizers made a good faith effort to comply with the incorporation process and have no actual knowledge of defect in corporate status \tn 
% Row Count 11 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Introduction}}  \tn
% Row 0
\SetRowColor{LightBackground}
Definition & a distinct legal entity that can conduct business in its own right by buying, selling, and holding property or by suing or being sued, and by lasting forever \tn 
% Row Count 7 (+ 7)
% Row 1
\SetRowColor{white}
Why form a corporation & Limited liability and promoting investment \tn 
% Row Count 9 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Corporate Law & set of state laws governing structure of corporations and the rights and responsibilities of participants in corporations \tn 
% Row Count 14 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Issuance of Stock}}  \tn
% Row 0
\SetRowColor{LightBackground}
Authorized shares & Maximum number of shares that the directors of a corporation can sell; set in articles of incoporation \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
Issue shares & Number of shares from the authorized pool that the directors have actually sold \tn 
% Row Count 9 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Outstanding Shares & Shares that were once issued to shareholders and still remain in the possession of the shareholders \tn 
% Row Count 14 (+ 5)
% Row 3
\SetRowColor{white}
Treasury shares & Stock previously issued to shareholders, but then reacquired by the corporation \tn 
% Row Count 18 (+ 4)
% Row 4
\SetRowColor{LightBackground}
Par Value Stock & A corporation may, but is not required to, issue stock at a par value. Typically not required \tn 
% Row Count 22 (+ 4)
% Row 5
\SetRowColor{white}
Valuation of Consideration & Corporation can receive any valid consideration that the board of directors deems adequate \tn 
% Row Count 26 (+ 4)
% Row 6
\SetRowColor{LightBackground}
Watered Stock & The corporation sets a par value amount and sells the stock for less than the stated amount; shareholders who bought below par are liable to the creditors \tn 
% Row Count 33 (+ 7)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Issuance of Stock (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
Stock Subscriptions & Ask people to agree in advance to buy stock before the corporation is formed; agreements are irrevocable for up to 6 months before incorporation \tn 
% Row Count 6 (+ 6)
% Row 8
\SetRowColor{white}
Preemptive Rights & Right to acquire stock to maintain the percentage of ownership any time new shares are issued; Default: do NOT have preemptive rights \tn 
% Row Count 12 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Federal Causes of Action}}  \tn
% Row 0
\SetRowColor{LightBackground}
Rule 10b-5 & Fraudulent purchase or sale of stock or other securitie \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
For private person to pursue 10b-5 & Plaintiff has to have purchased or sold the security, transaction involves interstate commerce, defendant engaged in fraudulent or deceptive conduct, conduct related to material information, defendant acted with scienter (intentionally or recklessly) \tn 
% Row Count 15 (+ 12)
% Row 2
\SetRowColor{LightBackground}
Section 16(B)- Insider Trading & A corporate insider can be forced to return short-swing profits to the corporation; \tn 
% Row Count 19 (+ 4)
% Row 3
\SetRowColor{white}
Applicable Company & Corporations with securities traded on national securities exchange or corporation with assets of more then \$10 million and more than 500 shareholders \tn 
% Row Count 27 (+ 8)
% Row 4
\SetRowColor{LightBackground}
Corporate Insiders & Directors, officers, or shareholders who hold more than 10\% of any class of stock \tn 
% Row Count 31 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Federal Causes of Action (cont)}}  \tn
% Row 5
\SetRowColor{LightBackground}
Transactions & made before someone becomes a corporate insider are generally not subject to short-swing issues; transactions made after a corporate insider leaves office may be \tn 
% Row Count 8 (+ 8)
% Row 6
\SetRowColor{white}
Short-swing profits & six months after corporate insider transactions \tn 
% Row Count 11 (+ 3)
% Row 7
\SetRowColor{LightBackground}
Reporting & Corporate insiders must report changes in stock ownership to the SEC \tn 
% Row Count 15 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Potential Illegalities with Sale of Securities}}  \tn
% Row 0
\SetRowColor{LightBackground}
Closely Held Corporations- Private Restriction on the Sale & prevents outsiders from becoming involved, initial shareholders retain control \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Restriction must be & conspicuously noted, enforceable (must have knowledge of it) \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Types of Restrictions & Outright prohibition on transfer, require company consent, company has option to buy company has right of first refusal \tn 
% Row Count 13 (+ 6)
% Row 3
\SetRowColor{white}
Challenge to Restrictions & Usually made on the basis of restraint on alienation, test is one of reasonability \tn 
% Row Count 18 (+ 5)
% Row 4
\SetRowColor{LightBackground}
Who is bound & Anyone who agrees: Almost any shareholder in a closely held corporation agrees to these restrictions. \tn 
% Row Count 24 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Distribution}}  \tn
% Row 0
\SetRowColor{LightBackground}
Two ways & Board can declare a dividend or buy back shares of corporation \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
Authority and Liability & Board has power to authorize dividends, shareholders have NO rights to dividends, directors who vote to authorize unlawful dividends are personally liable to the corporation \tn 
% Row Count 10 (+ 7)
% Row 2
\SetRowColor{LightBackground}
Unlawful dividends & corporation is insolvent or issuing dividend would make corporation insolvent \tn 
% Row Count 14 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Investing in the Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Stock & ownership is represented in shares of stock \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
Creditors & hold debt of corporation; entitled ONLY to repayment of their loan plus interest \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Stockholders & Equity holders; entitled to ALL the value that remains in a corporation after the debts have been paid \tn 
% Row Count 11 (+ 5)
% Row 3
\SetRowColor{white}
Preferred Stock & Preference over common stock with respect to dividends and liquidation \tn 
% Row Count 15 (+ 4)
% Row 4
\SetRowColor{LightBackground}
Classes of stock & Can have as many as they choose with different voting and economic rights- most corporations have one stock \tn 
% Row Count 20 (+ 5)
% Row 5
\SetRowColor{white}
Participating Preferred Shares & Collect as preferred share and then again with common shares \tn 
% Row Count 23 (+ 3)
% Row 6
\SetRowColor{LightBackground}
Cumulative Preferred Shares & Accumulates if no dividend paid the year before \tn 
% Row Count 26 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.04057 cm} x{2.93643 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Veil Piercing}}  \tn
% Row 0
\SetRowColor{LightBackground}
Rule & Shareholders are NOT personally liable for the debts of a corporation, but only liable for the amount invested into the corporation, except a court may "pierce the veil" of limited liability to avoid fraud or unfairness \tn 
% Row Count 10 (+ 10)
% Row 1
\SetRowColor{white}
Three factors & Alter ego, under capitalization, fraud \tn 
% Row Count 12 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Alter ego & The investor or shareholder has failed to observe any corporate formalities between the person and the corporation—treated the company just like itself \tn 
% Row Count 19 (+ 7)
% Row 3
\SetRowColor{white}
Under capitalization & Failure to maintain funds sufficient to cover foreseeable liabilities \tn 
% Row Count 22 (+ 3)
% Row 4
\SetRowColor{LightBackground}
Fraud & The parties engaged in fraud or fraud-like behavior. \tn 
% Row Count 25 (+ 3)
% Row 5
\SetRowColor{white}
When is piercing more likely & torts\textgreater{}contracts; small closely held corporations \tn 
% Row Count 28 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Limited Liability Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Generally & LLC combines the limited liability of corporations with the tax treatment of a partnership; no limitation on number of shareholders; no residency requirement; no natural persons requirement \tn 
% Row Count 8 (+ 8)
% Row 1
\SetRowColor{white}
Key \seqsplit{Characteristics} & LLC files articles of organization and an operating agreement with the state; owners are called members not shareholders; LLC is presumed to be managed by ALL of its members \tn 
% Row Count 16 (+ 8)
% Row 2
\SetRowColor{LightBackground}
Comparison to Corporations & difference in terminology and taxing features, but otherwise, analyze LLCs under general corporate law principles \tn 
% Row Count 21 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.9954 cm} x{3.9816 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{S Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
S Corp & a corporation for state corporate law purposes, but it gets special treatment for tax purposes \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\seqsplit{Taxation} & only taxed once, like a partnership; not taxed at entity level; allows "pass through" taxation \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\seqsplit{Limitation} & Limited in the number of shareholders it may have \tn 
% Row Count 8 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.4931 cm} x{3.4839 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Close Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Closely Held & Corporation with a few shareholders \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\seqsplit{Characteristics} & Shareholders are often also directors and officers, Typically NOT publicly traded, Relaxation of rigid rules for corporations \tn 
% Row Count 7 (+ 5)
% Row 2
\SetRowColor{LightBackground}
Voting Agreements & CAN form voting agreements (unlike corporation) \tn 
% Row Count 9 (+ 2)
% Row 3
\SetRowColor{white}
Preemptive Rights & The default rule prohibiting preemptive rights may be relaxed \tn 
% Row Count 12 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.18988 cm} x{2.78712 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Dissenters' Rights (in merger)}}  \tn
% Row 0
\SetRowColor{LightBackground}
Generally & Entitled to have their shares purchased from them by the corporation at a fair market value determined by the court \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
Procedural Requirements & Send written notice of intent to dissent, abstain/dissent at meeting, make prompt written demand for fair market value \tn 
% Row Count 12 (+ 6)
% Row 2
\SetRowColor{LightBackground}
Fair Market Value Determination & Court can appoint expert appraiser to issue binding appraisal \tn 
% Row Count 15 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Fundamental Changes to a Corporation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Required approval & BOTH the shareholders and directors must approve fundamental changes. \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
Merger & The combination of two or more corporations where one corporation survives and assumes the assets and the liabilities of the other corporation \tn 
% Row Count 9 (+ 6)
% Row 2
\SetRowColor{LightBackground}
Consolidation & The combination in which neither of the two corporations survives. New entity is created- assumes the assets and liabilities of both corporations \tn 
% Row Count 15 (+ 6)
% Row 3
\SetRowColor{white}
Dissolution & The existence of a corporation is extinguished either voluntarily by the shareholders and the directors or involuntarily by disgruntled parties. \tn 
% Row Count 21 (+ 6)
% Row 4
\SetRowColor{LightBackground}
Involuntary Dissolution & A corporation may be dissolved involuntarily by creditors if the creditors show the corporation is not paying its debts. \tn 
% Row Count 26 (+ 5)
% Row 5
\SetRowColor{white}
Shareholder dissolution & corporate assets are being waster, directors are acting fraudulently, or directors and shareholders are deadlocked \tn 
% Row Count 31 (+ 5)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Fundamental Changes to a Corporation (cont)}}  \tn
% Row 6
\SetRowColor{LightBackground}
Process of Changing & The board must adopt a resolution proposing the change; notice sent to shareholders of special meeting; majority of shareholders casting a vote must vote in favor of the fundamental change \tn 
% Row Count 8 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Indemnification}}  \tn
% Row 0
\SetRowColor{LightBackground}
\seqsplit{Indemnification} & The practice of corporations paying for the costs of a director's or officer's defense in litigation, usually by purchasing insurance \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
Required/ Mandatory & The corporation is ALWAYS required to pay the costs of defense if the director or officer successfully defends the case \tn 
% Row Count 11 (+ 5)
% Row 2
\SetRowColor{LightBackground}
Prohibited & The corporation CANNOT indemnify a director or officer who is liable for receiving an improper benefit from the corporation or otherwise loses a lawsuit \tn 
% Row Count 17 (+ 6)
% Row 3
\SetRowColor{white}
Permissive & The corporation may, but is NOT required, to indemnify a director or officer for the costs of a suit if the director or officer acted in good faith or had no reasonable cause to believe the conduct was illegal \tn 
% Row Count 25 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Officers}}  \tn
% Row 0
\SetRowColor{LightBackground}
Officers & Selected by the board, run corporation on daily basis \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
Duties & duty of loyalty and care \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Duty of Care & Business Judgment Rule, reasonable standard of care, reliance defense \tn 
% Row Count 9 (+ 4)
% Row 3
\SetRowColor{white}
Business Judgment Rule & in the absence of fraud, illegality, or self-dealing, courts will not disturb a good-faith business decision \tn 
% Row Count 15 (+ 6)
% Row 4
\SetRowColor{LightBackground}
Standard of Care & Act with the care that a person in a like position would reasonably believe appropriate under similar circumstances \tn 
% Row Count 21 (+ 6)
% Row 5
\SetRowColor{white}
Reliance Defense & A director or officer is entitled to rely on the expertise of officers and other employees, outside experts, and committees of the board \tn 
% Row Count 28 (+ 7)
% Row 6
\SetRowColor{LightBackground}
Duty of Loyalty & May not receive an unfair benefit to the detriment of the corporation without effective disclosure or ratification \tn 
% Row Count 34 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Officers (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
Self-Dealing Transactions & A transaction in which the director, officer, or their relative receives a substantial benefit directly from the corporation \tn 
% Row Count 7 (+ 7)
% Row 8
\SetRowColor{white}
Corporate Opportunity Doctrine & Usurping or stealing a corporate opportunity \tn 
% Row Count 10 (+ 3)
% Row 9
\SetRowColor{LightBackground}
Insulation from Liability/ Ratification & A self-interested transaction may be upheld if it is disclosed and ratified by majority of disinterested directors or a majority of disinterested shareholders \tn 
% Row Count 18 (+ 8)
% Row 10
\SetRowColor{white}
Fairness & If a director or officer can demonstrate that the transaction was fair, then they will win. \tn 
% Row Count 23 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.74655 cm} x{4.23045 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Board Meetings}}  \tn
% Row 0
\SetRowColor{LightBackground}
\seqsplit{Boards} & relatively small and meet regularly \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\seqsplit{Notice} & only required for special meetings. Attendance waives notice unless director promptly objects at the meeting. \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\seqsplit{Voting} & CANNOT vote by proxy. Need quorum, affirmative vote of those present OR unanimous written consent \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
\seqsplit{Dissent} & If disagrees with board decision: enter dissent in meeting minutes, file written dissent before meeting is adjourned, provide written dissent by certified or registered mail to the corporation's secretary immediately following adjournment of meeting \tn 
% Row Count 17 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Board of Directors}}  \tn
% Row 0
\SetRowColor{LightBackground}
Generally & The board of directors manages and directs the management of a corporation's business and affairs; usually receive compensation \tn 
% Row Count 7 (+ 7)
% Row 1
\SetRowColor{white}
Number and Qualifications & at least one director, must be a natural person \tn 
% Row Count 10 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Term and Selection & Elected by shareholders for limited term (usually one year) \tn 
% Row Count 13 (+ 3)
% Row 3
\SetRowColor{white}
Removal and Replacement & Shareholders may remove directors with or without cause unless Staggered Board \tn 
% Row Count 17 (+ 4)
% Row 4
\SetRowColor{LightBackground}
Staggered Board & Classes of directors are elected at different times—e.g., nine directors: Three elected in year one, three elected in year two, and three elected in year three. May only be removed for cause, only if the articles provide \tn 
% Row Count 29 (+ 12)
% Row 5
\SetRowColor{white}
Vacancy or size of the board has increased & chosen by shareholders at special meeting OR by the board \tn 
% Row Count 32 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Shareholder's Duties to Other Shareholders}}  \tn
% Row 0
\SetRowColor{LightBackground}
generally & Shareholders do NOT owe a duty to fellow shareholders in the corporation \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Controlling shareholders duty to minority & sale of stock to an outsider/ looter; Controlling Shareholder Transacts with the Corporation \tn 
% Row Count 9 (+ 5)
% Row 2
\SetRowColor{LightBackground}
Who is a controlling shareholder & case—those who own 50\% plus one, or more OR Less than 50\% plus one—look to the nature of the ownership of the c \tn 
% Row Count 15 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.9908 cm} x{2.9862 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Shareholder Litigation}}  \tn
% Row 0
\SetRowColor{LightBackground}
Direct Lawsuit & Shareholder is suing in the shareholder's own name for damages and the damages go directly to the shareholder. Interference in voting rights or dividends, misinformation about important issues, and tort injury. \tn 
% Row Count 9 (+ 9)
% Row 1
\SetRowColor{white}
Derivative Lawsuit & Shareholder is suing on behalf of the corporation- claim made in corporations name and recovery belongs to corporation \tn 
% Row Count 14 (+ 5)
% Row 2
\SetRowColor{LightBackground}
Derivative Lawsuit Elements & standing (stock ownership), demand requirement (unless futile), recovery  (if substantial benefit, corporation pays attorneys fees) \tn 
% Row Count 20 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Voting}}  \tn
% Row 0
\SetRowColor{LightBackground}
Shareholders typically vote on & election of directors, mergers, share exchanges, amendments to the articles of incorporation, sales of all or substantially all of its assets, or dissolution \tn 
% Row Count 8 (+ 8)
% Row 1
\SetRowColor{white}
Quorums & majority of the corporation's outstanding shares represented at the start of the meeting \tn 
% Row Count 12 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Necessary Vote & If quorum is present, shareholder vote is effective if the vote cast in favor of the proposal exceed the votes cast against the proposal \tn 
% Row Count 19 (+ 7)
% Row 3
\SetRowColor{white}
Cumulative Voting & Applies only to the election of directors, votes equal the number of shares multiplied by the number of director positions being voted on \tn 
% Row Count 26 (+ 7)
% Row 4
\SetRowColor{LightBackground}
Shareholder inspection rights & A shareholder may inspect the corporation's records in person or through an agent as long as the shareholder states a proper purpose \tn 
% Row Count 33 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.64241 cm} x{3.33459 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Shareholder Meetings}}  \tn
% Row 0
\SetRowColor{LightBackground}
Most important duty & elect board of directors, Vote on major decisions that affect fundamental changes in the corporation \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Annual meeting & Mandatory- elect directors and conduct other shareholder business \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Special Meeting & Vote upon fundamental change \tn 
% Row Count 9 (+ 2)
% Row 3
\SetRowColor{white}
Notice & No fewer than 10 days but no more than 60 days before the meeting. Must include time, date, location, and purpose for special meeting. Notice can be waived by attending meeting \tn 
% Row Count 16 (+ 7)
% Row 4
\SetRowColor{LightBackground}
Record Date & Used to determine which shareholders are eligible to vote; no more than 70 days before the meeting. \tn 
% Row Count 20 (+ 4)
% Row 5
\SetRowColor{white}
Meeting alternatives & Proxy- Authorizes others to vote shares in accordance with the wishes of the shareholder \tn 
% Row Count 24 (+ 4)
% Row 6
\SetRowColor{LightBackground}
Proxy requirements & be in writing, signed by the shareholder as of record date, be sent to secretary of corporation, state that it authorizes another to vote shareholder's shares and cannot be valid for more than 11 months unless specified \tn 
% Row Count 33 (+ 9)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}