Identify the Different Models Currently Used for Creating Corporations

question 50

Short Answer

Identify the different models currently used for creating corporations. Indicate which jurisdictions use which model, and identify which jurisdictions, if any, provide for the creation of unlimited liability corporations.

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Definitions:

Properly Drawn

A term indicating that a document, especially a legal document, has been prepared correctly and in accordance with all necessary formalities.

Endorsee

A person or entity to whom a negotiable instrument, such as a cheque or promissory note, is legally transferred through endorsement.

Bearer

An individual in possession of an instrument, such as a check or bond, that is payable to whoever holds it.

Negotiable Instrument

A paper that assures the payout of a certain sum of money, either when requested or at a predetermined time, with the document specifying the person responsible for payment.