Examlex
Dorothy bought a computer for home use, from Computer Store, signed a security agreement and agreed to make monthly payments on the machine. Computer Store filed nothing. Dorothy decided she didn't like the computer so she sold it to her neighbor Charles for his home use, and stopped making payments. Computer Store can repossess the machine from Charles.
Short-lived
Referring to something that lasts for a brief period of time.
RMBCA
The Revised Model Business Corporation Act, which serves as a guide for states in drafting their corporation statutes.
Organizational Meeting
An organizational meeting is the initial meeting held by the incorporators or initial directors of a corporation to complete the formation of the business and to adopt bylaws.
Corporate Veil
A legal concept that separates the identity of a corporation from its shareholders, protecting them from being personally liable for the company’s debts and obligations.
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