
1. Capitalism prospered in America in the nineteenth century because the economic system provided
the perfect engine for capitalistic progress. Much of this was because there was a lot of land to be
developed and an influx of energetic immigrants who were willing to improve that land. The
2. A corporation is a legal entity (also referred to as a legal person) the creation of which is
3. A corporation is a legal person and, therefore, has certain constitutional rights such as the right to
equal protection of the law and the right not to be deprived of property without due process.
4. A private corporation is one formed by private persons to accomplish a task best undertaken by an
entity that can raise large amounts of capital quickly and which offers limited liability. A public
5. A close corporation is a corporation in which the outstanding shares of stock and managerial
control are closely held by a few people (hence the term “close” corporation) or held by one person. An
6. Typically, the articles of incorporation of a corporation should include such things as the name of
the corporation, the duration of the corporation, the purpose of the corporation, the number and classes
7. The articles of organization are the written application to form a limited liability company. The
8. A de jure corporation is a corporation in law, that is, one that has been lawfully created; a de facto
corporation is a corporation in fact, that is, one that, while not legally formed, nevertheless acts like a
corporation. To prove the existence of a de facto corporation a party must show that there has been a