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Illinois's standard law on municipalities came into effect on July 1, 1872, and does not provide for the incorporation of municipal towns. Since the Municipal Code provides a standard way for citizens to incorporate a new city or village, but not a town, incorporated towns are far less common than city and village municipalities in Illinois.
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Corporation Service Company (CSC) was founded in 1899 by Otho Nowland, then president of Equitable Guarantee & Trust Company, and Christopher L. Ward. With an initial investment by Nowland, Ward, and another friend, Willard Jackson, The Delaware Incorporators’ Trust Company was created. [3]
Most corporations are, however, incorporated under the influential Delaware General Corporation Law. United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance ...
Illinois established a new type of entity called the "benefit LLC", making the state the first to allow limited liability companies the same opportunities afforded to Illinois corporations under the state's benefit corporation law. [15] [16] Washington created social purpose corporations in 2012 with a similar focus and intent. [17] [18]
Corporation sole. A corporation sole is a legal entity consisting of a single ("sole") incorporated office, occupied by a single ("sole") natural person. [1] [2] This structure allows corporations (often religious corporations or Commonwealth governments) to pass without interruption from one officeholder to the next, giving positions legal ...
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