The federal system allows each state to develop its own company law. And standardization is to be found only among the smaller states which conform their laws to the Model Business Corporation Act.
Several countries have various types of commercial enterprises unique to their territory, even though there maybe equivalents in other places. Limited-liability company (LLC) and the limited liability limited partnership (LLLP) type of business entities exist in the United States.
A company is characterized in particular by the fact that the liability is limited to the company’s assets (limited liability) and the Company consist of the founders and shareholders.
As companies are incorporated in the United States, it is not imperative that a company has its headquarters in the state in which it is registered. Some forms of business ventures, such as cooperatives, credit unions and publicly owned enterprises, can be formed with intentions that equal or substitute the profit maximization mandate of companies.
Corporations may be profit or non-profit entities, as regards the conventional profit orientated corporation, there is a distinction between authorized shares and issued shares. The non-profit corporation, point to establishments such as foundations, churches and other nonprofit organizations.
The Limited Liability Company (LLC) is a special form of corporation in the United States and other countries. The Limited Liability Company (LLC) partner’s are not personally liable, and associates may be both natural and legal persons. An unlimited company with or without a share capital, is a hybrid entity, similar to a limited company (Ltd.) but its members or shareholders do not enjoy limited liability if the firm goes into liquidation.
The establishment of a U.S. company under some laws, allows even the formation of a one-man company or can be established with multiple shareholders. There is no minimum capital required, normally 1500 shares with no par value are to be drawn, thus the share capital amounts to zero dollars.
The corporate law governing the corporation’s state of incorporation typically regulates a given company’s internal administration even though the company’s trading operations fall outside that state. And corporate attorneys are usually consulted to find out the most suitable state in which to incorporate.
Florida is appreciated not only for its sunshine, but also considered to be a perfect springboard into the other U.S locations, and the applicable annual commercial fees are relatively inexpensive in comparison to other states. Any citizen over eighteen years of age can set up a company in Florida and take up whatever position in the company.