LYCOS RETRIEVER 
Corporation: United States
built 199 days ago
NEWS SUMMARY: CITY OF INDUSTRY, Calif., Dec. 14 2006 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLXC) today announced the acquisition of 100% ownership of Mt. Zion Gas Inc., which owns a 88,000 Square foot property located in Mt. Zion, Chicago. The property address is 1515 N. State Highway 121, Mt. Zion, IL 62549
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One of the most consistently dynamic business entities is the corporation. Offering tremendous flexibility and advantages that generally outweigh all other business entities, the corporation is the most secure entity in business. Because a corporation is considered a 'person' with rights of its own under the law, a stockholder (owner or partial owner) is a holder of shares of stock in the corporation and is NOT IN LEGAL DANGER for the acts of the corporation. In other words, you, as the owner, are not responsible. You are not the employer of those working for the corporation nor are you the owner of corporate property. In addition, a corporation is a citizen in the state wherein it was created and does not cease to be a citizen of its state of domicile by engaging in business or acquiring property in another state.
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A mutual benefit nonprofit corporation is a corporation formed in the United States solely for the benefit of its members. An example of a mutual benefit nonprofit corporation is a golf club. Individuals pay to join the club, memberships may be bought and sold, and any property owned by the club is distributed to its members if the club dissolves. The club can decide, in its corporate bylaws, how many members to have, and who can be a member. Generally, while it is a nonprofit corporation, a mutual benefit corporation is not a charity. Because it is not a charity, a mutual benefit nonprofit corporation cannot obtain 501(c)(3) status.
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A corporation is not just a corporation. You will need to select from various types. The two typical corporations that most CPA's or attorneys will recommend are S and C corporations. In explaining the differences between S and C corporations, one should keep in mind that every state has different laws for corporations. What an accountant may tell someone in California may not be true in Nevada.
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Once incorporated, the corporation has artificial personhood everywhere it may operate, until such time as the corporation may be dissolved. A corporation that operates in one state while being incorporated in another is a “foreign corporation.” This label ... applies to corporations incorporated outside of the United States. Foreign corporations must usually register with the United States Secretary of State’s office to lawfully conduct business in that state.
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