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Benefits of a Nonprofit Corporation

A "nonprofit" corporation may seem like a misnomer if activities of the corporation generate a profit. However, if the objective of the nonprofit corporation is not to make a profit but to achieve charitable, educational, religious, literary, or...

Registration Requirements for Securities Brokers and Dealers

Most brokers and dealers are required under Section 15 of the Securities Exchange Act of 1934 to register with the Securities and Exchange Commission and with a self-regulatory organization such as a national stock exchange before engaging in the...

Securities Law

An Outline of Federal Securities Laws

Two laws enacted in response to the 1929 stock market crash - the Securities Act of 1933 and the Securities Exchange Act of 1934 - remain the principal federal laws...

Business Judgment Rule

The business judgment rule protects a director from personal liability if he or she has performed diligently and carefully in legitimate furtherance of corporate objectives and purposes and has not acted fraudulently, illegally, or otherwise in...

Degree of Culpability

Typically, directors who conduct the corporation's business must exercise the care that an ordinarily prudent person would exercise in the management of his or her own affairs under similar circumstances. This...