All states allow a corporation to have one shareholder. Most states allow an LLC to have only one member.

Generally, only one director and or officer has to be appointed with the Articles or Certificates of Incorporation. However, some states vary in these requirements, but usually require no more than three. Requirements for LLC's (Limited Liability Companies) vary by state.

A corporation has officers as described in its bylaws, as provided by O.C.G.A. 14-2-840. The same individual may hold more than one office, including that of President and Secretary. Only a corporation's Chief Executive Officer (person in charge), Chief Financial Officer (treasurer) and Secretary (person who maintains records) are listed with the Corporations Division. The same individual may hold more than one office.

A corporation consists of all three: officers, directors and shareholders. Shareholders are the owners of the corporation and elect the directors. Directors guide and are involved in the fundamental decisions of the corporation on behalf of the shareholders. Officers are selected by the directors and run the day-to-day operations of the corporation. These do not need to be separate people. Any person can fill all three positions.

Shareholders are the owners of the corporation. Shareholders invest money in the company (capital contribution) and they receive shares and elect the directors. The Directors (board of directors) make most major decisions for the operation of the business and they elect the officers of the corporation. The officers typically consist of the President, Secretary and Treasurer. A Vice President is optional. The President manages the business.

The stockholders of a Delaware Corporation and the owners of units in a Delaware LLC are not personally liable to the creditors of a Delaware Corporation or LLC unless they personally guarantee the obligations. Go Back to the Top of the Page

Shareholders - Proprietary companies must have at least 1 shareholder (individual or company) but are limited to a maximum of 50. There is no requirement for any shareholder(s) to be a resident of Australia. Directors - Every proprietary company must have at least 1 director, whom must ordinarily reside in Australia. A director must be at least 18 years of age and there is no upward age limit.

Yes, one person (U.S. or foreign) can incorporate a Corporation in Delaware. One person (U.S. or foreign) can also form an LLC in Delaware. Go Back to the Top of the Page

LLC is an unincorporated association that offers a combination of limited liability and special tax treatment. Limited Liability Companies (LLCs) were introduced in the late 80’s and early 90’s and do not have the long, established history of corporations. LLCs were originally limited to two or more persons and with a limited life. Most jurisdictions have eliminated those limitations.

A . Only one director is required in most states although you are allowed to have more. Some states use the number of shareholders in the corporation to determine the minimum number of directors. If the number of shareholders is three or more, then the corporation must have three directors. If the corporation has less than three shareholders, then the number of directors may equal the number of shareholders. States which have this rule include: AR, CA, HI, LA, ME, MD, MA, MO, NY, OH, UT, VT.

Every corporation must have at least one (1) director. There is no fixed maximum as to the number of directors that a private corporation must have at any given time. Nevertheless, the number of directors that a corporation decides to have must be indicated in its Articles of Incorporation by either specifying an exact number or a variable number (i.e., a minimum and a maximum) of directors.

Yes, a foreign person or Corporation can form and be the owner of a Delaware Corporation or LLC. Go Back to the Top of the Page

Under normal circumstances, officers, directors, managers, etc. do not have personal liability for lawful acts of the corporation. In addition, in Nevada statutes, the owners are not the "appropriate" party to a lawsuit. The company may also indemnify any officer, director, manager, etc. from personal liability.

Simply stated, the condo association directors make the major decisions about the property, and the condo association officers implement those decisions. For instance, the directors may meet to decide that the hallway cleaning service is no longer satisfactory and that a new provider needs to be found. One of the officers, typically the president, will then be responsible for gathering bids and bringing this information to the board.

Like a Corporation, an LLC offers limited liability to its owners. Unlike a Corporation, however, an LLC is taxed as a Partnership or Sole Proprietorship (unless the LLC elects to be taxed as a Corporation). This allows an LLC to pass all its income and losses through to the owners. Furthermore, the LLC has an advantage over a C-Corporation which makes an S-Corporation tax election because the S-Corporation can only have 100 stockholders and the stockholders cannot be Corporations or non-U.S.

Yes, Delaware Corporations and LLCs can qualify to do business in all 50 states and in foreign countries. Go Back to the Top of the Page

A corporation or LLC is a legal entity that has a separate existence from the individual(s) who forms it initially and its owners and operators. It is created by filing Articles with the appropriate state officials. It can contract, do business, sue and be sued, and enjoy most of the privileges of a separate entity.

A Professional Indemnity insurance policy covers a person and/or their company against claims made against them by a third party for financial compensation arising from a breach of their professional duty. Examples can include an insurance broker overlooking a particular risk exposure to his client's business and not arranging the appropriate insurance protection or an engineer designing a coal washing plant that does not perform to required specifications.