美國公司法概要課件

一、公司的特征與分類

CHARACTERISTICSCLASSIFICATIONS一、公司的特征與分類

CHARACTERISTICSCL1CORPORATIONS示范公司法REVISEDMODELBUSINESSCORPORATIONACT(RMBCA)

1984ASADOPTEDBYINDIVIDUALSTATES

美國示范公司法(RMBCA),又譯美國標(biāo)準(zhǔn)公司法。美國各州都有自己的公司法,尤其以特拉華州公司法最有代表性。CORPORATIONS示范公司法R2公司的特征公司的特征nCHARACTERISTICS特征uLEGALENTITYuOWNEDBYSHAREHOLDERS

uMANAGEMENTtDIRECTORS

tOFFICERSuLIMITEDLIABILITY公司的特征公司的特征3分類nCLASSIFICATIONSuPUBLICCORPORATION公眾公司tGOVERNMENTALUNITtQUASI-GOVERNMENTENTITYuPRIVATECORPORATION私人公司tFORPROFITBUSINESStNON-PROFITORGANIZATION分類nCLASSIFICATIONS4股份公司與有限公司nCLASSIFICATIONSuPUBLICLYHELD股份公司(開放式公司)tFREELYTRADEDSHAREStPUBLICMARKETFORSHARES(WHETHERORNOTLISTEDONNATIONALEXCHANGE)uCLOSELYHELD有限公司(封閉式公司)tSMALLNUMBEROFSHAREHOLDERStRESTRICTIONSONTRANSFEROFSHARES股份公司與有限公司nCLASSIFICATIONS5職業(yè)性公司(律師事務(wù)所、會計師事務(wù)所等)nCLASSIFICATIONS

uPROFESSIONALCORPORATIONSt“PC”O(jiān)R“SC”職業(yè)性公司tMEMBERSOFAGIVENPROFESSIONARESHAREHOLDERStNOLIMITEDLIABILITYFORPROFESSIONALMALPRACTICE職業(yè)性公司(律師事務(wù)所、會計師事務(wù)所等)nCLASS6依據(jù)所得稅繳納方式的公司分類nCLASSIFICATIONS

uINCOMETAXSTATUS所得稅地位t“C”CORPORATION“C”類公司?INCOMEISTAXEDATTHECORPORATIONLEVEL?SHAREHOLDERSTAXEDONDIVIDENDSTHEYRECEIVEt“S”CORPORATION“S”類公司?NOTAXATCORPORATIONLEVEL?PROFITSPASSTHROUGHTOSHAREHOLDERS依據(jù)所得稅繳納方式的公司分類nCLASSIFICATI7二、公司的設(shè)立過程INCORPORATIONPROCESS二、公司的設(shè)立過程INCORPORATIONPROCES8公司的設(shè)立nINCORPORATIONPROCESS公司設(shè)立過程uINCORPORATORStRESPONSIBLEFORCREATIONOFCORPORATIONnARTICLESOFINCORPORATION設(shè)立章程tSIGNEDBYINCORPORATOR(S)tFILEDWITHSTATE(WI–DEPARTMENTOFFINANCIALINSTITUTIONS)

tEXISTENCEBEGINSWHENACCEPTEDBYDFI公司的設(shè)立nINCORPORATIONPROCESS9公司章程nARTICLESOFINCORPORATION章程

uNAMEtMUSTSPECIFICALLYDESIGNATEASCORPORATION(“CORP.”,“COMPANY”,“INC.”,“LTD”)tCANNOTBEDECEPTIVELYSIMILARTOANOTHERCORPORATION’SNAME公司章程nARTICLESOFINCORPORAT10公司章程續(xù)nARTICLESOFINCORPORATION章程uDURATIONtPERPETUAL,ORtLIMITEDPERIODuPURPOSEtSPECIFIC(ORLIMITED)

tANYLAWFULBUSINESSuNUMBEROFAUTHORIZEDSHARES公司章程續(xù)nARTICLESOFINCORPORA11公司章程續(xù)nARTICLESOFINCORPORATION章程uREGISTEREDOFFICEANDAGENTtOFFICEMUSTBEINSTATEtAGENTMUSTBERESIDENTOFSTATEuNAMEANDADDRESSOFINCORPORATOR(S)公司章程續(xù)nARTICLESOFINCORPORA12內(nèi)部管理文件nBYLAWS內(nèi)部管理規(guī)則uDETAILEDRULESTHATCONTROLINTERNALMATTERSOFCORPORATIONuUSUALLY,BOTHBODANDSHAREHOLDERSHAVEPOWERTOCREATE,AMENDORREPEAL內(nèi)部管理文件nBYLAWS內(nèi)部管理規(guī)則13公司設(shè)立的效力nCORPORATEPOWERS公司的權(quán)力、公司設(shè)立的效力uGRANTEDBYSTATELAWuEXAMPLEStPERPETUALEXISTENCEtFILELAWSUITS

tOWNPROPERTY

tMAKECONTRACTStPERFORMACTSNECESSARYTOCONDUCTINGLAWFULBUSINESS公司設(shè)立的效力nCORPORATEPOWERS公司14越權(quán)規(guī)則n“ULTRAVIRES”越權(quán)規(guī)則uACTSTHATAREBEYONDCORPORATEPOWERSORPURPOSESTATEDINARTICLESOFINCORPORATIONuFOLLOWINGCANSUETOPREVENTtSHAREHOLDERtCORPORATION,AGAINSTOFFICERSORDIRECTORStSTATEATTORNEYGENERAL越權(quán)規(guī)則n“ULTRAVIRES”越權(quán)規(guī)則15按設(shè)立地分類nDOMESTICCORPORATION本州公司

nFOREIGNCORPORATION外州公司uDOINGBUSINESSINANYSTATEOTHERTHANSTATEINWHICHINCORPORATEDuREGISTEREDAGENTANDOFFICEuCANNOTSUEINTHATSTATEUNTILOBTAINING“CERTIFICATEOFAUTHORITY”nALIENCORPORATION外國公司uINCORPORATEDINAFOREIGNCOUNTRY按設(shè)立地分類nDOMESTICCORPORATION16公司發(fā)起人nPROMOTERS發(fā)起人

uPREINCORPORATIONCONTRACTStCORPORATIONNOTAUTOMATICALLYLIABLEtTOBELIABLE,MUST“ADOPT”THEPROMOTER’SCONTRACTAFTERCOMINGINTOEXISTENCE公司發(fā)起人nPROMOTERS發(fā)起人

17先公司合同nPROMOTERS發(fā)起人

uPREINCORPORATIONCONTRACTStPROMOTERISPERSONALLYLIABLEtAVOIDINGLIABLILITY?IRREVOCABLEOFFERTOCORP?SPECIFICCONTRACTTERMS?PROMOTER,THIRDPARTYANDCORPENTERINTO“NOVATION”?RELEASEFROMTHIRDPARTY先公司合同nPROMOTERS發(fā)起人

18公司設(shè)立瑕疵nDEFECTIVEINCORPORATION設(shè)立瑕疵

u“DEJURE”–INTOTALCOMPLIANCEWITHSTATESTATUTEu“DEFACTO”事實公司tELEMENTS:

?EXISTINGSTATESTATUTE

?GOODFAITHEFFORTTOCOMPLY?CONDUCTINGBUSINESSACORPtONLYTHESTATECANCHALLENGECORP’SEXISTENCE公司設(shè)立瑕疵nDEFECTIVEINCORPORAT19冒牌公司nDEFECTIVEINCORPORATION

uCORPBYESTOPPEL冒牌公司tTHIRDPARTYCONDUCTSBUSINESSWITHANOTHERBUSINESStTHIRDPARTYBELIEVESOTHERBUSINESSTOBEACORPtTHIRDPARTYCANNOTHOLD“SHAREHOLDERS”(OWNERS)PERSONALLYLIABLEIFBUSINESSFAILEDTOPROPERLYINCORPORATE冒牌公司nDEFECTIVEINCORPORATIO20揭開公司面紗n“PIERCINGCORPORATEVEIL”PERSONALLIABILITYIMPOSEDUPONSHAREHOLDERSuCIRCUMSTANCESCONSIDEREDtUNDERCAPITALIZATIONtFAILURETOOBSERVEFORMALITIEStNONPAYMENTOFDIVIDENDStSIPHONINGOFFUNDSBYCONTROLLINGSHAREHOLDERtNONFUNCTIONINGOFOTHEROFFICERSORDIRECTORS揭開公司面紗n“PIERCINGCORPORATE21揭開公司面紗續(xù)n“PIERCINGCORPORATEVEIL”

uCIRCUMSTANCESCONSIDEREDtUSEOFCORPASFACADEFORCONTROLLINGSHAREHOLDER’SOTHERFINANCIALAFFAIRStFRAUD,OROTHERINJUSTICE揭開公司面紗續(xù)n“PIERCINGCORPORATE22三、公司的融資結(jié)構(gòu)FINANCIALSTRUCTURE三、公司的融資結(jié)構(gòu)FINANCIALSTRUCTURE23融資結(jié)構(gòu):公司證券分類n“SECURITY”證券

uSTOCK(EQUITYSECURITY)股票

tOWNERSHIPINTEREST

uBOND(DEBTSECURITY)債券

tHOLDERISACREDITOROFCORPORATION融資結(jié)構(gòu):公司證券分類n“SECURITY”證券24股東權(quán)益nRIGHTSOFSHAREHOLDERuDIVIDENDSuPARTICIPATEINCONTROL(VOTEONMAJORISSUESATSHAREHOLDERS’MEETING)uSHAREOFNETASSETSUPONLIQUIDATIONOFCORPORATION股東權(quán)益nRIGHTSOFSHAREHOLDER25股票分類:普通股nSTOCK(SHARES)CLASSES股票分類

uCOMMONSTOCKtBASICGROUPOFOWNERStVOTINGRIGHTS股票分類:普通股nSTOCK(SHARES)CLA26優(yōu)先股nSTOCKCLASSES

uPREFERREDSTOCK優(yōu)先股tRECEIVESPECIFIEDPRIORITIES?ORDINARILY,RIGHTTODIVIDENDBEFORECOMMONSTOCKSHAREHOLDERStMAYBE“CUMULATIVE”?RIGHTTODIVIDENDCARRIESFORWARD(ANDACCUMULATES)IFNOTPAIDINCURRENTYEAR

tUSUALLY,NOVOTINGRIGHTS優(yōu)先股nSTOCKCLASSES

uPREFER27優(yōu)先股續(xù)nSTOCKCLASSES

uPREFERREDSTOCKtMAYBE“CALLABLE”?CORPCANPURCHASEFROMSHAREHOLDERATCORP’SOPTION?MAYBE“CONVERTIBLE”INTOCOMMONSTOCK優(yōu)先股續(xù)nSTOCKCLASSES

uPREFE28股票的其他分類nSTOCKCATEGORIESu“AUTHORIZED”–CORPMAYISSUEUPTOTHISAMOUNTASSTATEDINARTICLESOFINCORPORATION授權(quán)發(fā)行的股份u“ISSUED”–SOLDOROTHERWISETRANSFERREDBYCORPORATIONTOSHAREHOLDERS已發(fā)行股份u“OUTSTANDING”–HELDBYSHAREHOLDERSATANYGIVENPOINTINTIME股東持有的股份u“TREASURY”–PREVIOUSLYISSUED,BUTHAVEBEENREACQUIREDBYCORP公司回購的股份(無表決權(quán))股票的其他分類nSTOCKCATEGORIES29取得股份的對價(方式)nCONSIDERATIONFORSTOCKuCASH現(xiàn)金uPROPERTY財產(chǎn)uPROMISSORYNOTE可轉(zhuǎn)讓的票據(jù)uSERVICESPERFORMED已完成服務(wù)uPROMISETOPERFORMSERVICESINTHEFUTURE承諾的服務(wù)取得股份的對價(方式)nCONSIDERATIONF30認(rèn)股協(xié)議nPRE-INCORPORATIONSUBSCRIPTIONAGREEMENTSuOFFERBYSHAREHOLDERTOBUYSTOCKINCORPNOTYETFORMEDuRMBCATREATSASIRREVOCABLEOFFERFOR6MONTHSAFTERDATEOFOFFERtWISCONSIN–OFFERISAUTOMATICALLYACCEPTEDBYCORPUPONFORMATIONOFCORP認(rèn)股協(xié)議nPRE-INCORPORATIONSUBS31“發(fā)水股份”(出資瑕疵)n“WATEREDSTOCK”發(fā)水股票uSTOCKTHATHASBEENISSUEDFORINADEQUATECONSIDERATIONtEXAMPLES?OVERVALUEDREALESTATE?PROMISEOFFUTURESERVICESTHATISNOTPERFORMED

“發(fā)水股份”(出資瑕疵)n“WATEREDSTOCK32公司債券的種類nBOND有擔(dān)保債券uALOANOFMONEYTOCORPuHOLDERENTITLEDTOPERIODICPAYMENTOFINTERESTANDRETURNOFPRINCIPALWHENBOND“MATURES”uSECUREDBYSPECIFICCORPORATEPROPERTYnDEBENTURE無擔(dān)保債券uUNSECUREDLOAN,SOTHATHOLDERISAGENERALCREDITOROFCORP公司債券的種類nBOND有擔(dān)保債券33債券承銷協(xié)議nINDENTURE債券承銷協(xié)議uAGREEMENTBETWEENCORPISSUINGBONDANDTHEFINANCIALINSTITUTIONADMINISTERINGTHEBOND債券承銷協(xié)議nINDENTURE債券承銷協(xié)議34公司證券轉(zhuǎn)讓:記名股票nTRANSFEROFSECURITIES證券轉(zhuǎn)讓uSTOCKCERTIFICATES股權(quán)證書tREGISTERED記名式?TRANSFERREDBYOWNERSIGNINGONCERTIFICATE,NAMINGTRANSFEREE,ANDRETURNINGTOCORP?CORPISSUESNEWCERTIFICATEINNAMEOFTRANSFEREE公司證券轉(zhuǎn)讓:記名股票nTRANSFEROFSEC35不記名股票nTRANSFEROFSECURITIES

uSTOCKCERTIFICATEStBEARER?NOSPECIFICSHAREHOLDERNAMEDONCERTIFICATE?SHAREHOLDERISWHOEVERHASPHYSICALPOSSESSIONOFTHECERTIFICATE不記名式不記名股票nTRANSFEROFSECURITIE36上市公司股份轉(zhuǎn)讓nTRANSFEROFSECURITIES

uMODERNPRACTICEFORPUBLICLYTRADEDCORPORATIONS上市公司股票tNOPHYSICALCERTIFICATEtOFTENHELDIN“DEPOSITORY”AND/ORINBROKERACCOUNT,WHOKEEPACCOUNTRECORDS(RATHERTHANPYSICALCERTIFICATES)上市公司股份轉(zhuǎn)讓nTRANSFEROFSECURI37公司紅利分配方式nDIVIDENDS紅利uTHREETYPEStCASH現(xiàn)金tPROPERTY財產(chǎn)tSTOCK股票uNOAUTOMATICRIGHTTODIVIDENDINAGIVENYEAR公司紅利分配方式nDIVIDENDS紅利38非法紅利nDIVIDENDS

uILLEGALDIVIDENDS非法分紅tCORPINSOLVENT,ORISSUINGWOULDCAUSECORPTOBECOMEINSOLVENTtDIRECTORSWHOAPPROVEMAYBEPERSONALLYLIABLE非法紅利nDIVIDENDS

uILLEGALD39三、公司的管理MANAGEMENT

三、公司的管理MANAGEMENT40公司的管理層次nSHAREHOLDERS股東

uOWNERS

uPARTICIPATEINMAJORDECISIONSnBOARDOFDIRECTORS董事

uPOLICYDECISIONS

uELECTOFFICERS

uDECIDETOISSUEDIVIDENDSnOFFICERS經(jīng)理、高管

uDAY-TO-DAYOPERATIONORBUSINESS公司的管理層次nSHAREHOLDERS股東

uO41股東大會nSHAREHOLDERS

uSHAREHOLDERSMEETINGtATLEASTANNUALLYtMUSTBEGIVENWRITTENNOTICEOFPLACEANDTIMEtELECTDIRECTORS

tVOTEONOTHERMAJORISSUES股東大會nSHAREHOLDERS

uSHAREH42股東大會的要求nSHAREHOLDERSMEETINGuQUARUM百分比要求tMINIMUMNUMBEROFSHAREHOLDERS(ORRIGHTTOVOTESHARES)THATMUSTBEPRESENTATMEETINGINORDERTOCONDUCTBUSINESSuMAYTAKEACTIONWITHOUTMEETING,IFUNANIMOUSWRITTENCONSENTOFSHAREHOLDERS股東大會的要求nSHAREHOLDERSMEETIN43累積投票制nSHAREHOLDERSMEETINGuCUMULATIVEVOTING累積投票tONLYFORELECTIONOFDIRECTORStSTATELAWORBY-LAWSMUSTPERMITtTHENUMBEROFVOTESEACHSHAREHOLDERRECEIVES(USUALLYONEPERSHARE)MULTIPLIEDBYTHENUMBEROFDIRECTORSBEINGELECTEDATTHATMEETING累積投票制nSHAREHOLDERSMEETING44表決權(quán)代理與表決權(quán)信托nSHAREHOLDERSMEETINGuPROXYVOTING表決權(quán)代理tSHAREHOLDERDESIGNATESAPARTYWHOCANVOTEONBEHALFOFSHAREHOLDER(OFTENCORPORATEMANAGEMENT)uVOTINGTRUST表決權(quán)信托tSHAREHOLDERSASSIGNSHARESTOTRUSTEE,WHOVOTESACCORDINGTOTRUSTAGREEMENTtSHAREHOLDERSSTILLRECEIVEDIVIDENDS表決權(quán)代理與表決權(quán)信托nSHAREHOLDERSME45投票協(xié)議nSHAREHOLDERSMEETING

uVOTINGAGREEMENT投票協(xié)議tCONTRACTBETWEENSHAREHOLDERSTOCASTTHEIRVOTESINACERTAINWAY投票協(xié)議nSHAREHOLDERSMEETING

46優(yōu)先認(rèn)股權(quán)nSHAREHOLDERSMEETING

uPREEMPTIVERIGHTS優(yōu)先認(rèn)購權(quán)

tRIGHTOFSHAREHOLDERTOPURCHASEAMOUNTOFSHARESINNEWISSUANCESOTHATPERCENTAGEOWNERSHIPINTERESTISMAINTAINED優(yōu)先認(rèn)股權(quán)nSHAREHOLDERSMEETING

47股東查閱權(quán)nSHAREHOLDER’SRIGHTTOREVIEWCORPORATERECORDS股東查閱權(quán)uMUSTBECURRENTSHAREHOLDERuWRITTENDEMANDSTATINGTHEPURPOSEuMADEINGOODFAITHuPROPERPURPOSE股東查閱權(quán)nSHAREHOLDER’SRIGHTT48董事會nBOARDOFDIRECTORS董事會uACTASAGROUP,NOTINDIVIDUALLYuMAYHAVEONLYONEDIRECTORuMAYHAVE“STAGGEREDTERMS”(限制性條款,絆腳石條款)uMID-TERMVACANCYUSUALLYFILLEDBYBODUNTILNEXTSHAREHOLDERMEETING董事會nBOARDOFDIRECTORS董事會49董事會會議nBOARDOFDIRECTORSuMEETINGStREGULAR

?DIRECTORSNOTENTITLEDTOSPECIFICNOTICE

tSPECIAL?DIRECTORSENTITLEDTOWRITTENNOTICEtTELECONFERENCEtUNANIMOUSCONSENT董事會會議nBOARDOFDIRECTORS50董事會會議續(xù)nBOARDOFDIRECTORSuMEETINGStQUARUMREQUIREDtPROXYVOTINGNOTALLOWEDtDISSENTINGDIRECTORMUSTHAVEDISSENTRECORDEDIN“MINUTES”O(jiān)FMEETINGTOAVOIDPOSSIBLEPERSONALLIABILITYFORDECISIONOFMAJORITYOFBOARD董事會會議續(xù)nBOARDOFDIRECTORS51MANAGEMENT經(jīng)理nOFFICERS

uACTINDIVIDUALLY,ASAGENTSOFTHECORPORATIONuAGENCYPRINCIPLESOFAUTHORITYAPPLYMANAGEMENT經(jīng)理nOFFICERS

52經(jīng)理:商業(yè)判斷規(guī)則nOFFICERS

uBUSINESSJUDGMENTRULE

tPROTECTSAGAINSTLIABILITYFORMISTAKESMADEINGOODFAITHANDWITHREASONABLECARETHATAREBELIEVEDTOBEINTHEBESTINTERESTOFCORPORATION經(jīng)理:商業(yè)判斷規(guī)則nOFFICERS

53利益沖突(誠信義務(wù))nCONFLICTSOFINTEREST(DUTYOFLOYALTY)uWHEREDIRECTOROROFFICER’SPERSONALINTERESTISOPPOSEDTOTHECORPORATION’SINTERESTtMUSTNOTIFYCORPOFCONFLICTtMUSTFULLYDISCLOSETHECONFLICTtMUSTABSTAINFROMVOTINGOROTHERWISEPARTICIPATINGINTHEDECISIONINVOLVINGTHECONFLICT利益沖突(誠信義務(wù))nCONFLICTSOFINT54誠信義務(wù):公司機會規(guī)則nCONFLICTSOFINTEREST(DUTYOFLOYALTY)uCORPORATEOPPORTUNITYDOCTRINEtDIRECTOROROFFICERWHOISMADEAWAREOFBUSINESSOPPORTUNITY,INTHESAMELINEOFBUSINESSASTHECORP,MUSTFIRSTMAKECORPAWAREOFTHEOPPORTUNITYANDALLOWCORPTOTAKEADVANTAGEBEFORETAKINGPERSONALADVANTAGE

誠信義務(wù):公司機會規(guī)則nCONFLICTSOFIN55對少數(shù)股東的義務(wù)nDUTYTOMINORITYSHAREHOLDERS

uDUTYISGENERALLYTOACTINBESTINTERESTSOFCORPORATIONtNOTSPECIFICALLYFORBENEFITOFMAJORITYORMINORITYSHAREHOLDERSuACONTROLLINGSHAREHOLDERMAYNOTACTTOUNFAIRLYAFFECTRIGHTSOFOTHERSHAREHOLDERS對少數(shù)股東的義務(wù)nDUTYTOMINORITYS56公司訴訟LAWSUITSnCORPISALEGAL“PERSON”ANDASSUCHMAYSUEANDBESUEDnSHAREHOLDERDERIVATIVESUIT股東派生訴訟uSHAREHOLDER(S)FILINGLAWSUITAGAINSTOFFICERSORDIRECTORSONBEHALFOFTHECORPORATIONITSELFuTOPREVENT,ORSEEKCOMPENSATIONFOR,WRONGFULDECISIONSORCONDUCT公司訴訟LAWSUITSnCORPISALEG57股東代表訴訟nSHAREHOLDERDERIVATIVESUIT

uREQUIREMENT:tEXHAUSTALLCORPORATEREMEDIES?WRITTENDEMANDTOOFFICERSANDDIRECTORS?WAITFOR90DAYPERIODAFTERDEMANDBEFOREFILINGLAWSUIT股東代表訴訟nSHAREHOLDERDERIVATI58四、公司并購與資產(chǎn)收購M&A,ASSETSPURCHASE四、公司并購與資產(chǎn)收購59MERGERS公司兼并nTWO(ORMORE)CORPSCOMBINESOTHATONLYONECORPORATIONSURVIVESu(CORPA+CORPB=CORPA)uSHAREHOLDERSOFNON-SURVIVINGCORPSUSUALLYRECEIVESHARESOFTHESURVIVINGCORPuDIRECTORSPROPOSE,ANDSHAREHOLDERSOFBOTHCORPSMUSTAPPROVEuDEBTTRANSFERSTOSURVIVINGCORPMERGERS公司兼并nTWO(ORMORE)60CONSOLIDATIONS公司合并nTWO(ORMORE)CORPSCOMBINESOTHATANEWCORPORATIONISFORMEDu(CORPA+CORPB=CORPC)uSHAREHOLDERSOFNON-SURVIVINGCORPSUSUALLYRECEIVESHARESOFTHENEWCORPuDIRECTORSPROPOSE,ANDSHAREHOLDERSOFBOTHCORPSMUSTAPPROVEuDEBTTRANSFERSTONEWCORPCONSOLIDATIONS公司合并nTWO(O61ASSETPURCHASE資產(chǎn)收購nONECORPSELLSITSPHYSICALASSETS(ANDPOSSIBLYACCOUNTSRECEIVABLE)TOANOTHERCORPnSELLINGCORPUSUALLYTHENPROCEEDSTODISSOLVEANDDISTRIBUTEPROCEEDSTOITSSHAREHOLDERSASSETPURCHASE資產(chǎn)收購nONECOR62STOCKPURCHASE股權(quán)收購nONECORPBUYSALL,ORACONTROLLINGINTERESTIN,THESTOCKOFANOTHERCORPuMAYSIMPLYBUYSHARESONAPUBLICLYTRADEDMARKETuMAYMAKEATENDEROFFERTOTHESHAREHOLDERSTOPURCHASEALLTHESHARESATASPECIFICPRICESTOCKPURCHASE股權(quán)收購nONECOR63五、公司解散DISSOLUTION五、公司解散DISSOLUTION64自愿解散nVOLUNTARY自愿解散uBODADOPTS,ANDREQUIREDMAJORITYOFSHAREHOLDERSAPPROVES,ARESOLUTIONTODISSOLVETHECORPtASSETSSOLDtDEBTSPAIDtNETASSETSDISTRIBUTEDTOSHAREHOLDERS自愿解散nVOLUNTARY自愿解散65強制解散nINVOLUNTARY強制解散

uLEGALACTIONBROUGHTBYtSHAREHOLDERStCREDITORStSECRETARYOFSTATE,ORtATTORNEYGENERAL強制解散nINVOLUNTARY強制解散

66股東退出權(quán)APPRISALRIGHTnRIGHTOFSHAREHOLDERWHODISSAPROVESOFEXTRAORDINARYACTIONPROPOSED(EX.MERGER,ENTIRELYNEWBUSINESSACTIVITY)TODEMANDTHATCORPPURCHASESHARESuMUSTNOTIFYCORPINWRITINGPRIORTOTHESCHEDULEDVOTEuCANNOTVOTEONPROPOSALuRECEIVESMARKETVALUEOFSHARESASOFDAYPRIORTOTHEVOTE股東退出權(quán)APPRISALRIGHTnRIGHT67六、有限公司(封閉式公司)CLOSELYHELDCORPORATIONS六、有限公司(封閉式公司)CLOSELYHELDCORP68有限責(zé)任公司特征nSMALLNUMBEROFSHAREHOLDERSu50,ORFEWER,INWISCONSINnALLOWSFORLIMITEDLIABILITYPROTECTIONDESPITENON-COMPLIANCEWITHUSUALFORMALITIESuNOANNUALSHAREHOLDERSMEETINGSuNOREGULARBODMEETINGSnMUSTSPECIFICALLYELECTINARTICLES有限責(zé)任公司特征nSMALLNUMBEROFSH69股權(quán)轉(zhuǎn)讓限制nRESTRICTIONSONTRANSFEROFSHARESuMUSTFIRSTOFFERCORPOPPORTUNITYTOPURCHASE(USUALLY60DAYS)uIFCORPDOESN’TPURCHASE,MUSTTHENOFFERTOOTHERSHAREHOLDERSuNEWSHAREHOLDERSMUSTBEINFORMEDOFRESTRICTIONSPRIORTOPURCHASINGSHARES股權(quán)轉(zhuǎn)讓限制nRESTRICTIONSONTRAN70一、公司的特征與分類

CHARACTERISTICSCLASSIFICATIONS一、公司的特征與分類

CHARACTERISTICSCL71CORPORATIONS示范公司法REVISEDMODELBUSINESSCORPORATIONACT(RMBCA)

1984ASADOPTEDBYINDIVIDUALSTATES

美國示范公司法(RMBCA),又譯美國標(biāo)準(zhǔn)公司法。美國各州都有自己的公司法,尤其以特拉華州公司法最有代表性。CORPORATIONS示范公司法R72公司的特征公司的特征nCHARACTERISTICS特征uLEGALENTITYuOWNEDBYSHAREHOLDERS

uMANAGEMENTtDIRECTORS

tOFFICERSuLIMITEDLIABILITY公司的特征公司的特征73分類nCLASSIFICATIONSuPUBLICCORPORATION公眾公司tGOVERNMENTALUNITtQUASI-GOVERNMENTENTITYuPRIVATECORPORATION私人公司tFORPROFITBUSINESStNON-PROFITORGANIZATION分類nCLASSIFICATIONS74股份公司與有限公司nCLASSIFICATIONSuPUBLICLYHELD股份公司(開放式公司)tFREELYTRADEDSHAREStPUBLICMARKETFORSHARES(WHETHERORNOTLISTEDONNATIONALEXCHANGE)uCLOSELYHELD有限公司(封閉式公司)tSMALLNUMBEROFSHAREHOLDERStRESTRICTIONSONTRANSFEROFSHARES股份公司與有限公司nCLASSIFICATIONS75職業(yè)性公司(律師事務(wù)所、會計師事務(wù)所等)nCLASSIFICATIONS

uPROFESSIONALCORPORATIONSt“PC”O(jiān)R“SC”職業(yè)性公司tMEMBERSOFAGIVENPROFESSIONARESHAREHOLDERStNOLIMITEDLIABILITYFORPROFESSIONALMALPRACTICE職業(yè)性公司(律師事務(wù)所、會計師事務(wù)所等)nCLASS76依據(jù)所得稅繳納方式的公司分類nCLASSIFICATIONS

uINCOMETAXSTATUS所得稅地位t“C”CORPORATION“C”類公司?INCOMEISTAXEDATTHECORPORATIONLEVEL?SHAREHOLDERSTAXEDONDIVIDENDSTHEYRECEIVEt“S”CORPORATION“S”類公司?NOTAXATCORPORATIONLEVEL?PROFITSPASSTHROUGHTOSHAREHOLDERS依據(jù)所得稅繳納方式的公司分類nCLASSIFICATI77二、公司的設(shè)立過程INCORPORATIONPROCESS二、公司的設(shè)立過程INCORPORATIONPROCES78公司的設(shè)立nINCORPORATIONPROCESS公司設(shè)立過程uINCORPORATORStRESPONSIBLEFORCREATIONOFCORPORATIONnARTICLESOFINCORPORATION設(shè)立章程tSIGNEDBYINCORPORATOR(S)tFILEDWITHSTATE(WI–DEPARTMENTOFFINANCIALINSTITUTIONS)

tEXISTENCEBEGINSWHENACCEPTEDBYDFI公司的設(shè)立nINCORPORATIONPROCESS79公司章程nARTICLESOFINCORPORATION章程

uNAMEtMUSTSPECIFICALLYDESIGNATEASCORPORATION(“CORP.”,“COMPANY”,“INC.”,“LTD”)tCANNOTBEDECEPTIVELYSIMILARTOANOTHERCORPORATION’SNAME公司章程nARTICLESOFINCORPORAT80公司章程續(xù)nARTICLESOFINCORPORATION章程uDURATIONtPERPETUAL,ORtLIMITEDPERIODuPURPOSEtSPECIFIC(ORLIMITED)

tANYLAWFULBUSINESSuNUMBEROFAUTHORIZEDSHARES公司章程續(xù)nARTICLESOFINCORPORA81公司章程續(xù)nARTICLESOFINCORPORATION章程uREGISTEREDOFFICEANDAGENTtOFFICEMUSTBEINSTATEtAGENTMUSTBERESIDENTOFSTATEuNAMEANDADDRESSOFINCORPORATOR(S)公司章程續(xù)nARTICLESOFINCORPORA82內(nèi)部管理文件nBYLAWS內(nèi)部管理規(guī)則uDETAILEDRULESTHATCONTROLINTERNALMATTERSOFCORPORATIONuUSUALLY,BOTHBODANDSHAREHOLDERSHAVEPOWERTOCREATE,AMENDORREPEAL內(nèi)部管理文件nBYLAWS內(nèi)部管理規(guī)則83公司設(shè)立的效力nCORPORATEPOWERS公司的權(quán)力、公司設(shè)立的效力uGRANTEDBYSTATELAWuEXAMPLEStPERPETUALEXISTENCEtFILELAWSUITS

tOWNPROPERTY

tMAKECONTRACTStPERFORMACTSNECESSARYTOCONDUCTINGLAWFULBUSINESS公司設(shè)立的效力nCORPORATEPOWERS公司84越權(quán)規(guī)則n“ULTRAVIRES”越權(quán)規(guī)則uACTSTHATAREBEYONDCORPORATEPOWERSORPURPOSESTATEDINARTICLESOFINCORPORATIONuFOLLOWINGCANSUETOPREVENTtSHAREHOLDERtCORPORATION,AGAINSTOFFICERSORDIRECTORStSTATEATTORNEYGENERAL越權(quán)規(guī)則n“ULTRAVIRES”越權(quán)規(guī)則85按設(shè)立地分類nDOMESTICCORPORATION本州公司

nFOREIGNCORPORATION外州公司uDOINGBUSINESSINANYSTATEOTHERTHANSTATEINWHICHINCORPORATEDuREGISTEREDAGENTANDOFFICEuCANNOTSUEINTHATSTATEUNTILOBTAINING“CERTIFICATEOFAUTHORITY”nALIENCORPORATION外國公司uINCORPORATEDINAFOREIGNCOUNTRY按設(shè)立地分類nDOMESTICCORPORATION86公司發(fā)起人nPROMOTERS發(fā)起人

uPREINCORPORATIONCONTRACTStCORPORATIONNOTAUTOMATICALLYLIABLEtTOBELIABLE,MUST“ADOPT”THEPROMOTER’SCONTRACTAFTERCOMINGINTOEXISTENCE公司發(fā)起人nPROMOTERS發(fā)起人

87先公司合同nPROMOTERS發(fā)起人

uPREINCORPORATIONCONTRACTStPROMOTERISPERSONALLYLIABLEtAVOIDINGLIABLILITY?IRREVOCABLEOFFERTOCORP?SPECIFICCONTRACTTERMS?PROMOTER,THIRDPARTYANDCORPENTERINTO“NOVATION”?RELEASEFROMTHIRDPARTY先公司合同nPROMOTERS發(fā)起人

88公司設(shè)立瑕疵nDEFECTIVEINCORPORATION設(shè)立瑕疵

u“DEJURE”–INTOTALCOMPLIANCEWITHSTATESTATUTEu“DEFACTO”事實公司tELEMENTS:

?EXISTINGSTATESTATUTE

?GOODFAITHEFFORTTOCOMPLY?CONDUCTINGBUSINESSACORPtONLYTHESTATECANCHALLENGECORP’SEXISTENCE公司設(shè)立瑕疵nDEFECTIVEINCORPORAT89冒牌公司nDEFECTIVEINCORPORATION

uCORPBYESTOPPEL冒牌公司tTHIRDPARTYCONDUCTSBUSINESSWITHANOTHERBUSINESStTHIRDPARTYBELIEVESOTHERBUSINESSTOBEACORPtTHIRDPARTYCANNOTHOLD“SHAREHOLDERS”(OWNERS)PERSONALLYLIABLEIFBUSINESSFAILEDTOPROPERLYINCORPORATE冒牌公司nDEFECTIVEINCORPORATIO90揭開公司面紗n“PIERCINGCORPORATEVEIL”PERSONALLIABILITYIMPOSEDUPONSHAREHOLDERSuCIRCUMSTANCESCONSIDEREDtUNDERCAPITALIZATIONtFAILURETOOBSERVEFORMALITIEStNONPAYMENTOFDIVIDENDStSIPHONINGOFFUNDSBYCONTROLLINGSHAREHOLDERtNONFUNCTIONINGOFOTHEROFFICERSORDIRECTORS揭開公司面紗n“PIERCINGCORPORATE91揭開公司面紗續(xù)n“PIERCINGCORPORATEVEIL”

uCIRCUMSTANCESCONSIDEREDtUSEOFCORPASFACADEFORCONTROLLINGSHAREHOLDER’SOTHERFINANCIALAFFAIRStFRAUD,OROTHERINJUSTICE揭開公司面紗續(xù)n“PIERCINGCORPORATE92三、公司的融資結(jié)構(gòu)FINANCIALSTRUCTURE三、公司的融資結(jié)構(gòu)FINANCIALSTRUCTURE93融資結(jié)構(gòu):公司證券分類n“SECURITY”證券

uSTOCK(EQUITYSECURITY)股票

tOWNERSHIPINTEREST

uBOND(DEBTSECURITY)債券

tHOLDERISACREDITOROFCORPORATION融資結(jié)構(gòu):公司證券分類n“SECURITY”證券94股東權(quán)益nRIGHTSOFSHAREHOLDERuDIVIDENDSuPARTICIPATEINCONTROL(VOTEONMAJORISSUESATSHAREHOLDERS’MEETING)uSHAREOFNETASSETSUPONLIQUIDATIONOFCORPORATION股東權(quán)益nRIGHTSOFSHAREHOLDER95股票分類:普通股nSTOCK(SHARES)CLASSES股票分類

uCOMMONSTOCKtBASICGROUPOFOWNERStVOTINGRIGHTS股票分類:普通股nSTOCK(SHARES)CLA96優(yōu)先股nSTOCKCLASSES

uPREFERREDSTOCK優(yōu)先股tRECEIVESPECIFIEDPRIORITIES?ORDINARILY,RIGHTTODIVIDENDBEFORECOMMONSTOCKSHAREHOLDERStMAYBE“CUMULATIVE”?RIGHTTODIVIDENDCARRIESFORWARD(ANDACCUMULATES)IFNOTPAIDINCURRENTYEAR

tUSUALLY,NOVOTINGRIGHTS優(yōu)先股nSTOCKCLASSES

uPREFER97優(yōu)先股續(xù)nSTOCKCLASSES

uPREFERREDSTOCKtMAYBE“CALLABLE”?CORPCANPURCHASEFROMSHAREHOLDERATCORP’SOPTION?MAYBE“CONVERTIBLE”INTOCOMMONSTOCK優(yōu)先股續(xù)nSTOCKCLASSES

uPREFE98股票的其他分類nSTOCKCATEGORIESu“AUTHORIZED”–CORPMAYISSUEUPTOTHISAMOUNTASSTATEDINARTICLESOFINCORPORATION授權(quán)發(fā)行的股份u“ISSUED”–SOLDOROTHERWISETRANSFERREDBYCORPORATIONTOSHAREHOLDERS已發(fā)行股份u“OUTSTANDING”–HELDBYSHAREHOLDERSATANYGIVENPOINTINTIME股東持有的股份u“TREASURY”–PREVIOUSLYISSUED,BUTHAVEBEENREACQUIREDBYCORP公司回購的股份(無表決權(quán))股票的其他分類nSTOCKCATEGORIES99取得股份的對價(方式)nCONSIDERATIONFORSTOCKuCASH現(xiàn)金uPROPERTY財產(chǎn)uPROMISSORYNOTE可轉(zhuǎn)讓的票據(jù)uSERVICESPERFORMED已完成服務(wù)uPROMISETOPERFORMSERVICESINTHEFUTURE承諾的服務(wù)取得股份的對價(方式)nCONSIDERATIONF100認(rèn)股協(xié)議nPRE-INCORPORATIONSUBSCRIPTIONAGREEMENTSuOFFERBYSHAREHOLDERTOBUYSTOCKINCORPNOTYETFORMEDuRMBCATREATSASIRREVOCABLEOFFERFOR6MONTHSAFTERDATEOFOFFERtWISCONSIN–OFFERISAUTOMATICALLYACCEPTEDBYCORPUPONFORMATIONOFCORP認(rèn)股協(xié)議nPRE-INCORPORATIONSUBS101“發(fā)水股份”(出資瑕疵)n“WATEREDSTOCK”發(fā)水股票uSTOCKTHATHASBEENISSUEDFORINADEQUATECONSIDERATIONtEXAMPLES?OVERVALUEDREALESTATE?PROMISEOFFUTURESERVICESTHATISNOTPERFORMED

“發(fā)水股份”(出資瑕疵)n“WATEREDSTOCK102公司債券的種類nBOND有擔(dān)保債券uALOANOFMONEYTOCORPuHOLDERENTITLEDTOPERIODICPAYMENTOFINTERESTANDRETURNOFPRINCIPALWHENBOND“MATURES”uSECUREDBYSPECIFICCORPORATEPROPERTYnDEBENTURE無擔(dān)保債券uUNSECUREDLOAN,SOTHATHOLDERISAGENERALCREDITOROFCORP公司債券的種類nBOND有擔(dān)保債券103債券承銷協(xié)議nINDENTURE債券承銷協(xié)議uAGREEMENTBETWEENCORPISSUINGBONDANDTHEFINANCIALINSTITUTIONADMINISTERINGTHEBOND債券承銷協(xié)議nINDENTURE債券承銷協(xié)議104公司證券轉(zhuǎn)讓:記名股票nTRANSFEROFSECURITIES證券轉(zhuǎn)讓uSTOCKCERTIFICATES股權(quán)證書tREGISTERED記名式?TRANSFERREDBYOWNERSIGNINGONCERTIFICATE,NAMINGTRANSFEREE,ANDRETURNINGTOCORP?CORPISSUESNEWCERTIFICATEINNAMEOFTRANSFEREE公司證券轉(zhuǎn)讓:記名股票nTRANSFEROFSEC105不記名股票nTRANSFEROFSECURITIES

uSTOCKCERTIFICATEStBEARER?NOSPECIFICSHAREHOLDERNAMEDONCERTIFICATE?SHAREHOLDERISWHOEVERHASPHYSICALPOSSESSIONOFTHECERTIFICATE不記名式不記名股票nTRANSFEROFSECURITIE106上市公司股份轉(zhuǎn)讓nTRANSFEROFSECURITIES

uMODERNPRACTICEFORPUBLICLYTRADEDCORPORATIONS上市公司股票tNOPHYSICALCERTIFICATEtOFTENHELDIN“DEPOSITORY”AND/ORINBROKERACCOUNT,WHOKEEPACCOUNTRECORDS(RATHERTHANPYSICALCERTIFICATES)上市公司股份轉(zhuǎn)讓nTRANSFEROFSECURI107公司紅利分配方式nDIVIDENDS紅利uTHREETYPE