- Joined
- Nov 26, 2021
- Messages
- 36
- Thread Author
- #1
A
BILL
To
Define and regulate corporations in Redmont in more detail to promote the creation of more
robust and complex corporations.
1 - Short Title and Enactment
(1) This Act may be cited as the ‘Corporations Act'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Rep. AsunaYukkiSAO
(4) This Act has been co-sponsored by: Rep. RandomIntruder
2 - Reasons
(1) The current definitions of corporations are too basic and don't allow for different niches to be
filled.
(2) This bill would define the rights and characteristics of corporations as well as specifications
that apply for specific types of corporations.
(3) This bill specifies a limited number of types of corporations because those are types that
may require specific regulations such as tax regulation, special grants, or tax exemption. A
corporation not being on the list doesn’t mean it is any less valid.
3 - Definition of a Corporation
(1) A corporation is any company or group of people who come together to act as a single entity.
(2) Corporations can include but are not limited to:
(a) Companies registered on the Business Portal
(b) Political parties
(c) Non-profits
(d) Private shops or vendors
4 - Rights of Corporations
All corporations, unless otherwise listed in following sections, have the following rights:
(1) A corporation is its own legal entity and can sue and be sued, complain, and defend.
(2) A corporation is allowed to create a line of succession that will be honored by law.
(3) A corporation is allowed to be opened to the public through the purchasing of shares of the
corporation.
(4) A corporation may be the legal owner of assets including but not limited to property, items,
and ideas.
(5) A corporation may dispose of its valuables and property in any way, including by sale,
promise, lease, move, or other means.
(6) A corporation is able to enter contracts under its own name and will be legally responsible to
uphold such contracts.
(7) A corporation may define its own bylaws, board, leadership structure, and processes as long
as such definitions are not in contradiction with any laws.
(8) A corporation is allowed to give money to help the public or for scientific, educational, or
helpful purposes.
(9) A corporation is allowed to make political donations and lobby for policies on its behalf.
(10) A corporation may be an organizer, partner, member, business partner, or manager of any
partnership, group effort, or other business, and to be an incorporator of any other corporation.
(e.g. subsidiaries or parent company)
(11) At any point, a corporation can stop its business operations and stop its existence through
voluntary breaking up.
(12) After termination of operations, a corporation may distribute assets as it sees fit.
5 - Ownership and liability of Corporations
(1) At the creation of a corporation, all responsibilities and liability of such a corporation will be
given to the owner(s) of the corporation.
(a) If it is an in-game company, it will be the owner of the company.
(b) If it is a forum on the business portal, it will be the owner(s) listed on the page.
(2) If a private corporation is to go into debt, the debt must be paid for by the owners at the
time of incurrence of the debt.
(3) If a corporation is to go public, all shareholders will be financially liable to pay back debts but
not be responsible legally for decisions made by the board of the company.
6 - Non-Profit Corporation
(1) A non-profit corporation is a corporation with a mission that is solely for the betterment of
the citizens through scientific, educational, or charity purposes.
(2) Non-profit corporations may, in addition to the rights granted to all corporations:
(a) Distribute the corporation's profits to other non-profit organizations as long as the
distributions are made by the corporation's stated purpose or purposes and the board of
director's fiduciary duties, including the obligation to safeguard restricted funds for the
intended purposes and following the conclusion of the distributions:
(i) The company would be able to pay its debts as they come due in the normal course of its
business;
(ii) the total value of the corporation's valuable assets would at least equal its total liabilities.
(3) Non-profit status will be given to companies at the discretion of the DoC. The DoC can have
a process for the application and confirmation of non-profit corporations.
(4) The DoC may, at any time, revoke a corporation’s non-profit status.
BILL
To
Define and regulate corporations in Redmont in more detail to promote the creation of more
robust and complex corporations.
1 - Short Title and Enactment
(1) This Act may be cited as the ‘Corporations Act'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Rep. AsunaYukkiSAO
(4) This Act has been co-sponsored by: Rep. RandomIntruder
2 - Reasons
(1) The current definitions of corporations are too basic and don't allow for different niches to be
filled.
(2) This bill would define the rights and characteristics of corporations as well as specifications
that apply for specific types of corporations.
(3) This bill specifies a limited number of types of corporations because those are types that
may require specific regulations such as tax regulation, special grants, or tax exemption. A
corporation not being on the list doesn’t mean it is any less valid.
3 - Definition of a Corporation
(1) A corporation is any company or group of people who come together to act as a single entity.
(2) Corporations can include but are not limited to:
(a) Companies registered on the Business Portal
(b) Political parties
(c) Non-profits
(d) Private shops or vendors
4 - Rights of Corporations
All corporations, unless otherwise listed in following sections, have the following rights:
(1) A corporation is its own legal entity and can sue and be sued, complain, and defend.
(2) A corporation is allowed to create a line of succession that will be honored by law.
(3) A corporation is allowed to be opened to the public through the purchasing of shares of the
corporation.
(4) A corporation may be the legal owner of assets including but not limited to property, items,
and ideas.
(5) A corporation may dispose of its valuables and property in any way, including by sale,
promise, lease, move, or other means.
(6) A corporation is able to enter contracts under its own name and will be legally responsible to
uphold such contracts.
(7) A corporation may define its own bylaws, board, leadership structure, and processes as long
as such definitions are not in contradiction with any laws.
(8) A corporation is allowed to give money to help the public or for scientific, educational, or
helpful purposes.
(9) A corporation is allowed to make political donations and lobby for policies on its behalf.
(10) A corporation may be an organizer, partner, member, business partner, or manager of any
partnership, group effort, or other business, and to be an incorporator of any other corporation.
(e.g. subsidiaries or parent company)
(11) At any point, a corporation can stop its business operations and stop its existence through
voluntary breaking up.
(12) After termination of operations, a corporation may distribute assets as it sees fit.
5 - Ownership and liability of Corporations
(1) At the creation of a corporation, all responsibilities and liability of such a corporation will be
given to the owner(s) of the corporation.
(a) If it is an in-game company, it will be the owner of the company.
(b) If it is a forum on the business portal, it will be the owner(s) listed on the page.
(2) If a private corporation is to go into debt, the debt must be paid for by the owners at the
time of incurrence of the debt.
(3) If a corporation is to go public, all shareholders will be financially liable to pay back debts but
not be responsible legally for decisions made by the board of the company.
6 - Non-Profit Corporation
(1) A non-profit corporation is a corporation with a mission that is solely for the betterment of
the citizens through scientific, educational, or charity purposes.
(2) Non-profit corporations may, in addition to the rights granted to all corporations:
(a) Distribute the corporation's profits to other non-profit organizations as long as the
distributions are made by the corporation's stated purpose or purposes and the board of
director's fiduciary duties, including the obligation to safeguard restricted funds for the
intended purposes and following the conclusion of the distributions:
(i) The company would be able to pay its debts as they come due in the normal course of its
business;
(ii) the total value of the corporation's valuable assets would at least equal its total liabilities.
(3) Non-profit status will be given to companies at the discretion of the DoC. The DoC can have
a process for the application and confirmation of non-profit corporations.
(4) The DoC may, at any time, revoke a corporation’s non-profit status.