How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Business Law question
Type Your Business Law Question Here...
characters left:
7 Business Lawyers are Online Now

Corporations Act Questions

What is the Corporations Act?

The Corporations Act of 2001, also referred to a just Corporations Act, is an act set in place by the Commonwealth of Australia and makes laws that pertain to business entities in Australia on at federal and interstate level. The Corporations Act mainly focuses on companies and sometimes covers some laws referring to other entities such as managed investment schemes and partnerships. In the United States the Corporations Act is also known by Model Business Corporations Act, and was adopted by 24 of the 50 states. This Act was prepared by the Committee on Corporate Laws of the Section of Business Law that is a part of the American Bar Association. The purpose that the United States adopted this is due to how different the states defined corporations after World War II in 1950. For more information about the Corporations Act, read below to find answers from Experts.

In the state of Nevada, if a person is a director of a corporation and is getting the impression that their partners are trying to remove them, how easy is this to do and does the individual have any recourse?

The procedures for the removal of a director would be found I n the by-laws of the corporation, if the person is a shareholder and the partners are trying to force the person out then they would have to adhere to any existing shareholder agreement. If there is no shareholder agreement, then the Nevada Corporations Act would control the issue. There are protections set up to protect the shareholders that have a minority from shareholders that hold the majority. In most cases it is not recommended to attempt by one’s self but should be taken in front of a court.

In the state of Texas, can a US Incorporation have only one corporate officer playing all three roles (President, Vice President and Secretary) and can this person be a foreign national?

Article 2.42 of the Texas Business Corporations Act, in regards to officers, says the following, "A. The officers of a corporation shall consist of a president and a secretary, each of whom shall be elected by the board of directors at such time and in such manner as may be prescribed by the bylaws. Such other officers, including assistant officers and agents as may be deemed necessary may be elected or appointed by the board of directors or chosen in such other manner as may be prescribed by the bylaws. Any two (2) or more offices may be held by the same person." So, one person can hold all three offices and the foreign nationality would not matter.

In the state of Texas, if a person has concerns about liability suits, are the suits limited to one million dollars?

In most cases, corporations act as a shield against their owners for any liability so there are no limits on record in the state of Texas. If a suit is filed then it would be up to the judge and jury as to what damages, if any, and what amount the damages would amount to.

In the state of Virginia, can a majority holding partner keep the minority holding partner from seeing the financial records of the company or companies that they own together?

All partners rights are based on the Model Business Corporations Act of Virginia and all partners have the right to see the banking statements and/or financial records of the business/businesses.

The Corporations Act of any state can protect partners from being forced out of a corporation, corporations from operating in a unethical way, and help partners get their fair share of the corporation’s assets. When issues arise regarding the laws that partners or shareholders have to abide by or the Corporations Act terms are difficult to understand, then the partner or shareholders may contact an Expert to help determine what the partner or shareholders may need to do to comply with the Corporations Act of the state in which they would like to do business.
Ask a Business Law question
Type Your Business Law Question Here...
characters left:
7 Business Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21108
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21108
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18362
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8471
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3824
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3383
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3289
    DVM, Emergency Veterinarian, BS (Physiology)