Difference between revisions of "Incorporation"
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| − | '''Incorporation''' is one of several | + | '''Incorporation''' is one of several [[legal]] methods to minimize the personal financial risk of the [[Executive Committee]] members. In effect, the convention becomes a legal entity in its own right, rather than the personal property, and legal obligation, of the Executive Committee members. |
The benefit of incorporation is that it becomes more difficult for creditors to collect convention debts and legal liabilities from the Executive Committee members as individuals. The disadvantage is that in most places corporations are governed by significant legal obligations that the Executive Committee members would be obliged to follow in their decision making. | The benefit of incorporation is that it becomes more difficult for creditors to collect convention debts and legal liabilities from the Executive Committee members as individuals. The disadvantage is that in most places corporations are governed by significant legal obligations that the Executive Committee members would be obliged to follow in their decision making. | ||
Revision as of 19:54, 5 September 2005
Incorporation is one of several legal methods to minimize the personal financial risk of the Executive Committee members. In effect, the convention becomes a legal entity in its own right, rather than the personal property, and legal obligation, of the Executive Committee members.
The benefit of incorporation is that it becomes more difficult for creditors to collect convention debts and legal liabilities from the Executive Committee members as individuals. The disadvantage is that in most places corporations are governed by significant legal obligations that the Executive Committee members would be obliged to follow in their decision making.
Substantial legal advice is important in establishing the correct decision regarding incorporation, and the correct form of incorporation.
