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Finance: What is a Corporation? 89 Views
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Description:
What is a corporation? Corporations are legal bodies. Bodies exist in various forms: LLC (Limited Liability Corporation), S-Corporation (now with pass-through tax treatment...think: accountants' partnership), and C-Corporation (which is how most of the big guys are set up).
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- Life Skills / Finance Definitions
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- Terms and Concepts / Board of Directors
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- Terms and Concepts / Company Management
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Transcript
- 00:03
Finance a la shmoop what is a corporation? corp-o-ration.. [Mouth saying syllables of corporation]
- 00:11
see the Corp in there? well it's latin short for corpse or
- 00:16
body so a corporation may or may not be cold and covered with maggots [Man disguised as a corpse wakes up and screams]
- 00:21
corporations are just legal bodies they're generally set up so that
- 00:25
there's a clear legal distinction between things and individual does and
Full Transcript
- 00:29
things that the company she works for does let's say you want to set up your [mime artists at the window of a shop]
- 00:34
own mime training studio brother can you spare a mime, but then you hit a wall
- 00:39
one of your mime trainees becomes badly injured while trying to get out of a [mime trainee gets injured while attempting to get out of a glass box]
- 00:43
glass box and you get sued you lose..wow you're totally speechless so your
- 00:50
corporation which was basically just you ten grand in the bank and a hat rack [Laptop showing $10.000 in the bank beside a hatrack]
- 00:55
full of berets well it loses everything you turn over your 10k to the sue-er
- 01:01
the one who sued you and you dust off your hands and move on try new venture [mime dusts off hands]
- 01:06
tapping into your prior experience as a mime therapist well legally the guy who
- 01:11
sued you while working for the corporation can't sue you personally
- 01:15
your $350,000 home is untouchable yeah who knew miming paid so well same deal [Mimes $350,000 home]
- 01:22
on that untouchable-ness of your Prius and the untouchable-ness of your
- 01:26
collection of invisible ropes, the legal body of the corporation threw itself on [Mime pretending to move along an invisible rope]
- 01:30
the landmine of your lawsuit and took the blow while you just walked away [Mime artist moon-walking off stage]
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