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A successor company takes the business (products and services) of a previous company or companies, with the goal to maintain the continuity of the business. To this end, the employees, board of directors, location, equipment, and even product name may remain the same or change only slightly at the moment of succession.
In law, successor liability is liability (debt or other obligation) that is inherited by a successor entity after a corporate restructuring. Here, ‘successor’ refers to the entity that exists after the restructuring. ‘Restructuring’ refers to any action that alters the identity or character of a business entity (e.g. a merger).
In the case of a merger, the surviving organization is the legal successor to the others in respect to liability. [1] In the case of dissolution without assigning a legal successor, the funds and assets of the dissolved entity may be granted to other entities. The latter entities are not legal successors, but simply as grantees of the mentioned ...
The scope of an agent's powers depends on both the type of POA you use and the terms outlined within it, so it's important to take special care when drafting any power of attorney document.
A business owner often relies on an employee or another person to conduct a business. In the case of a corporation, since a corporation can only act through natural person agents, the principal is bound by the contract entered into by the agent, so long as the agent performs within the scope of the agency.
A registered agent is a designated person or entity authorized to receive legal and official documents on behalf of a company or LLC, and can be referred to as "Resident Agent", "Statutory Agent", commercial or noncommercial clerk, [5] [6] or by the Federal Motor Carrier Safety Administration (FMCSA), a "process agent". [7]
If affordability is a concern, term life insurance can make a million-dollar policy surprisingly cost-effective. While life insurance payouts are typically tax-free, high-net-worth individuals may ...
Legal successor may refer to: Legal successor (business), a successor company legally recognized as such; Legal successor (organization), a successor organization legally declared or recognized as such; Legal successor (property), a legal inheritor of a property or property rights