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The Supreme Court has also acknowledged that one state's laws will govern the "internal affairs" of a corporation, to prevent conflicts among state laws. [22] So on the present law, regardless of where a corporation operates in the 50 states, the rules of the state of incorporation (subject to federal law) will govern its operation. [23]
Note: Works that are considered "public records" but were not created by a state or municipal government agency may be copyrighted by their author; the Supremacy Clause of the United States Constitution prevents state law from overriding the author's right to copyright protection that is granted by federal law. For example, a state agency may ...
Although uniform state legislation offers benefits in certain areas, such as interstate commerce, i.e. the Uniform Commercial Code, these benefits are less significant in corporation law where the "internal affairs" of a corporation are generally governed by the laws of its state of incorporation.
Articles of incorporation, also referred to as the certificate of incorporation or the corporate charter, is a document or charter that establishes the existence of a corporation in the United States and Canada. They generally are filed with the Secretary of State in the U.S. State where the company is incorporated, or other company registrar.
[5] Under the internal affairs doctrine, courts will generally apply the law of the state of incorporation to the "internal affairs" of the corporation. States can derive revenues through the incorporation of businesses. These revenues include direct payments to the state in the form of filing and other fees.
Limited liability was a matter of state law, and in Delaware up until 1967, it was left to the certificate of incorporation to stipulate “whether the private property of the stockholders... shall be subject to the payment of corporate debts, and if so, to what extent.” In California, limited liability was recognised as late as 1931.