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The Virginia Constitution of 1902 created the SCC to replace the Virginia Board of Public Works and the Office of Railroad Commissioner. The three-member Commission was charged with regulating the state railroads and telephone and telegraph companies and with registering corporations in Virginia. The SCC began operations on March 2, 1903.
The primary purpose of Article IX is to create the Virginia State Corporation Commission, which is charged with administering the laws that regulate corporations. The State Corporation Commission also issues charters for Virginia corporations and licenses to do business for "foreign" (non-Virginia) corporations. Section 5 of Article IX ...
However, it was held by the Supreme Court in Paul v Virginia that in principle states ought to allow corporations incorporated in a different state to do business freely. [21] This appeared to remain true even if another state (e.g. Delaware) required significantly worse internal protections for shareholders, employees, or creditors than the ...
A tax-exempt organization is a business entity that does not have to pay federal income taxes. Nonprofits, which reinvest earnings to support their mission, are eligible to receive tax-exempt status.
Specific incorporation requirements in the United States differ on a state by state basis. However, there are common pieces of information that states require to be included in the certificate of incorporation. [citation needed] Business purpose; Corporation name; Registered agent; Inc. Share par value; Number of authorized shares of stock ...
In the Philippines, a non-stock corporation may be formed or organized for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, civic service, or similar purposes and must distribute no part of its income as dividends to its members, trustees, or officers, and any profit obtained as an incident to its operations shall, whenever necessary or ...
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