THE ABSOLUTE PRIORITY RULE The holder of any claim or interest that is junior to the claims of such class will not receive or retain under the plan on account of such junior claim or interest any property. 1129(b)(2)(B). The phrase “absolute priority rule” has never been codified. It was first used in a case…
Transferring an existing business to a corporate form: Whether the corporation is formed before or after the beginning of business operations does not affect the six corporate characteristics as between the owners and managers, but it can have an effect on the relationship of these persons to third parties. This can occur in several ways:…
Corporations: General discussion: Business corporations control the largest proportion of the wealth and business of our country. Originally called societies, corporate personality was recognized as far back as 1754 B.C. in the law of the Babylonian Empire, four thousand years ago, as well as by the Roman law. Modern corporations have 6 distinct characteristics. They…
There are four types of partnership in Pennsylvania: • General Partnerships • Limited partnerships • Electing Partnerships • Registered Limited Liability Partnerships. I will discuss only some of these here. The two basic types of partnerships are general partnerships and limited partnerships. A general partnership has only general partners, all of whom are liable for…
Partnership: An introduction to this form of doing business A partnership is an association of two or more persons to carry on as co-owners a business for profit. A partnership with only one person is a proprietorship. In order to have a partnership, there must be an agreement among the partners. This agreement may be…
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