An experienced executive with a strong background in finance and investments, Thomas Avellino performs the duties of managing general partner at several firms, including MJ Partners Group located in Holmdel, New Jersey. In accordance with those responsibilities, Thomas Avellino has overseen the formation of business entities at various times during his career.
Incorporation is the process of forming a company or corporate entity or corporation. After incorporation, companies can legally carry out business and provide employment to numerous citizens. It is a legal process that varies from jurisdiction to jurisdiction, however, there are certain common aspects.
Incorporation will always involve drafting articles of incorporation. In some jurisdictions, these are referred to as articles of association or corporate charter. Articles of incorporation are the formal documents filed with the government agencies responsible for registering companies. They document the creation of the company and include details such as the company’s name, its address, the amount of issued stock, its directors, its principal business, and authority of both directors and shareholders.
Companies, regardless of jurisdiction, are owned by shareholders. There may be one shareholder, as in the case of small companies, or potentially thousands of shareholders, like in the case of publicly traded companies. The liability of shareholders for debts of the company is limited to their paid-up shares.
After incorporation, a company assumes a legal personality distinct from its owners. It becomes a legal person in itself, capable of suing or being sued in its own name, owning property in its own name, employing people in its own name, and even existing in perpetuity.