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1、CORPORATIONS 示范公司法 REVISED MODEL BUSINESS CORPORATION ACT(RMBCA)1984 AS ADOPTED BY INDIVIDUAL STATES 美国示范公司法(RMBCA),又译美国标准公司法。美国各州都有自己的公司法,尤其以特拉华州公司法最有代表性。第1页/共70页公司的特征 公司的特征 CHARACTERISTICS 特征 LEGAL ENTITY OWNED BY SHAREHOLDERS MANAGEMENT DIRECTORS OFFICERS LIMITED LIABILITY 第2页/共70页分类 CLASSIFICATI
2、ONS PUBLIC CORPORATION公众公司 GOVERNMENTAL UNIT QUASI-GOVERNMENT ENTITY PRIVATE CORPORATION 私人公司 FOR PROFIT BUSINESS NON-PROFIT ORGANIZATION 第3页/共70页股份公司与有限公司 CLASSIFICATIONS PUBLICLY HELD 股份公司(开放式公司)FREELY TRADED SHARES PUBLIC MARKET FOR SHARES(WHETHER OR NOT LISTED ON NATIONAL EXCHANGE)CLOSELY HELD有限
3、公司(封闭式公司)SMALL NUMBER OF SHAREHOLDERS RESTRICTIONS ON TRANSFER OF SHARES 第4页/共70页职业性公司(律师事务所、会计师事务所 等)CLASSIFICATIONS PROFESSIONAL CORPORATIONS “PC”OR“SC”职业性公司 MEMBERS OF A GIVEN PROFESSION ARE SHAREHOLDERS NO LIMITED LIABILITY FOR PROFESSIONAL MALPRACTICE 第5页/共70页依据所得税缴纳方式的公司分类 CLASSIFICATIONS INCO
4、ME TAX STATUS 所得税地位 “C”CORPORATION“C”类公司 INCOME IS TAXED AT THE CORPORATION LEVEL SHAREHOLDERS TAXED ON DIVIDENDS THEY RECEIVE “S”CORPORATION“S”类公司 NO TAX AT CORPORATION LEVEL PROFITS PASS THROUGH TO SHAREHOLDERS第6页/共70页二、公司的设立过程 INCORPORATION PROCESS 第7页/共70页公司的设立 INCORPORATION PROCESS 公司设立过程 INCOR
5、PORATORS RESPONSIBLE FOR CREATION OF CORPORATION ARTICLES OF INCORPORATION 设立章程 SIGNED BY INCORPORATOR(S)FILED WITH STATE(WI DEPARTMENT OF FINANCIAL INSTITUTIONS)EXISTENCE BEGINS WHEN ACCEPTED BY DFI 第8页/共70页公司章程 ARTICLES OF INCORPORATION 章程 NAME MUST SPECIFICALLY DESIGNATE AS CORPORATION(“CORP.”,“C
6、OMPANY”,“INC.”,“LTD”)CANNOT BE DECEPTIVELY SIMILAR TO ANOTHER CORPORATIONS NAME 第9页/共70页公司章程续 ARTICLES OF INCORPORATION 章程 DURATION PERPETUAL,OR LIMITED PERIOD PURPOSE SPECIFIC(OR LIMITED)ANY LAWFUL BUSINESS NUMBER OF AUTHORIZED SHARES 第10页/共70页公司章程续 ARTICLES OF INCORPORATION 章程 REGISTERED OFFICE AN
7、D AGENT OFFICE MUST BE IN STATE AGENT MUST BE RESIDENT OF STATE NAME AND ADDRESS OF INCORPORATOR(S)第11页/共70页内部管理文件 BYLAWS 内部管理规则 DETAILED RULES THAT CONTROL INTERNAL MATTERS OF CORPORATION USUALLY,BOTH BOD AND SHAREHOLDERS HAVE POWER TO CREATE,AMEND OR REPEAL 第12页/共70页公司设立的效力 CORPORATE POWERS 公司的权力、
8、公司设 立的效力 GRANTED BY STATE LAW EXAMPLES PERPETUAL EXISTENCE FILE LAWSUITS OWN PROPERTY MAKE CONTRACTS PERFORM ACTS NECESSARY TO CONDUCTING LAWFUL BUSINESS 第13页/共70页越权规则 “ULTRA VIRES”越权规则 ACTS THAT ARE BEYOND CORPORATE POWERS OR PURPOSE STATED IN ARTICLES OF INCORPORATION FOLLOWING CAN SUE TO PREVENT
9、SHAREHOLDER CORPORATION,AGAINST OFFICERS OR DIRECTORS STATE ATTORNEY GENERAL 第14页/共70页按设立地分类 DOMESTIC CORPORATION 本州公司 FOREIGN CORPORATION 外州公司 DOING BUSINESS IN ANY STATE OTHER THAN STATE IN WHICH INCORPORATED REGISTERED AGENT AND OFFICE CANNOT SUE IN THAT STATE UNTIL OBTAINING“CERTIFICATE OF AUTHO
10、RITY”ALIEN CORPORATION 外国公司 INCORPORATED IN A FOREIGN COUNTRY 第15页/共70页公司发起人 PROMOTERS 发起人 PREINCORPORATION CONTRACTS CORPORATION NOT AUTOMATICALLY LIABLE TO BE LIABLE,MUST“ADOPT”THE PROMOTERS CONTRACT AFTER COMING INTO EXISTENCE 第16页/共70页先公司合同 PROMOTERS 发起人 PREINCORPORATION CONTRACTS PROMOTER IS PE
11、RSONALLY LIABLE AVOIDING LIABLILITY IRREVOCABLE OFFER TO CORP SPECIFIC CONTRACT TERMS PROMOTER,THIRD PARTY AND CORP ENTER INTO“NOVATION”RELEASE FROM THIRD PARTY 第17页/共70页公司设立瑕疵 DEFECTIVE INCORPORATION 设立瑕疵 “DE JURE”IN TOTAL COMPLIANCE WITH STATE STATUTE “DE FACTO”事实公司 ELEMENTS:EXISTING STATE STATUTE
12、 GOOD FAITH EFFORT TO COMPLY CONDUCTING BUSINESS A CORP ONLY THE STATE CAN CHALLENGE CORPS EXISTENCE 第18页/共70页冒牌公司 DEFECTIVE INCORPORATION CORP BY ESTOPPEL 冒牌公司 THIRD PARTY CONDUCTS BUSINESS WITH ANOTHER BUSINESS THIRD PARTY BELIEVES OTHER BUSINESS TO BE A CORP THIRD PARTY CANNOT HOLD“SHAREHOLDERS”(
13、OWNERS)PERSONALLY LIABLE IF BUSINESS FAILED TO PROPERLY INCORPORATE 第19页/共70页揭开公司面纱 “PIERCING CORPORATE VEIL”PERSONAL LIABILITY IMPOSED UPON SHAREHOLDERS CIRCUMSTANCES CONSIDERED UNDERCAPITALIZATION FAILURE TO OBSERVE FORMALITIES NONPAYMENT OF DIVIDENDS SIPHONING OF FUNDS BY CONTROLLING SHAREHOLDER
14、NONFUNCTIONING OF OTHER OFFICERS OR DIRECTORS 第20页/共70页揭开公司面纱续 “PIERCING CORPORATE VEIL”CIRCUMSTANCES CONSIDERED USE OF CORP AS FACADE FOR CONTROLLING SHAREHOLDERS OTHER FINANCIAL AFFAIRS FRAUD,OR OTHER INJUSTICE 第21页/共70页三、公司的融资结构 FINANCIAL STRUCTURE 第22页/共70页融资结构:公司证券分类 “SECURITY”证券 STOCK(EQUITY S
15、ECURITY)股票 OWNERSHIP INTEREST BOND(DEBT SECURITY)债券 HOLDER IS A CREDITOR OF CORPORATION 第23页/共70页股东权益 RIGHTS OF SHAREHOLDER DIVIDENDS PARTICIPATE IN CONTROL(VOTE ON MAJOR ISSUES AT SHAREHOLDERS MEETING)SHARE OF NET ASSETS UPON LIQUIDATION OF CORPORATION 第24页/共70页股票分类:普通股 STOCK(SHARES)CLASSES股票分类 COM
16、MON STOCK BASIC GROUP OF OWNERS VOTING RIGHTS 第25页/共70页优先股 STOCK CLASSES PREFERRED STOCK优先股 RECEIVE SPECIFIED PRIORITIES ORDINARILY,RIGHT TO DIVIDEND BEFORE COMMON STOCK SHAREHOLDERS MAY BE“CUMULATIVE”RIGHT TO DIVIDEND CARRIES FORWARD(AND ACCUMULATES)IF NOT PAID IN CURRENT YEAR USUALLY,NO VOTING RIG
17、HTS第26页/共70页优先股续 STOCK CLASSES PREFERRED STOCK MAY BE“CALLABLE”CORP CAN PURCHASE FROM SHAREHOLDER AT CORPS OPTION MAY BE“CONVERTIBLE”INTO COMMON STOCK 第27页/共70页股票的其他分类 STOCK CATEGORIES “AUTHORIZED”CORP MAY ISSUE UP TO THIS AMOUNT AS STATED IN ARTICLES OF INCORPORATION 授权发行的股份 “ISSUED”SOLD OR OTHERWI
18、SE TRANSFERRED BY CORPORATION TO SHAREHOLDERS 已发行股份 “OUTSTANDING”HELD BY SHAREHOLDERS AT ANY GIVEN POINT IN TIME 股东持有的股份 “TREASURY”PREVIOUSLY ISSUED,BUT HAVE BEEN REACQUIRED BY CORP 公司回购的 股份(无表决权)第28页/共70页取得股份的对价(方式)CONSIDERATION FOR STOCK CASH现金 PROPERTY财产 PROMISSORY NOTE可转让的票据 SERVICES PERFORMED已完
19、成服务 PROMISE TO PERFORM SERVICES IN THE FUTURE承诺的服务 第29页/共70页认股协议 PRE-INCORPORATION SUBSCRIPTION AGREEMENTS OFFER BY SHAREHOLDER TO BUY STOCK IN CORP NOT YET FORMED RMBCA TREATS AS IRREVOCABLE OFFER FOR 6 MONTHS AFTER DATE OF OFFER WISCONSIN OFFER IS AUTOMATICALLY ACCEPTED BY CORP UPON FORMATION OF C
20、ORP 第30页/共70页“发水股份”(出资瑕疵)“WATERED STOCK”发水股票 STOCK THAT HAS BEEN ISSUED FOR INADEQUATE CONSIDERATION EXAMPLES OVERVALUED REAL ESTATE PROMISE OF FUTURE SERVICES THAT IS NOT PERFORMED 第31页/共70页公司债券的种类 BOND 有担保债券 A LOAN OF MONEY TO CORP HOLDER ENTITLED TO PERIODIC PAYMENT OF INTEREST AND RETURN OF PRIN
21、CIPAL WHEN BOND“MATURES”SECURED BY SPECIFIC CORPORATE PROPERTY DEBENTURE 无担保债券 UNSECURED LOAN,SO THAT HOLDER IS A GENERAL CREDITOR OF CORP 第32页/共70页债券承销协议 INDENTURE债券承销协议 AGREEMENT BETWEEN CORP ISSUING BOND AND THE FINANCIAL INSTITUTION ADMINISTERING THE BOND 第33页/共70页公司证券转让:记名股票 TRANSFER OF SECURIT
22、IES证券转让 STOCK CERTIFICATES 股权证书 REGISTERED记名式 TRANSFERRED BY OWNER SIGNING ON CERTIFICATE,NAMING TRANSFEREE,AND RETURNING TO CORP CORP ISSUES NEW CERTIFICATE IN NAME OF TRANSFEREE 第34页/共70页不记名股票 TRANSFER OF SECURITIES STOCK CERTIFICATES BEARER NO SPECIFIC SHAREHOLDER NAMED ON CERTIFICATE SHAREHOLDER
23、 IS WHOEVER HAS PHYSICAL POSSESSION OF THE CERTIFICATE 不记名式 第35页/共70页上市公司股份转让 TRANSFER OF SECURITIES MODERN PRACTICE FOR PUBLICLY TRADED CORPORATIONS 上市公司股票 NO PHYSICAL CERTIFICATE OFTEN HELD IN“DEPOSITORY”AND/OR IN BROKER ACCOUNT,WHO KEEP ACCOUNT RECORDS(RATHER THAN PYSICAL CERTIFICATES)第36页/共70页公司
24、红利分配方式 DIVIDENDS 红利 THREE TYPES CASH现金 PROPERTY财产 STOCK股票 NO AUTOMATIC RIGHT TO DIVIDEND IN A GIVEN YEAR第37页/共70页非法红利 DIVIDENDS ILLEGAL DIVIDENDS非法分红 CORP INSOLVENT,OR ISSUING WOULD CAUSE CORP TO BECOME INSOLVENT DIRECTORS WHO APPROVE MAY BE PERSONALLY LIABLE 第38页/共70页三、公司的管理 MANAGEMENT 第39页/共70页公司的
25、管理层次 SHAREHOLDERS股东 OWNERS PARTICIPATE IN MAJOR DECISIONS BOARD OF DIRECTORS董事 POLICY DECISIONS ELECT OFFICERS DECIDE TO ISSUE DIVIDENDS OFFICERS经理、高管 DAY-TO-DAY OPERATION OR BUSINESS 第40页/共70页股东大会 SHAREHOLDERS SHAREHOLDERS MEETING AT LEAST ANNUALLY MUST BE GIVEN WRITTEN NOTICE OF PLACE AND TIME ELE
26、CT DIRECTORS VOTE ON OTHER MAJOR ISSUES 第41页/共70页股东大会的要求 SHAREHOLDERS MEETING QUARUM 百分比要求 MINIMUM NUMBER OF SHAREHOLDERS(OR RIGHT TO VOTE SHARES)THAT MUST BE PRESENT AT MEETING IN ORDER TO CONDUCT BUSINESS MAY TAKE ACTION WITHOUT MEETING,IF UNANIMOUS WRITTEN CONSENT OF SHAREHOLDERS 第42页/共70页累积投票制 S
27、HAREHOLDERS MEETING CUMULATIVE VOTING累积投票 ONLY FOR ELECTION OF DIRECTORS STATE LAW OR BY-LAWS MUST PERMIT THE NUMBER OF VOTES EACH SHAREHOLDER RECEIVES(USUALLY ONE PER SHARE)MULTIPLIED BY THE NUMBER OF DIRECTORS BEING ELECTED AT THAT MEETING 第43页/共70页表决权代理与表决权信托 SHAREHOLDERS MEETING PROXY VOTING 表决权
28、代理 SHAREHOLDER DESIGNATES A PARTY WHO CAN VOTE ON BEHALF OF SHAREHOLDER(OFTEN CORPORATE MANAGEMENT)VOTING TRUST表决权信托 SHAREHOLDERS ASSIGN SHARES TO TRUSTEE,WHO VOTES ACCORDING TO TRUST AGREEMENT SHAREHOLDERS STILL RECEIVE DIVIDENDS第44页/共70页投票协议 SHAREHOLDERS MEETING VOTING AGREEMENT 投票协议 CONTRACT BETW
29、EEN SHAREHOLDERS TO CAST THEIR VOTES IN A CERTAIN WAY 第45页/共70页优先认股权 SHAREHOLDERS MEETING PREEMPTIVE RIGHTS优先认购权 RIGHT OF SHAREHOLDER TO PURCHASE AMOUNT OF SHARES IN NEW ISSUANCE SO THAT PERCENTAGE OWNERSHIP INTEREST IS MAINTAINED 第46页/共70页股东查阅权 SHAREHOLDERS RIGHT TO REVIEW CORPORATE RECORDS股东查阅权 MU
30、ST BE CURRENT SHAREHOLDER WRITTEN DEMAND STATING THE PURPOSE MADE IN GOOD FAITH PROPER PURPOSE 第47页/共70页董事会 BOARD OF DIRECTORS 董事会 ACT AS A GROUP,NOT INDIVIDUALLY MAY HAVE ONLY ONE DIRECTOR MAY HAVE“STAGGERED TERMS”(限制性条款,绊脚石条款)MID-TERM VACANCY USUALLY FILLED BY BOD UNTIL NEXT SHAREHOLDER MEETING 第4
31、8页/共70页董事会会议 BOARD OF DIRECTORS MEETINGS REGULAR DIRECTORS NOT ENTITLED TO SPECIFIC NOTICE SPECIAL DIRECTORS ENTITLED TO WRITTEN NOTICE TELECONFERENCE UNANIMOUS CONSENT 第49页/共70页董事会会议续 BOARD OF DIRECTORS MEETINGS QUARUM REQUIRED PROXY VOTING NOT ALLOWED DISSENTING DIRECTOR MUST HAVE DISSENT RECORDED
32、 IN“MINUTES”OF MEETING TO AVOID POSSIBLE PERSONAL LIABILITY FOR DECISION OF MAJORITY OF BOARD 第50页/共70页MANAGEMENT 经理 OFFICERS ACT INDIVIDUALLY,AS AGENTS OF THE CORPORATION AGENCY PRINCIPLES OF AUTHORITY APPLY 第51页/共70页经理:商业判断规则 OFFICERS BUSINESS JUDGMENT RULE PROTECTS AGAINST LIABILITY FOR MISTAKES
33、MADE IN GOOD FAITH AND WITH REASONABLE CARE THAT ARE BELIEVED TO BE IN THE BEST INTEREST OF CORPORATION 第52页/共70页利益冲突(诚信义务)CONFLICTS OF INTEREST(DUTY OF LOYALTY)WHERE DIRECTOR OR OFFICERS PERSONAL INTEREST IS OPPOSED TO THE CORPORATIONS INTEREST MUST NOTIFY CORP OF CONFLICT MUST FULLY DISCLOSE THE C
34、ONFLICT MUST ABSTAIN FROM VOTING OR OTHERWISE PARTICIPATING IN THE DECISION INVOLVING THE CONFLICT 第53页/共70页诚信义务:公司机会规则 CONFLICTS OF INTEREST(DUTY OF LOYALTY)CORPORATE OPPORTUNITY DOCTRINE DIRECTOR OR OFFICER WHO IS MADE AWARE OF BUSINESS OPPORTUNITY,IN THE SAME LINE OF BUSINESS AS THE CORP,MUST FIR
35、ST MAKE CORP AWARE OF THE OPPORTUNITY AND ALLOW CORP TO TAKE ADVANTAGE BEFORE TAKING PERSONAL ADVANTAGE第54页/共70页对少数股东的义务 DUTY TO MINORITY SHAREHOLDERS DUTY IS GENERALLY TO ACT IN BEST INTERESTS OF CORPORATION NOT SPECIFICALLY FOR BENEFIT OF MAJORITY OR MINORITY SHAREHOLDERS A CONTROLLING SHAREHOLDER
36、 MAY NOT ACT TO UNFAIRLY AFFECT RIGHTS OF OTHER SHAREHOLDERS 第55页/共70页公司诉讼 LAWSUITS CORP IS A LEGAL“PERSON”AND AS SUCH MAY SUE AND BE SUED SHAREHOLDER DERIVATIVE SUIT 股东派生诉讼 SHAREHOLDER(S)FILING LAWSUIT AGAINST OFFICERS OR DIRECTORS ON BEHALF OF THE CORPORATION ITSELF TO PREVENT,OR SEEK COMPENSATION
37、 FOR,WRONGFUL DECISIONS OR CONDUCT 第56页/共70页股东代表诉讼 SHAREHOLDER DERIVATIVE SUIT REQUIREMENT:EXHAUST ALL CORPORATE REMEDIES WRITTEN DEMAND TO OFFICERS AND DIRECTORS WAIT FOR 90 DAY PERIOD AFTER DEMAND BEFORE FILING LAWSUIT 第57页/共70页四、公司并购与资产收购 M&A,ASSETS PURCHASE 第58页/共70页MERGERS 公司兼并 TWO(OR MORE)CORP
38、S COMBINE SO THAT ONLY ONE CORPORATION SURVIVES (CORPA+CORPB=CORPA)SHAREHOLDERS OF NON-SURVIVING CORPS USUALLY RECEIVE SHARES OF THE SURVIVING CORP DIRECTORS PROPOSE,AND SHAREHOLDERS OF BOTH CORPS MUST APPROVE DEBT TRANSFERS TO SURVIVING CORP第59页/共70页CONSOLIDA TIONS 公司合并 TWO(OR MORE)CORPS COMBINE SO
39、 THAT A NEW CORPORATION IS FORMED (CORPA+CORPB=CORPC)SHAREHOLDERS OF NON-SURVIVING CORPS USUALLY RECEIVE SHARES OF THE NEW CORP DIRECTORS PROPOSE,AND SHAREHOLDERS OF BOTH CORPS MUST APPROVE DEBT TRANSFERS TO NEW CORP 第60页/共70页ASSET PURCHASE 资产收购 ONE CORP SELLS ITS PHYSICAL ASSETS(AND POSSIBLY ACCOUN
40、TS RECEIVABLE)TO ANOTHER CORP SELLING CORP USUALLY THEN PROCEEDS TO DISSOLVE AND DISTRIBUTE PROCEEDS TO ITS SHAREHOLDERS 第61页/共70页STOCK PURCHASE 股权收购 ONE CORP BUYS ALL,OR A CONTROLLING INTEREST IN,THE STOCK OF ANOTHER CORP MAY SIMPLY BUY SHARES ON A PUBLICLY TRADED MARKET MAY MAKE A TENDER OFFER TO
41、THE SHAREHOLDERS TO PURCHASE ALL THE SHARES AT A SPECIFIC PRICE 第62页/共70页五、公司解散DISSOLUTION 第63页/共70页自愿解散 VOLUNTARY 自愿解散 BOD ADOPTS,AND REQUIRED MAJORITY OF SHAREHOLDERS APPROVES,A RESOLUTION TO DISSOLVE THE CORP ASSETS SOLD DEBTS PAID NET ASSETS DISTRIBUTED TO SHAREHOLDERS 第64页/共70页强制解散 INVOLUNTARY
42、强制解散 LEGAL ACTION BROUGHT BY SHAREHOLDERS CREDITORS SECRETARY OF STATE,OR ATTORNEY GENERAL 第65页/共70页股东退出权 APPRISAL RIGHT RIGHT OF SHAREHOLDER WHO DISSAPROVES OF EXTRAORDINARY ACTION PROPOSED(EX.MERGER,ENTIRELY NEW BUSINESS ACTIVITY)TO DEMAND THAT CORP PURCHASE SHARES MUST NOTIFY CORP IN WRITING PRIO
43、R TO THE SCHEDULED VOTE CANNOT VOTE ON PROPOSAL RECEIVES MARKET VALUE OF SHARES AS OF DAY PRIOR TO THE VOTE 第66页/共70页六、有限公司(封闭式公司)CLOSELY HELD CORPORATIONS 第67页/共70页有限责任公司特征 SMALL NUMBER OF SHAREHOLDERS 50,OR FEWER,IN WISCONSIN ALLOWS FOR LIMITED LIABILITY PROTECTION DESPITE NON-COMPLIANCE WITH USUA
44、L FORMALITIES NO ANNUAL SHAREHOLDERS MEETINGS NO REGULAR BOD MEETINGS MUST SPECIFICALLY ELECT IN ARTICLES 第68页/共70页股权转让限制 RESTRICTIONS ON TRANSFER OF SHARES MUST FIRST OFFER CORP OPPORTUNITY TO PURCHASE(USUALLY 60 DAYS)IF CORP DOESNT PURCHASE,MUST THEN OFFER TO OTHER SHAREHOLDERS NEW SHAREHOLDERS MUST BE INFORMED OF RESTRICTIONS PRIOR TO PURCHASING SHARES 第69页/共70页感谢您的观看！第70页/共70页