The Model Business Corporation Act (MBCA) is a model set of law prepared by the Committee on Corporate Laws of the Section of Business Law of the American Bar Association and is followed by twenty-four states. It has been influential in shaping standards for United States corporate law.
History
Why Use a Delaware, Florida, Montana, Nevada, Wyoming LLC or Corporation - In this segment, Eckley Law explains to us why certain states such as Delaware, Florida, Montana, Nevada, and Wyoming are better than others and if you want to equip yourself and your business...
The MBCA was created after World War II in 1950 due to variation in how states defined corporations. The variation and uncertainty resulted in many lawsuits in which a promoter was sued personally for obligations ostensibly incurred in the name of the nascent corporation. The widespread adoption of the MBCA brought some clarity to such confusion and other corporate law issues. Most states are now guided by the Revised Model Business Corporation Act (RMBCA), a revised version of the MBCA.
Use of Model
The Model Business Corporation Act (2002) is used by twenty-four states. A partial list is as follows.
- Arizona Revised Statutes, Title 10
- Florida Business Corporation Act (FBCA)
- Georgia Business Corporation Code (GBCC)
- Illinois Business Corporation Act (IBCA)
- New Hampshire Business Corporation Act
- North Carolina Business Corporation Act (NCBCA)
- South Carolina Business Corporation Act (SCBCA)
- Washington Business Corporation Act (WBCA)
- Wisconsin Business Corporation Law (WBCL)
See also
- US corporate law
- Delaware General Corporation Law
- Securities and Exchange Act
- UK company law
Notes
References
- Kocaoglu, Kagan (March 2008). "A Comparative Bibliography: Regulatory Competition on Corporate Law". (Georgetown University Law Center Working Paper). SSRN 1103644 .Â
No comments:
Post a Comment