A Brief Introduction to Corporate Law of USA 美国公司法概要吴越编译一、公司的特征与分类CHARACTERISTICSCLASSIFICATIONSCORPORATIONS 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。

公司的特征⏹CHARACTERISTICS 特征◆LEGAL ENTITY◆OWNED BY SHAREHOLDERS◆MANAGEMENT♦DIRECTORS♦OFFICERS◆LIMITED LIABILITY分类⏹CLASSIFICATIONS◆PUBLIC CORPORATION公众公司♦GOVERNMENTAL UNIT♦QUASI-GOVERNMENT ENTITY◆PRIVATE CORPORATION私人公司♦FOR PROFIT BUSINESS♦NON-PROFIT ORGANIZATION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 ONNATIONAL EXCHANGE)◆CLOSELY HELD有限公司（封闭式公司）♦SMALL NUMBER OF SHAREHOLDERS♦RESTRICTIONS ON TRANSFER OFSHARES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 GIVENPROFESSION ARESHAREHOLDERS♦NO LIMITED LIABILITY FORPROFESSIONAL MALPRACTICE依据所得税缴纳方式的公司分类⏹CLASSIFICATIONS◆INCOME TAX STATUS所得税地位♦“C” CORPORATION “C”类公司•INCOME IS TAXED AT THECORPORATION LEVEL•SHAREHOLDERS TAXED ONDIVIDENDS THEY RECEIVE♦“S” CORPORATION “S”类公司•NO TAX AT CORPORATION LEVEL•PROFITS PASS THROUGH TO二、公司的设立过程INCORPORATION PROCESS公司的设立⏹INCORPORATION PROCESS 公司设立过程◆INCORPORATORS♦RESPONSIBLE FOR CREATION OFCORPORATION⏹ARTICLES OF INCORPORATION 设立章程♦SIGNED BY INCORPORATOR(S)♦FILED WITH STATE (WI –DEPARTMENT OF FINANCIALINSTITUTIONS)♦EXISTENCE BEGINS WHEN ACCEPTED公司章程⏹ARTICLES OF INCORPORATION 章程◆NAME♦MUST SPECIFICALLY DESIGNATEAS CORPORATION (“CORP.”,“COMPANY”, “INC.”, “LTD”)♦CANNOT BE DECEPTIVELYSIMILAR TO ANOTHERCORPORATION’S NAME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公司章程续⏹ARTICLES OF INCORPORATION 章程◆REGISTERED OFFICE AND AGENT♦OFFICE MUST BE IN STATE♦AGENT MUST BE RESIDENT OFSTATE◆NAME AND ADDRESS OFINCORPORATOR(S)内部管理文件⏹BYLAWS 内部管理规则◆DETAILED RULES THAT CONTROLINTERNAL MATTERS OFCORPORATION◆USUALLY, BOTH BOD ANDSHAREHOLDERS HAVE POWER TOCREATE, AMEND OR REPEAL公司设立的效力⏹CORPORATE POWERS 公司的权力、公司设立的效力◆GRANTED BY STATE LAW◆EXAMPLES♦PERPETUAL EXISTENCE♦FILE LAWSUITS♦OWN PROPERTY♦MAKE CONTRACTS♦PERFORM ACTS NECESSARY TOCONDUCTING LAWFUL BUSINESS越权规则⏹“ULTRA VIRES” 越权规则◆ACTS THAT ARE BEYOND CORPORATEPOWERS OR PURPOSE STATED INARTICLES OF INCORPORATION◆FOLLOWING CAN SUE TO PREVENT♦SHAREHOLDER♦CORPORATION, AGAINST OFFICERSOR DIRECTORS♦STATE ATTORNEY GENERAL按设立地分类⏹DOMESTIC CORPORATION 本州公司⏹FOREIGN CORPORATION 外州公司◆DOING BUSINESS IN ANY STATE OTHERTHAN STATE IN WHICH INCORPORATED◆REGISTERED AGENT AND OFFICE◆CANNOT SUE IN THAT STATE UNTILOBTAINING “CERTIFICATE OFAUTHORITY”⏹ALIEN CORPORATION 外国公司◆INCORPORATED IN A FOREIGN公司发起人⏹PROMOTERS 发起人◆PREINCORPORATION CONTRACTS♦CORPORATION NOTAUTOMATICALLY LIABLE♦TO BE LIABLE, MUST “ADOPT”THE PROMOTER’S CONTRACTAFTER COMING INTO EXISTENCE先公司合同⏹PROMOTERS 发起人◆PREINCORPORATION CONTRACTS♦PROMOTER IS PERSONALLY LIABLE♦AVOIDING LIABLILITY•IRREVOCABLE OFFER TO CORP•SPECIFIC CONTRACT TERMS•PROMOTER, THIRD PARTY ANDCORP ENTER INTO “NOVATION”•RELEASE FROM THIRD PARTY公司设立瑕疵⏹DEFECTIVE INCORPORATION 设立瑕疵◆“DE JURE” –IN TOTAL COMPLIANCEWITH STATE STATUTE◆“DE FACTO” 事实公司♦ELEMENTS:•EXISTING STATE STATUTE•GOOD FAITH EFFORT TO COMPLY•CONDUCTING BUSINESS A CORP♦ONLY THE STATE CAN CHALLENGECORP’S EXISTENCE冒牌公司⏹DEFECTIVE INCORPORATION◆CORP BY ESTOPPEL 冒牌公司♦THIRD PARTY CONDUCTS BUSINESSWITH ANOTHER BUSINESS♦THIRD PARTY BELIEVES OTHERBUSINESS TO BE A CORP♦THIRD PARTY CANNOT HOLD“SHAREHOLDERS” (OWNERS)PERSONALLY LIABLE IF BUSINESSFAILED TO PROPERLY INCORPORATE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 BYCONTROLLING SHAREHOLDER♦NONFUNCTIONING OF OTHER揭开公司面纱续⏹“PIERCING CORPORATE VEIL”◆CIRCUMSTANCES CONSIDERED♦USE OF CORP AS FACADE FORCONTROLLING SHAREHOLDER’SOTHER FINANCIAL AFFAIRS♦FRAUD, OR OTHER INJUSTICE三、公司的融资结构FINANCIAL STRUCTURE融资结构：公司证券分类⏹“SECURITY”证券◆STOCK (EQUITY SECURITY)股票♦OWNERSHIP INTEREST◆BOND (DEBT SECURITY)债券♦HOLDER IS A CREDITOR OFCORPORATION股东权益⏹RIGHTS OF SHAREHOLDER◆DIVIDENDS◆PARTICIPATE IN CONTROL (VOTEON MAJOR ISSUES ATSHAREHOLDERS’ MEETING)◆SHARE OF NET ASSETS UPONLIQUIDATION OF CORPORATION股票分类：普通股⏹STOCK (SHARES) CLASSES股票分类◆COMMON STOCK♦BASIC GROUP OF OWNERS♦VOTING RIGHTS优先股⏹STOCK CLASSES◆PREFERRED STOCK优先股♦RECEIVE SPECIFIED PRIORITIES•ORDINARILY, RIGHT TO DIVIDENDBEFORE COMMON STOCKSHAREHOLDERS♦MAY BE “CUMULATIVE”•RIGHT TO DIVIDEND CARRIESFORWARD (AND ACCUMULATES)IF NOT PAID IN CURRENT YEAR优先股续⏹STOCK CLASSES◆PREFERRED STOCK♦MAY BE “CALLABLE”•CORP CAN PURCHASE FROMSHAREHOLDER AT CORP’SOPTION•MAY BE “CONVERTIBLE” INTOCOMMON STOCK股票的其他分类⏹STOCK CATEGORIES◆“AUTHORIZED” –CORP MAY ISSUE UP TO THISAMOUNT AS STATED IN ARTICLES OFINCORPORATION 授权发行的股份◆“ISSUED” –SOLD OR OTHERWISETRANSFERRED BY CORPORATION TOSHAREHOLDERS 已发行股份◆“OUTSTANDING” –HELD BY SHAREHOLDERSAT ANY GIVEN POINT IN TIME 股东持有的股份◆“TREASURY” –PREVIOUSLY ISSUED, BUTHAVE BEEN REACQUIRED BY CORP 公司回购的股份（无表决权）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已完成服务◆PROMISE TO PERFORM SERVICESIN THE FUTURE承诺的服务认股协议⏹PRE-INCORPORATION SUBSCRIPTION AGREEMENTS◆OFFER BY SHAREHOLDER TO BUYSTOCK IN CORP NOT YET FORMED◆RMBCA TREATS AS IRREVOCABLEOFFER FOR 6 MONTHS AFTER DATE OFOFFER♦WISCONSIN –OFFER ISAUTOMATICALLY ACCEPTED BYCORP UPON FORMATION OF CORP“发水股份”（出资瑕疵）⏹“WATERED STOCK” 发水股票◆STOCK THAT HAS BEEN ISSUED FORINADEQUATE CONSIDERATION♦EXAMPLES•OVERVALUED REAL ESTATE•PROMISE OF FUTURE SERVICESTHAT IS NOT PERFORMED公司债券的种类⏹BOND 有担保债券◆A LOAN OF MONEY TO CORP◆HOLDER ENTITLED TO PERIODICPAYMENT OF INTEREST AND RETURNOF PRINCIPAL WHEN BOND “MATURES”◆SECURED BY SPECIFIC CORPORATEPROPERTY⏹DEBENTURE 无担保债券◆UNSECURED LOAN, SO THAT HOLDER ISA GENERAL CREDITOR OF CORP债券承销协议⏹INDENTURE债券承销协议◆AGREEMENT BETWEEN CORPISSUING BOND AND THEFINANCIAL INSTITUTIONADMINISTERING THE BOND公司证券转让：记名股票⏹TRANSFER OF SECURITIES证券转让◆STOCK CERTIFICATES股权证书♦REGISTERED记名式•TRANSFERRED BY OWNERSIGNING ON CERTIFICATE,NAMING TRANSFEREE, ANDRETURNING TO CORP•CORP ISSUES NEW CERTIFICATE INNAME OF TRANSFEREE不记名股票⏹TRANSFER OF SECURITIES◆STOCK CERTIFICATES♦BEARER不记名式•NO SPECIFIC SHAREHOLDERNAMED ON CERTIFICATE•SHAREHOLDER IS WHOEVERHAS PHYSICAL POSSESSIONOF THE CERTIFICATE上市公司股份转让⏹TRANSFER OF SECURITIES◆MODERN PRACTICE FOR PUBLICLYTRADED CORPORATIONS 上市公司股票♦NO PHYSICAL CERTIFICATE♦OFTEN HELD IN “DEPOSITORY”AND/OR IN BROKER ACCOUNT, WHOKEEP ACCOUNT RECORDS (RATHERTHAN PYSICAL CERTIFICATES)公司红利分配方式⏹DIVIDENDS 红利◆THREE TYPES♦CASH现金♦PROPERTY财产♦STOCK股票◆NO AUTOMATIC RIGHT TODIVIDEND IN A GIVEN YEAR非法红利⏹DIVIDENDS◆ILLEGAL DIVIDENDS非法分红♦CORP INSOLVENT, OR ISSUINGWOULD CAUSE CORP TOBECOME INSOLVENT♦DIRECTORS WHO APPROVE MAYBE PERSONALLY LIABLE三、公司的管理MANAGEMENT公司的管理层次⏹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股东大会⏹SHAREHOLDERS◆SHAREHOLDERS MEETING♦AT LEAST ANNUALLY♦MUST BE GIVEN WRITTENNOTICE OF PLACE AND TIME♦ELECT DIRECTORS♦VOTE ON OTHER MAJOR ISSUES股东大会的要求⏹SHAREHOLDERS MEETING◆QUARUM 百分比要求♦MINIMUM NUMBER OFSHAREHOLDERS (OR RIGHT TO VOTESHARES) THAT MUST BE PRESENT ATMEETING IN ORDER TO CONDUCTBUSINESS◆MAY TAKE ACTION WITHOUT MEETING,IF UNANIMOUS WRITTEN CONSENT OFSHAREHOLDERS累积投票制⏹SHAREHOLDERS MEETING◆CUMULATIVE VOTING累积投票♦ONLY FOR ELECTION OF DIRECTORS♦STATE LAW OR BY-LAWS MUSTPERMIT♦THE NUMBER OF VOTES EACHSHAREHOLDER RECEIVES (USUALLYONE PER SHARE) MULTIPLIED BY THENUMBER OF DIRECTORS BEINGELECTED AT THAT MEETING表决权代理与表决权信托⏹SHAREHOLDERS MEETING◆PROXY VOTING 表决权代理♦SHAREHOLDER DESIGNATES A PARTY WHOCAN VOTE ON BEHALF OF SHAREHOLDER(OFTEN CORPORATE MANAGEMENT)◆VOTING TRUST表决权信托♦SHAREHOLDERS ASSIGN SHARES TOTRUSTEE, WHO VOTES ACCORDING TOTRUST AGREEMENT♦SHAREHOLDERS STILL RECEIVE DIVIDENDS投票协议⏹SHAREHOLDERS MEETING◆VOTING AGREEMENT 投票协议♦CONTRACT BETWEENSHAREHOLDERS TO CAST THEIRVOTES IN A CERTAIN WAY优先认股权⏹SHAREHOLDERS MEETING◆PREEMPTIVE RIGHTS优先认购权♦RIGHT OF SHAREHOLDER TOPURCHASE AMOUNT OF SHARESIN NEW ISSUANCE SO THATPERCENTAGE OWNERSHIPINTEREST IS MAINTAINED股东查阅权⏹SHAREHOLDER’S RIGHT TO REVIEW CORPORATE RECORDS股东查阅权◆MUST BE CURRENT SHAREHOLDER◆WRITTEN DEMAND STATING THEPURPOSE◆MADE IN GOOD FAITH◆PROPER PURPOSE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 FILLEDBY BOD UNTIL NEXT SHAREHOLDERMEETING。