The duration of a corporation is perpetual, unless otherwise limited by the certificate of incorporation and for the time period it designates.<\/p>\n

Limitations on director\u2019s liability<\/u><\/h4>\n

The certificate of incorporation may limit the liability the directors have towards the corporation\u2019s shareholders for a breach of duty. The breach, however, may not: be the result of bad faith; a consequence of intentional misconduct or a knowing violation of the law on the part of the director; accrue to the director a financial profit or other advantage to which he lacks legal entitlement; or be in violation of the director\u2019s statutory responsibilities.<\/p>\n

Additional provisions<\/u><\/h4>\n

To the extent that additional provisions are not in violation of statute, the certificate of incorporation may insert them in respect of rights and powers to which shareholders, directors and officers are entitled.<\/p>\n

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What are the rules governing the formation of a corporation in New York State? In this article, a New York corporate law attorney will explain what you’ll need to do to register a business or limited liability company in the state of New York. Who can form a corporation? The New York Business Corporation Law…<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[630],"tags":[],"class_list":["post-81503","post","type-post","status-publish","format-standard","hentry","category-new-york-corporate-law"],"acf":[],"yoast_head":"\n