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foreign corporation |
Also found in: Financial, Acronyms, Wikipedia | 0.09 sec. |
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foreign corporation n. a corporation which is incorporated under the laws of a different state or nation. A "foreign" corporation must file a notice of doing business in any state in which it does substantial regular business. It must name an "agent for acceptance of service" in that state, or the Secretary of State in some jurisdictions will automatically be that agent so people doing business with a foreign corporation will be able bring legal actions locally if necessary. Example: the Whoopee Widget Corporation is incorporated in Delaware. It has a sales office in Arizona, which does not make a guaranteed refund to Jack Jones of Arizona. Jones can sue Whoopee in Arizona and serve the Arizona Secretary of State or Whoopee's designated agent. |
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The new rules also attempt to clarify the meaning of "indirect acquisition" of properties and ownership "by reason of" holding stock in the domestic corporation (or an interest in the domestic partnership). The joint venture operates 10 stores in Mexico as a Mexican domestic corporation under the name Smart & Final del Noroeste, S. The Supreme Court called the discrimination in South Central Bell not merely theoretical; the undisputed record showed the average Alabama domestic corporation paid only 20% of the franchise tax it would pay if treated as a foreign corporation. |
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Domestic corporation
