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39-473: GBMC HealthCare is a private, not-for-profit corporation that owns and operates Greater Baltimore Medical Center. GBMC HealthCare also owns and operates Gilchrist Hospice Care (formerly known as Hospice of Baltimore and Gilchrist Center for Hospice Care), the largest not-for-profit hospice organization in the state of Maryland. The organization also includes the GBMC Foundation, which fundraises for GBMC. GBMC

78-407: A charitable organization . A mutual-benefit corporation can be non-profit or not-for-profit, but it still must pay regular corporate tax rates. A mutual benefit corporation will pay the same taxes as a regular for-profit corporation, with C corporation tax rates. Mutual benefit corporations must still file tax returns and pay income tax because they are not formed for a purpose from which anyone in

117-418: A limited liability company (LLC) may hold assets such as real estate, cars or boats. If a shareholder of a corporation is personally involved in a lawsuit or bankruptcy , these assets may be protected. A creditor of a shareholder of a Corp. or LLC cannot seize the assets of the company. However, the creditor may be able to seize ownership shares in the corporation, as they are considered a personal asset. In

156-524: A local government of a new city or town . Specific incorporation requirements in the United States differ on a state by state basis. However, there are common pieces of information that states require to be included in the certificate of incorporation . A business purpose describes the incorporated tasks a company has to do or provide. The purpose can be general, indicating that the budding company has been formed to carry out "all lawful business" in

195-457: A state government , and organized primarily or exclusively for social , educational , recreational or charitable purposes by like-minded citizens. Public-benefit nonprofit corporations are distinct in the law from mutual-benefit nonprofit corporations in that they are organized for the general public benefit , rather than for the interest of its members. They are also distinct in the law from religious corporations. A religious corporation

234-834: A 5-star rating from the Centers for Medicare and Medicaid Services . GBMC underwent a major renovation and revitalization construction project starting in 2021 that included 60 new inpatient beds and a new cancer institute. Gilchrist Hospice Care, a Medicare / Medicaid -certified hospice program, is the largest not-for-profit hospice organization in the state of Maryland. Since 1994, it has provided services to over 17,000 terminally ill individuals who reside in Baltimore City and Baltimore, Carroll, Harford, and Howard counties. Services include medical, nursing, social work, home health aid, spiritual and bereavement counseling/support, and volunteer assistance. Hospice services are most often provided in

273-410: A board of trustees appointed by the governor. The board filed a suit challenging the constitutionality of the legislation. The suit alleged that the college enjoyed the right to contract and the government changing that contract was not allowed. Chief Justice John Marshall delivered the majority opinion and affirmed that the right to contract exists between owners of private property rather than between

312-433: A broad impact, there are disputes about how those technologies and the businesses they thrive in fit under the umbrella of laws that govern regulations and taxation. In 1886 one such taxation dispute arose between Santa Clara County and Southern Pacific Railroad . The railroad thought the tax code was misapplied to some of their property and assets. In deciding the case, a unanimous court ruled that governments must abide by

351-413: A business such as loans, accounts payable, and legal judgments. In a corporation, however, shareholders , directors and officers typically are not liable for the company's debts and obligations. They are limited in liability to the amount they have invested in the corporation. For example, if a shareholder purchased $ 100 in stock, no more than $ 100 can be lost. On the other hand, a corporation (Corp.) or

390-403: A direct campaign. The articles of incorporation (also called a charter , certificate of incorporation or letters patent ) are filed with the appropriate state office, listing the purpose of the corporation, its principal place of business and the number and type of shares of stock. A registration fee is due, which is usually between $ 25 and $ 1,000, depending on the state. A corporate name

429-596: A face-to-face meeting. In the UK, the process of incorporation is generally called company formation. The United Kingdom is one of the quickest locations to incorporate, with a fully electronic process and a very fast turnaround by the national registrar of companies, the Companies House . The current Companies House record is five minutes to vet and issue a certificate of incorporation for an electronic application. There are many different types of UK companies: In Canada ,

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468-488: A government and its citizens. The case was the first case in US history that asked fundamental questions about corporate entities and the protections they enjoy; it also was a precedent-setting case in extending "individual rights" to corporations. The railroad was an expensive multi-year project that greatly changed and altered both the physical and commercial landscape of the country. As with most new technology developments that have

507-465: A means to observe this evolution. While these cases may seem arbitrary and decontextualized when examined individually, when viewed successively and within historical context, a narrative emerges that offers an explanation for why such views are upheld. In 1816, the New Hampshire state legislature passed a bill intended to turn privately owned Dartmouth College into a publicly owned university with

546-514: A regional medical center, providing general acute and specific specialized services to the northern portion of Baltimore City, most of Baltimore County, and portions of Anne Arundel, Carroll, Harford, and Howard counties. The Hospital for Women of Maryland in Baltimore City had opened in 1882 in Bolton Hill as the second women's hospital in the country (in 2001 the Hospital for Women was repurposed into

585-498: A view of corporations emerge that put them at odds with the normal working man. The election of Franklin D. Roosevelt was a manifestation of many populist sentiments the country might have felt. In 1933 a Florida case came before the court, again disputing taxation. In Liggett v. Lee the court ruled that there could be a corporate tax, essentially saying the structure of business was a justifiably discriminatory criterion for governments to consider when writing tax legislation. This

624-461: A way to use it to influence politics and policy. In response, Massachusetts passed a law limiting corporate donations strictly to issues related to their industry. The First National Bank of Boston challenged the law on First Amendment grounds and won. First National Bank of Boston v. Bellotti allowed business to use financial speech in political causes of any nature. In 2010 amidst an outpouring of frustration and blame directed at Wall Street

663-476: Is a nonprofit corporation organized to promote religious purposes. Often these types of corporations are recognized under the law on a subnational level, for instance by a state or province government. The government agency responsible for regulating such corporations is usually the official holder of records, for instance a state Secretary of State . Religious corporations are formed like all other nonprofit corporations by filing articles of incorporation with

702-651: Is a top 10 rated hospital in Baltimore as well as one of the 40 best employers in Maryland for 2023. GBMC maintains a collaborative care agreement with Sheppard Pratt , a mental health services facility and system with which it shares adjacency on the Towson campus. Incorporated in 1960, GBMC HealthCare consolidated two specialty Baltimore hospitals: the Hospital for Women of Maryland in Baltimore City and Presbyterian Eye, Ear and Throat Charity Hospital. GBMC opened its doors in 1965 as

741-565: Is capable of continuing indefinitely. Its existence is not affected by the death of shareholders, directors, or officers of the corporation. Ownership in a Corp. or LLC is easily transferable to others, either in whole or in part. Some state laws are particularly corporate-friendly. For example, the transfer of ownership in a corporation incorporated in US-DE is not required to be filed or recorded. Legal opinion on corporations has evolved significantly throughout history, and Supreme Court cases provide

780-412: Is generally made up of three parts: "distinctive element", "descriptive element", and a legal ending. All corporations must have a distinctive element, and in most filing jurisdictions, a legal ending to their names. Some corporations choose not to have a descriptive element. In the name "Tiger Computers, Inc.", the word "Tiger" is the distinctive element; the word "Computers" is the descriptive element; and

819-671: Is registered with the state of Maryland as an approved charitable organization . Gifts to the GBMC Foundation support new facilities, equipment for GBMC physicians and staff, specialty programs, and technologies that combine to make GBMC the community hospital of choice for residents of Central Maryland. In 2007, GBMC and Johns Hopkins Medicine began a strategic clinical affiliation for several programs, beginning with cardiology , pediatric surgery , and oncology . Additional joint clinical practices, shared satellite healthcare centers, and collaboration on clinical research are possibilities for future expansion of this affiliation. In late 2020, GBMC

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858-507: The "Inc." is the legal ending. The legal ending indicates that it is in fact a legal corporation and not just a business registration or partnership . Incorporated, limited , and corporation, or their respective abbreviations (Inc., Ltd., Corp.) are the possible legal endings in the US. Usually, there are also corporate bylaws which must be filed with the state. Bylaws outline a number of important administrative details such as when annual shareholder meetings will be held, who can vote and

897-678: The Meyerhoff House, a student housing facility for the Maryland Institute College of Art ). The Presbyterian Eye, Ear and Throat Charity Hospital originated as a clinic in the Civil War surgeon's East Baltimore carriage house in 1887. Since moving to Towson from Baltimore City, GBMC has shared adjacency to Towson University . In 2020, GBMC was granted the Malcolm Baldridge National Quality Award as well as

936-445: The United States, corporations can sometimes be taxed at a lower rate than individuals. Also, corporations can own shares in other corporations and receive corporate dividends 80% tax-free. There are no limits on the amount of losses a corporation may carry forward to subsequent tax years. A sole proprietorship, on the other hand, cannot claim a capital loss greater than $ 3,000 unless the owner has offsetting capital gains. A corporation

975-502: The amount a buyer is willing to pay. An Inc. stipulates the exact number of shares the corporation is willing to authorize. It is mandatory for every corporation to have stock. If the corporation is willing to permit both preferred as well as common shares of stock, then this should have a mention in the articles of incorporation, along with the voting rights information. Generally, preferred shares provide its shareholders preferential payments of distribution of assets or dividends, in case

1014-423: The company shuts down its operations. A lot of small business owners only allow shares of common stock. There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of

1053-574: The inspections or regulations governing non-religious groups performing the same services. Religious corporations are permitted to designate a person to act in the capacity of corporation sole . A mutual-benefit nonprofit corporation or membership corporation, in the United States, is a type of nonprofit corporation chartered by a state government that exists to serve its members in ways other than obtaining and distributing profits to them. Therefore, it cannot obtain IRS 501(c)(3) non-profit status as

1092-402: The issue of corporate contributions came before the court again. In Citizens United v. FEC the court said there was virtually no distinction between monetary contributions and political speech, and because we do not limit political speech unless it is tantamount to bribery, corporations have the right as people to donate unlimited amounts of money to any political cause so long as it is not to

1131-402: The law of its jurisdiction for purposes other than making profits for its owners or shareholders. Depending on the laws of the jurisdiction, a nonprofit corporation may seek official recognition as such, and may be taxed differently from for-profit corporations , and treated differently in other ways. A public-benefit nonprofit corporation is a type of nonprofit corporation chartered by

1170-535: The manner in which shareholders will be notified if there is need for an additional "special" meeting. Corporations can only deduct net operating losses going back two years and forward 20 years. Assuming a corporation has not sold stock to the public, conducting corporate business is straightforward. Often, it amounts to recording key corporate decisions (for example, borrowing money or buying real estate) and holding an annual meeting. These formalities can often be supplanted by written agreement and do not usually need

1209-576: The patient's home. When more intensive medical care is required, there are inpatient hospice facilities in three locations: Founded in 1987, the GBMC Foundation is a 501(c)(3) nonprofit organization established to centralize and coordinate fundraising efforts to benefit GBMC HealthCare. The Foundation executes fundraising events, annual appeals, and capital campaigns and seeks gifts from patients, as well as grants from corporations and private foundations. The Foundation does not have any affiliation with federated funds or public agencies. The GBMC Foundation

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1248-758: The process of incorporation can be done either at the federal or provincial level. Companies which incorporate with the federal government will generally need to register extra-provincially in the province that they elect to do business. Similarly, a provincial corporation may need to register extra-provincially if they are to have offices outside of their home province. Incorporated Canadian companies can generally use either Corp., Corporation, Inc., Incorporated, Incorporée, Limited, Limitée, Ltd., Ltée, Société par actions de régime fédéral, and S.A.R.F in their name, but this may vary from province to province. Note that there are two government structures operating within Canada. French system

1287-457: The region. Alternatively, the purpose can be specific, furnishing a more detailed explanation of the products and/or services to be offered by their company. The chosen name should be followed with a corporate identifier such as "Corp.", "Inc.", or "Co.". A preliminary name availability search is advisable prior to the submission of the Articles of Incorporation. In the case of online incorporation,

1326-423: The same tax code enforcement for individuals that it did for corporations. While not explicitly stated in the case, it was implied that this case extended equal protection rights to corporations under the 14th amendment . The booming economy the railroad corporations helped build from the late 19th into the early 20th centuries came to a screeching halt in 1929. The Great Depression , as it came to be known, helped

1365-431: The state will have the final say with regards to the name chosen for the company. The name should not deceive or mislead consumers. Registered agents are responsible for receiving all legal and tax documentation on behalf of the corporation. Share per value refers to the stated minimum value and generally doesn't correspond to the actual share value. In reality, the value of a share is based on its fair market value or

1404-480: The state. Religious corporation articles need to have the standard tax exempt language the IRS requires. Religious corporations are subject to less rigorous state and federal filing and reporting requirements than many other tax-exempt organizations, such as mutual benefit nonprofit corporations , or public benefit nonprofit corporations . Depending on the state in which they are located, they may also be exempt from some of

1443-410: The world could benefit. Mutual benefit corporations are formed for nonprofit purposes like managing a condo association, a downtown business district, or a homeowners' association. A utility cooperative is an example of an MBNC. Incorporation (business) Incorporation is the formation of a new corporation . The corporation may be a business , a nonprofit organization , sports club , or

1482-415: Was a unique ruling handed down during a unique time in US history that denied a corporation freedom it sought in the courtroom. From 1940 to 1990 the percent of total GDP made up by financial service professionals increased by 300%. Along with that growth there was a growth in the profits this industry experienced as well. As the disposable income of banks and other financial institutions rose, they sought

1521-403: Was targeted by a ransomware attack that left much of the health system isolated as information technology systems were taken offline to prevent unauthorized access to data. This attack followed many similar incidents among healthcare facilities and systems across the United States. Nonprofit corporation A nonprofit corporation is any legal entity which has been incorporated under

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