Still Square Pegs in Round Holes? A Look at ANCSA Corporations, Corporate Governance, and Indeterminate Form or Operation of Legal Entities
UCLA-Alaska Law Review, Vol. 24, p. 203, 2007
34 Pages Posted: 9 Mar 2009
This Article examines an issue that many corporations, trusts, not-for-profit corporations, and other entities should consider: whether the choice of legal form matters? Is it significant, for example, that a corporation organizes as a corporation as opposed to a trust, or vice versa? Ultimately, the Article concludes that entity choice in fact is not as important as one may previously have thought. In reaching that conclusion, this Article examines converging corporate and trust laws in addition to governing standards, and takes an in depth look at Alaska Native Corporations and Hawaii's Bishop Estate, both of which help illustrate the non-traditional corporate and trust functions performed by such entities. From these examinations, it is clear that governance is governance regardless of the choice of legal form, a valuable lesson for every legal entity today.
Keywords: legal entity, legal form, choice of entity, ANCSA corporations, Alaska Native Claims Settlement Act, Hawaii's Bishop Estate, corporations, trusts, not-for-profit corporations, corporate governance, operation
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