The effect of defective incorporation is the promoters and would-be shareholders do not have protection of limited liability De Jure Corporation De Facto Corporation Corporation by Estoppel De Jure Corporation De Facto Corporation Corporation by Estoppel Characteristics Articles and Bylaws Pre-Incorporation Contracts Ultra Vires Doctrine The Objective of the Corporation Characteristics Articles and Bylaws Pre-Incorporation Contracts Defective Incorporation Ultra Vires Doctrine The Objective of the Corporation Corporate Form