In the law of corporations, a merger is effected when one or more corporations becomes a part of, or merges, with another corporation so that one ceases to exist and the other continues to exist. In a merger, the company that continues to exist retains its name and identity and acquires the assets, liabilities, franchises, and powers of the corporation that ceases to exist. Attorneys who practice in mergers and acquisitions (sometimes called M & A) represent corporations and other business entities in strategizing, negotiating, and carrying out transactions in which two or more companies or corporations combine into a single new entity, a merger, or where one business purchases and absorbs the assets of another, an acquisition.
Summit is a city in Union County, New Jersey, United States, and an affluent bedroom community of New York City. At the United States 2000 Census, the city population was 21,131. Summit has the 16th-highest per capita income in the state. What is now the city of Summit was created as Summit Township by an Act of the New Jersey Legislature on March 23, 1869, from portions of New Providence Township and Springfield Township. Summit was reincorporated as a city on March 8, 1899. Beyond the obvious derivation from its position atop the Second Watchung Mountain, other theories have been offered to account for the city's name. The house in which Jurist James Kent lived starting in 1837 called Summit Lodge (today standing at 50 Kent Place Boulevard), and a local sawmill owner who granted passage to the Morris and Essex Railroad for a route required to climb to "the summit of the Short Hills" have both been offered as the source of the city's name.