Corporation

Besides fraud cases personal assets of the owners, partners, shareholders cannot be seized to repay debts. For a corporation, “The limited liability of shareholders means that they are liable only to the extent of their capital contributions and do not have personal liability for the corporation’s debts and obligation.” (Cheeseman, 2013, 479) In a LLLP there are two types

d. set an unreasonable price based on current market value. 13. Pam is an agent for Refined Chemicals Corporation. Refined Chemicals owes Pam the duty of a. accounting. b. obedience. c. performance. d. safe working conditions. 14. Regional Products, Inc., hires Sam to act as its agent. Tina sues Regional for Sam’s negligent conduct. Regional’s right

The Global Economy’s Corporate Crime Wave discusses world corporate crime and how the influence of money corrupts politics and the economic markets. The power of corporations on our culture is interesting and the depth of corruption, is in moments implausible. Jeffery D. Sachs is a professor and a writer. Sachs writes articles for Project Syndicate, a world’s opinion website and has written books that include: The End of Poverty, Common Wealth and The Age of Sustainable Development. Sachs background

modern economic environment. Big Business refers mainly to corporations, huge economic entities operating for profit and distributing the ownership by the means of stocks. The Big Business started to grow in America after the Civil War, in the 1860s and already reached its peak of strengths by the “roaring” 1920s. Although Big Business faces much social and governmental control nowadays, its power is still enormous. Large business corporations provide most of economic output, employment places, financial

Three basic forms of business organization are sole proprietorship, partnership, and corporation. Sole proprietorship is the simplest form of business organization in which there is only one owner (Cheeseman, 2015, p. 570). Single person is responsible for all debts, liabilities, and obligations, as well as unlimited liability for business operations. If the owner is unsuccessful and acquires debt, creditors can pursue legal action and acquire access to personal bank accounts, real estate, and other

responsibilities are defined as businesses expecting to follow laying down rules, law and regulations (Samson & Daft, 2009). This fundamentally means that for corporations to be operating, it must comply with the underlying laws and regulations and in addition, must aim to increase profits while maintaining the function of legal responsibilities. A corporation abiding or breaking any of the legal

regulators and other stakeholders. (Maaseen, 1999) Monks and Minow (1995) define corporate governance as a relationship among various participants in determining the direction and performance of corporations. According to the World Bank, corporate governance is the blend of law which enable the corporation to attract financial and human capital, perform efficiently and thereby perpetuate it by generating long-term economic value for its shareholders while respecting the interest of stakeholders and

large organization, it is virtually a necessity to operate as a legally chartered corporation of some sort.

of the prevalent belief is that corporations were set up solely to maximize profit to shareholders. Unlike other business models, corporations have the sole status of being viewed as a ‘legal person’, with the rights similar to natural citizens including “engage in business and contracts, initiate lawsuits, and itself be sued” (Business Dictionary). This unique classification provides corporations with the rare opportunity to take advantage of the power corporations have to benefit society and the

concept of CSR emphasize the point that the corporation has an moral responsibility toward its stakeholders. As total opposite toward the more profit oriented theories, the ethical perspectives toward the concept of CSR emphasizes the fact that the corporation should have responsibility towards its stakeholders, not with the overall aim of making profit but rather with the purpose of creating a better society. Therefore the relationship between the corporation and society should be based according to