A corporation is a legal entity separate from the persons The term person in common usage means an individual human being. In the fields of law, philosophy, medicine, and others, the term also has specialised context-specific meanings who own it or the persons who manage or operate it. In British tradition it is the term designating a body corporate In English Law , body corporate is the legal term for a corporate body, i.e. a corporation. It is distinct from a natural person, although it has many of the same legal rights, where it can be either a corporation sole In English Law, a corporation sole is a legal entity consisting of a single incorporated office, occupied by a single ('sole') man or woman. This allows a corporation (usually a religious corporation) to pass vertically in time from one office holder to the next successor-in-office, giving the position legal continuity with each subsequent office (an office held by an individual natural person, which is a legal entity separate from that person) or a corporation aggregate (involving more persons). In American and, increasingly, international usage, the term denotes a body corporate formed to conduct business A business is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main, and this meaning of corporation is discussed in the remaining part of this entry (the limited company A limited company in the United Kingdom or Ireland is a corporation whose liability is limited by shares , which is the most common form of privately held company. Its equivalent in Australia is Proprietary company (Pty Ltd). Ltd in Australia would usually mean that a company with Ltd in the end of a company name would be listed on the ASX, in British usage).
Corporations exist as a product of corporate law Corporate law is the law of the most dominant kind of business enterprise in the modern world. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm, and their rules balance the interests of the management Management in all business and human organization activity is simply the act of getting people together to accomplish desired goals and objectives. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and who operate the corporation; creditors A creditor is a party that has a claim to the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service. The second who loan it goods, services or money; shareholders A mutual shareholder or stockholder is an individual or company that legally owns one or more shares of stock in a joint stock company. A company's shareholders collectively own that company. Thus, the typical goal of such companies is to enhance shareholder value that invest their capital In economics, capital or capital goods or real capital refers to factors of production used to create goods or services that are not themselves significantly consumed in the production process. Capital goods may be acquired with money or financial capital. In finance and accounting, capital generally refers to financial wealth, especially that and the employees who contribute their labor Labour economics seeks to understand the functioning and dynamics of the market for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services , the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and. People work together in corporations to produce value and generate income Income, refers to the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of. In modern times, corporations have become an increasingly dominant part of economic life. People rely on corporations for employment Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as: "A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has the power or right to control and direct the employee in the material details of how, for their goods and services, for the value of the pensions, for economic growth Economic growth is an increase in activity in an economy. It is often measured as the rate of change of gross domestic product . Economic growth refers only to the quantity of goods and services produced; it says nothing about the way in which they are produced. Economic development, a related term, refers to change in the way goods and services and social development.
The defining feature of a corporation is its legal independence from the people who create it. If a corporation fails, shareholders normally only stand to lose their investment (and possibly, in the unusual case where the shares are not fully paid up, any amount outstanding on them - and not even that in the case of a No liability company A no-liability company in Australia is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which is entitled to), and employees will lose their jobs, but neither will be further liable for debts that remain owing to the corporation's creditors unless they have separately varied this, e.g. with personal guarantees. This rule is called limited liability Limited liability is a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. In other words, if a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors. A shareholder in a, and it is why the names of corporations in the UK end with "Ltd. A private company limited by shares is a type of company incorporated under the laws of England and Wales, Scotland, that of certain Commonwealth countries and the Republic of Ireland. It has shareholders with limited liability and its shares may not be offered to the general public, unlike those of public limited companies" (or some variant like "Inc." and "plc").
Despite not being natural persons, corporations are recognized by the law to have rights and responsibilities like actual people. Corporations can exercise human rights Human rights refer to the "basic rights and freedoms to which all humans are entitled." Examples of rights and freedoms which have come to be commonly thought of as human rights include civil and political rights, such as the right to life and liberty, freedom of expression, and equality before the law; and economic, social and cultural against real individuals and the state,[1] and they may be responsible for human rights violations.[2] Just as they are "born" into existence through its members obtaining a certificate of incorporation, they can "die" when they lose money into insolvency Insolvency means the inability to pay one's debts as they fall due. Usually used in Business terms, insolvency refers to the inability for an 'unlimited liability' company to pay off its debts. Corporations can even be convicted of criminal offences, such as fraud In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and is also a civil law violation. Many hoaxes are fraudulent, although those not made for personal gain are not technically frauds. Defrauding people of and manslaughter The law generally differentiates between levels of criminal culpability based on the mens rea, or state of mind. This is particularly true within the law of homicide, where murder requires either the intent to kill, a state of mind called malice, or malice aforethought, which may involve an unintentional killing but with a willful disregard for.[3] Five common characteristics of the modern corporation, according to Harvard University Harvard University is a private university located in Cambridge, Massachusetts, and is a member of the Ivy League. Founded in 1636 by the colonial Massachusetts legislature, Harvard is the oldest institution of higher learning in the United States. It is also the first and oldest corporation in North America. Administratively, Harvard comprises Professors Hansmann and Kraakman are:
- delegated management Delegation is the assignment of authority and responsibility to another person (normally from a manager to a subordinate) to carry out specific activities. However the person who delegated the work remains accountable for the outcome of the delegated work. Delegation empowers a subordinate to make decisions, i.e. it is a shift of decision-making, in other words, control of the company placed in the hands of a board of directors A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. The body sometimes has a different name, such as board of trustees, board of governors, board of managers, or executive board. It is often simply referred to as "the board."
- limited liability Limited liability is a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. In other words, if a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors. A shareholder in a of the shareholders (so that when the company is insolvent, they only owe the money that they subscribed for in shares)
- investor ownership Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. An ownership right is also referred to as title. The concept of ownership has existed for thousands of years and in all cultures. Over the millennia, however, and across cultures what is considered, which Hansmann and Kraakman take to mean, ownership by shareholders.[4]
- separate legal personality A legal person, also called juridical person or juristic person, is a legal entity through which the law allows a group of natural persons to act as if they were a single composite individual for certain purposes, or in some jurisdictions, for a single person to have a separate legal personality other than their own. This legal fiction does not of the corporation (the right to sue and be sued in its own name)
- transferrable shares A stock exchange is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and (usually on a listed exchange, such as the London Stock Exchange The London Stock Exchange is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies. The exchange is part of the London Stock Exchange Group and so sometimes referred to by the ticker symbol for the group, LSE, New York Stock Exchange The New York Stock Exchange is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, New York, USA. It is the largest stock exchange in the world by United States dollar value of its listed companies' securities. As of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 trillion or Euronext Source:"euronext.com". http://www.euronext.com/trader/indicescomposition/composition-4411-EN-FR0003502079.html?selectedMep=1&idInstrument=22218 in Paris Paris (pronounced /ˈpærɪs/ in English, [paʁi] in French) is the capital of France and the country's largest city. It is situated on the river Seine, in northern France, at the heart of the Île-de-France region (also known as the "Paris Region"; French: Région parisienne). The city of Paris, within its limits largely unchanged since)
Ownership of a corporation is complicated by increasing social and economic interdependence, as different stakeholders compete to have a say in corporate affairs. In most developed countries excluding the English speaking world, company boards have representatives of both shareholders and employees to "codetermine Co-determination is a practice whereby the employees have a role in management of a company. The word is a somewhat clumsy[citation needed] and literal translation from the German word Mitbestimmung. Codetermination rights are different in different legal environments. In some countries, like the USA, the workers have virtually no role in" company strategy. Calls for increasing corporate social responsibility Corporate social responsibility , also known as corporate responsibility, corporate citizenship, responsible business, sustainable responsible business (SRB), or corporate social performance, is a form of corporate self-regulation integrated into a business model. Ideally, CSR policy would function as a built-in, self-regulating mechanism whereby are made by consumer, environmental and human rights activists, and this has led to larger corporations drawing up codes of conduct. In Australia Australia , officially the Commonwealth of Australia, is a country in the southern hemisphere comprising the continental mainland (the world's smallest), the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans.N4 Neighbouring countries include Indonesia, East Timor, and Papua New Guinea to the north, the Solomon, Canada Canada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean. It is the world's second largest country by total area and shares the world's longest common border with the United States to the south and northwest, the United Kingdom The United Kingdom of Great Britain and Northern Ireland is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land border, sharing it with and the United States The United States of America is a federal constitutional republic comprising fifty states and a federal district. The country is situated mostly in central North America, where its 48 contiguous states and Washington, D.C., the capital district, lie between the Pacific and Atlantic Oceans, bordered by Canada to the north and Mexico to the south, corporate law Corporate law is the law of the most dominant kind of business enterprise in the modern world. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm has not yet stepped into that field, and its building blocks remain the study of corporate governance Corporate governance is a multi-faceted subject. An important theme of corporate governance is to ensure the accountability of certain individuals in an organization through mechanisms that try to reduce or eliminate the principal-agent problem. A related but separate thread of discussions focuses on the impact of a corporate governance system in and corporate finance Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while managing the firm's financial risks. Although it is in principle different from managerial finance which studies the.
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The Corporation directed by Mark Achbar Jennifer Abbott and Joel Bakan This blockbuster doc from a team including Mark Achbar who gave us Chomsky s Manufacturing Consent takes apart the modern corporation and finds therein a psychopathic condition
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Sat, 05 Sep 2009 23:26:00 GM
The Hues . Corporation. - Your Place Or Mine 1978. Tracklisting: A1, Get Up Off Your Backsides (7:43). A2, Love Dance (3:47). A3, Don't Forget To Woogie (4:13). A4, Needed (3:44). B1, With All My Love And Affection (3:25) ...
Q. I own a Corporation, being the sole shareholder. I have loaned the Corporation money. What is this called in accounting when I do the books? I know a shareholder loan is when the Corporation loans money to the shareholder. I think, possibly it is capital or equity, but I could be wrong. And does anyone know what ledger number it is given. I believe it goes in the 3000's. Are there any accountants or bookkeepers out there that can shed some light on this?
Asked by LTigerRay - Sat Jul 14 22:52:56 2007 - - 2 Answers - 0 Comments
A. I'll take your word that you're the sole shareholder in a corporation and not a sole-proprietor in a sole-proprietorship. If you lend the co. money, it's a shareholder loan under current liabilities. The a/cs code depends on your chart of a/cs. It's equity only if you issued shares to yourself. Otherwise it's just a shareholder's loan. This is a more flexible arrangement cos you can repay yourself the loan when the co. has the funds. If you issue yourself shares you can't cancel the share and take back the money without going thru a lot of hassle.
Answered by Sandy - Sun Jul 15 02:15:02 2007
