What are the duties fulfilled by corporate positions?
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What are the duties fulfilled by corporate positions?
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Solution Summary
Corporations are business entities that are a product of an owner and corporate law. This solutions provides the student with a comprehensive review of their primary objectives, shareholder's ethics, qualifications, board of directors, corporation type, and duties of corporate officers. Two references are provided.
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Corporations are business entities that are the product of an owner and corporate law. Although their primary objective, like any other type of business, is profit maximization, the complexities of a corporation are many. Not only do corporations have managers, they also have owners that are independent of the business entity. They are called shareholders. Because the shareholders are separate by the nature of the business, they elect a board of directors to make business decisions. Often, if the company is vast, the board of directors will appoint officers, or those that control the daily operations of the business. They all have their own niche in the corporation.
Because shareholders may be ethically subjective to the corporation's goals, statutes have been set in place (Mallor, Barnes, Bowers & Langvardt, 2010). While shareholders are concerned with the profits, or lack thereof, they often fail to consider other members of the corporations, including employees, suppliers and customers. Without their contentment, a corporation cannot maximize its profits. Shareholders often do not have the expertise to run the corporation, so they elect a board of directors to successfully manage it. Although the directors are in charge of managing stock and the company's operations, larger decisions, with a bigger impact, must be approved by ...
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