tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 41 - Mallor, Barnes, Bowers, Langvardt

Chapter 41 provides knowledge of history and nature of corporations. After completing this unit, you should be able to: Discuss the history of corporations, recognize the types of corporations, understand state regulation of foreign and alien corporations, describe how to pierce the corporate veil. | Corporations History & Nature of Corporations Organizational and Financial Structure of Corporations Management of Corporations 10 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Corporations Shareholders’ Rights & Liabilities Securities Regulation Legal & Professional Responsibilities of Auditors, Consultants, and Securities Professionals 10 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. History and Nature of Corporations P A E T R H C 41 “In every era, society must strike the right balance between the freedom businesses need to compete for a market share and to make profits and the preservation of family and community values.” Hillary Clinton, It Takes a Village (1996) Learning Objectives History of corporations Classifications of corporations Regulation of for-profit corporations Regulation of nonprofit corporations Regulation of foreign and alien corporations Piercing the corporate . | Corporations History & Nature of Corporations Organizational and Financial Structure of Corporations Management of Corporations 10 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Corporations Shareholders’ Rights & Liabilities Securities Regulation Legal & Professional Responsibilities of Auditors, Consultants, and Securities Professionals 10 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. History and Nature of Corporations P A E T R H C 41 “In every era, society must strike the right balance between the freedom businesses need to compete for a market share and to make profits and the preservation of family and community values.” Hillary Clinton, It Takes a Village (1996) Learning Objectives History of corporations Classifications of corporations Regulation of for-profit corporations Regulation of nonprofit corporations Regulation of foreign and alien corporations Piercing the corporate veil 41 - In 1886, the private corporation gained legal status as a "natural person" under the . Constitution with the associated protections Corporations today have legal status as a person, specific authority for operation and management, limited liability for owners, easy transferability of an owner’s interest, and the obligation to pay taxes See Fig. 1, page 969 The Corporation As a Person 41 - Santa Clara County vs. Southern Pacific Railroad. Supreme Court Justice William O. Douglas concluded sixty years later that the Santa Clara County decision "could not be supported by history, logic or reason." In fact, the court did not make a specific ruling on the question of “corporate personhood,” but some misleading notes of a clerk were subsequently used as precedent to hold that a corporation was a "natural person." See Taking Care of Business, by Richard Grossman and Frank Adams As of 2002, about 63,000 multinational corporations existed. See Leviathans: Multinational .