A corporation is considered a legal entity, separate and apart from the shareholders who make it up.

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A corporation is considered a legal entity, separate and apart from the shareholders who make it up. This is a myth or fiction and has no basis in reality. Most of the unique characteristics of corporations result from this separate legal entity status. Discuss whether this bit of make-believe in our legal system is justified, considering the result. In your answer consider the recent well-known events involving corporate crime, swindles, and other abuses such as Enron or WorldCom, the banking and subprime mortgage scandals, and the worldwide recession caused by the collapse of the financial sector. Do you think doing away with the corporate myth would make any difference?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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