GMGT 3300 Chapter Notes - Chapter 8: Companies Office, Uberrima Fides, Fiduciary

• School: University of Manitoba
• Department: General Management
• Course: GMGT 3300
• Professor: Ian A.Restall

Document Summary

Not employees as far as the law is concerned. Have the responsibility to appoint/hire the officers of the organization officers. Most senior employees in the organization president, general manager, Hire the rest of the people in the organization if you are sole shareholder, you can appoint yourself director and then hire yourself as an officer --> like a sole proprietorship without the liability. The significance of the corporation being a person (entity: limited liability --> the owners do not owe, only the corporation has debts. Shareholders have limited liability because their liability is limited to what they invested for the shares. This is a huge feature and is very attractive. Continuous existence --> its life is totally independent of who owns it. (it doesn"t matter if a shareholder dies. ) This form must be sent to the companies.