MGMT 1040 Chapter Notes -John Kenneth Galbraith, Business Ethics, Invisible Hand
18 Mar 2014
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It means that the members of the corporation are financially liable for corporate debts only up to the extent of their investments. Corporations can be either for profit or non-profit. They may be privately owned or owned (in part or whole) by the government. All companies whose stocks are listed on a stock exchange are publicly held corporations. Any petitioning body with the minimal qualifications has the right to receive the corporate character. Corporations seen as humans and/or persons in some views. This means that they have moral obligations and can be blameworthy if these obligations aren"t met. Corporate internal decision (cid) structures amount to established procedures for accomplishing specific goals. Some philosophers claim that the cid structure lays out lines of authority and stipulates under what conditions personal actions become official corporate actions. They argue that corporations cannot have characteristics such as honesty, considerateness, and sympathy; only individuals working in the corporations can have those characters.
