Podcast
Questions and Answers
Which of the following is a feature of a corporation?
Which of the following is a feature of a corporation?
- Ownership is transferred through shares (correct)
- Owned by a single individual
- Less taxation than sole proprietorship
- Formed primarily for charitable purposes
Nonprofit organizations are primarily formed for financial gain.
Nonprofit organizations are primarily formed for financial gain.
False (B)
What is the primary responsibility outlined in an employee conduct policy?
What is the primary responsibility outlined in an employee conduct policy?
Duties and responsibilities of each employee
A ________ is a business owned and controlled by all members.
A ________ is a business owned and controlled by all members.
Match the common practices in business organizations with their descriptions:
Match the common practices in business organizations with their descriptions:
Which of the following is NOT considered an advantage of a corporation?
Which of the following is NOT considered an advantage of a corporation?
Transparency in a corporation refers to the company's efforts to keep information secret.
Transparency in a corporation refers to the company's efforts to keep information secret.
Name one type of corporate culture mentioned.
Name one type of corporate culture mentioned.
Good corporate governance is a key factor that determines a company's ________.
Good corporate governance is a key factor that determines a company's ________.
What is one of the four common practices in a business organization?
What is one of the four common practices in a business organization?
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Study Notes
Forms of Business Organization
- Sole Proprietorship: Owned and operated by a single individual.
- Partnership: Two or more individuals share ownership and responsibility.
- Corporation: Legal entity separate from its owners, offering limited liability protection.
- Nonprofit Organizations: Focus on serving the public good, not generating profit.
- Cooperatives: Owned and controlled by its members, often with a shared purpose.
Ethical Principles
- Transparency: Open and honest communication with stakeholders about company practices.
- Fairness: Balancing the interests of all stakeholders in decision-making.
- Accountability: Individuals taking ownership and responsibility for their actions and decisions.
Employee Conduct and Policies
- Employee Conduct Policies: Outline expected behavior, duties, and responsibilities for employees.
- Attendance and Time Off Policies: Define employee expectations for work schedules, leave, and time off.
- Equal Opportunity Policies: Promote fair treatment and equal chances for all employees, adhering to relevant laws.
Finance and Accounting Policies
- Finance and Accounting Policies: Cover how money is managed, acquisitions are recorded, and liabilities are handled.
Non-Competition Agreements
- Non-Competition Agreements: Contracts that restrict employees' activities during or after employment to prevent them from competing with the company.
Computer Use Policies
- Computer Use Policies: Establish guidelines for employee usage of company computers and internet access.
Good Corporate Governance
- Good Corporate Governance: Comprehensive framework for ethical and responsible company practices.
Advantages of Corporations
- Increased lifespan (can extend for 50 years)
- Limited liability for shareholders
- Financial flexibility - Private and public options available
- Tax benefits
- Ability to hold property
Disadvantages of Corporations
- Limited shareholder power in decision-making
- Transfer of ownership through shares or gifts
- Higher initial incorporation costs
Four Common Practices in Business Organizations
- Employee conduct
- Computer use
- Equal Opportunity
- Non-competition agreement
Types of Corporate Culture
- Horizontal Culture: Emphasis on collaboration and open communication.
- Team-Oriented Culture: Focus on teamwork and collective achievement.
- Elite Culture: Values exclusivity and high standards of performance.
- Conventional Culture: Follows traditional norms and established practices.
Company Code Basics
- Mission: Defines the company's purpose and overall goals.
- Values: Underlying principles that guide the company's actions.
- Ethos: The distinctive character or spirit of the company.
- Objectives: Specific, measurable targets the company aims to achieve.
- Responsibilities: The company's commitments to stakeholders and society.
Key Elements of a Company Code
- Introduction: Provides an overview of the code's purpose and scope.
- Revision: Specifies how and when the code will be reviewed and updated.
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