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Chapter 6

COMMERCE 1B03 Chapter Notes - Chapter 6: Multinational Corporation, Sole Proprietorship, Benefit Corporation


Department
Commerce
Course Code
COMMERCE 1B03
Professor
Rita Cossa
Chapter
6

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Corporations: a legal entity with authority to act and have liability separate from its owners
You cannot change to a corporation status is you are trying to avoid sole proprietorship
or partnership debts
In Canada corporations are divided into two classes:
1. Private corporations: corporations that is usually controlled by a small number of
shareholders and its shares are not listen on a stock exchange
Many are subsidiaries of multinationals or are family owned
Often ranked by revenue, the one significant financial measure they
disclose.
2. Public corporations: shares are widely held and available for general public sale
on a designated stock exchange
A stock exchange is an organization whose members can buy and sell
(exchange) securities for companies and investors
Corporation types
A benefit corporation is certified to meet rigorous standards of social and environmental
performance, accountability, and transparency
A crown corporation is one that can only be registered by the prov. Or fed. government
A domestic corporation conducts business in its home country
A multinational corporation is a firm that operates in several countries
A non-profit corporation is on that does not seek profit from its owners
A private corporation is one whose shares are held by a few people and are not available to
the general public
A professional corporation is a private corporation whose owners provide professional
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