Name: Maria Ortensia Barcaro

Professor's name: Dr. Oli Mihalache

Business School: United International Business School.

Date: 11/27/2020
Assignment is based on the role of corporations in society.

Corporations and their role in society

Introduction

The expression "corporation" originates from the Latin word's corpus, which means the
“Body of people”
A corporation is a legal body, that is, a distinct entity from its shareholders, and is
considered a shareholder. A corporation shall be considered as a person" with much of
the rights and responsibilities of a human person. A corporation is not permitted to hold
an elected office or vote, but pays income taxes. It may be founded as a profit-making
or non-profit entity and may be owned publicly or privately.
Investopedia writer Will Kenton defined it as a business is a distinct and separate legal
body from its founders.
If you look it up on the internet you will find thousands of definitions, but a certain fact is
that Corporation is a collective unity who must accomplish a shared purpose. It includes
considering other people's desires, needs and ambitions. It is also viewed as selfless.
The needs of society are then defined with the primary aim of satisfying these
requirements and of making money, both in terms of products and services.
Corporations buy products from society and carry them to produce a finished
commodity for the public by different methods.

There are a lot of characteristics that make a corporation, for instance:

Credibility: The company immediately gains a reputation and is incorporated.
Incorporated companies are sustainable and will draw not only buyers but also bankers.
Separate body: a corporation is known to be a separate legal entity because it has its
own identity, may enter arrangements that are contractual, may own land, may appeal
as well as be sued, may pay taxes, and perform transactions on its behalf.
Limited Liability: Corporate members and lenders are shielded from losses and liabilities
that may be caused by the company. Creditors can only claim company properties to
meet their cases.
There are several types of corporations such:
• A non-profit corporation is an entity founded to represent a public interest
rather than benefit accumulation.
• A close corporation which has shares owned by family members or
comparatively few individuals.
• Partnerships are the easiest arrangement for two or more individuals to do
business together. There are two types of partnerships: limited partnerships
(LPs) and limited liability partnerships (LLPs).
There are so much more types of corporations here to make money from their ideas,
services, products etc.
Nonetheless they all have a unique purpose in society. Let us look at the importance of
corporations in society.
Job opportunities are a function of corporations in society, as society has human skills
that are vital to business. These skills allow the company to manage its operations,
such as manufacturing, development and so on. Therefore, workers of the business
gain wage, pay income tax for growth in the same society, and purchase goods for
everyday use. Income gained will help society create wealth for future investment, help
the vulnerable and thereby address different social needs. In addition, enterprises can
assure a forum for aspiring entrepreneurs who aspire to be leaders in the future by
becoming role models. Teenagers would later help society fulfil some of its society's
problems, such as clean water and safe living.
For example, some individuals choose to work for a non-profit company in poor country,
these task takes a massive emotional toll, but witnessing their effect is even more
rewarding, being able to really do something about these news-setting crises, they can
use their skills and expertise to support people in these desperate circumstances, and
have the opportunity to be as imaginative as possible. Thus, working with non-profit
organizations gives a sense of accomplishment to some person, giving back is a
mission. They do not always have to pay for their charitable deeds.
In Haiti there is a non-profit organization called “Lakay Mwen” which means My Home,
this NPO with the help of sponsors from Italy more precisely in Rome and Torino they
provide young parents with an opportunity to get their children a free education, Their
parents a safe retirement home and a beautiful appartement. It is a very inspiring
Organization.
There is another Non-Profit Organization named Saint Camille, they adopt kids who
have Genetics Disorder and defects. These kids are usually abandoned by their parents
at a very young age or the parents give them away when they cannot take care of them
anymore. The NPO is owned by a religious Organization called Missionaire de la
charite. They are known to be extremely helpful and for their willingness to help in any
way.
These kinds of organizations are always understaffed so individuals are always
welcome and encouraged to help.
Change will be best accomplished by united effort. Progress in science and technology,
farming and manufacturing, transportation, and connectivity, etc., would not be possible
without corporate collaboration. They increase rise to unbounded enthusiasm, giving
momentum to the union. It is constructed, and it serves. Collaboration has become a
required condition for people's collective existence and practices in democratic
countries. In corporations, change is always seen as a risk. It must be dreaded and, if
possible, prevented. If anything, Change provides companies with fresh challenges, and
Change means that you are ready for a new wave of consumers.
Change promotes entrepreneurship, builds expertise, develops employees, which
contributes to better market prospects and increases the productivity of staff.
Innovation in a corporation can help society minimize prices by improving product
consistency by ensuring that goods and services are provided quickly. This is better
illustrated by Apple, where people receive electronic goods for interaction and other
applications. For instance, a site called Hollaback made headlines about how they set
out to frame the age-old feminist problem of street harassment, the group published a
blog that tracked incidents of abuse. That was something which had not been achieved
before and it immediately sparked curiosity about how technology might be used for
social justice, innovation at its finest.
 The goods given ought to be organic so as not to affect the welfare of the population.
Health is vital for competitiveness since companies require healthy people to work for
them.
Corporation should therefore be able to give customers preference in terms of the
products they have supplied. This is done by offering a range of goods on the market
and multiple markets allowing customers to specialize in their fields and follow their
preferences. In addition, this can provide customers with a range of places where they
want to eat, browse and what to buy.
The shifting role of the corporation in community is consistent with the participation of
corporations not only in environmental and social issues that are essential to their future
economic success, but also in concerns that are irrelevant to their future financial
performance. Corporations not only expend money to enhance their ecological and
sustainability results on intangible problems, but also document on these activities, even
though most companies engage in these types of activities to only keep up their good
image because of how this new generation put effort into participating in these subjects.
Needless to say, the concern they show about the environment and social issues have
arisen suspicion particularly for young people studying business. What determines a
good corporation?

In Conclusion
This paper provides an alternate viewpoint on the role of the company in society, The
characteristic of a corporation, and several types of corporation. A few corporations
have an incredibly considerable influence on society, and a few important insights come
from this alternate formulation of the role of the corporation in society. Second, it is not
stagnant, as is the purpose of maximizing income. The role of the company in society
may be a part of the larger economic, social, and political environment and as a result,
change over time. Second, corporations are not a singular mass, as implied by value
creation; not every corporation has the same social position. For example, in this paper,
companies have put more of their practices to the test of public interest, test their
innovation and analyze the public’s trend so they can be a part.
But are those efforts to help society and participate in environmental causes is just a
front to get more customers and investors? Or is it just to create a better image for their
company?
References:
Internal Revenue Service.Tax Information for Businesses."
https://www.irs.gov/corporations Accessed Nov. 26, 2020.
Robert G. Eccles and George Serafeim. 2013. “The Performance Frontier: Innovating
for a Sustainable Strategy.” Harvard Business Review, The Big Idea, Accessed
Nov.26,2020.
Galaskiewicz, J. 1997. “An Urban Grants Economy Revisited: Corporate Charitable
Contributions in the Twin Cities, 1979-81, 1987-89.” Administrative Science Quarterly,
42(3): 445-471. Accessed Nov.27, 2020
Greening, D. W. and Turban, D. B., 2000. “Corporate Social Performance as a
Competitive Advantage in Attracting a Quality Workforce.” Business & Society, 39 (3):
254-280. Accessed Nov. 27, 2020.
Milton Friedman, 1970. “The social responsibility of business is to increase its profits.”
New York Times Magazine, 13 Sept., 32 (33): 122-126. Acessed Nov. 27, 2020.