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Corporations Essay: Instructions
Given all the corporate scandals in recent years, there are ample real world examples of corporate wrongdoing to study. The focus of this assignment is to apply the corporate concepts from the text to the “real world.” In this essay, you will research and write about a specific corporation.
Select a Corporation
- I selected WorldCom
- Research the Corporation
- Write Your Essay
- Use MLA citation style: double spaced, Times New Roman 12 pt. font
- Include a Works Cited page
- Review the MLA citing resources in the Week 7 Content area.
The purpose of this assignment is to locate firsthand information about what happened to the company you’ve selected (remember how researching can be enlightening given the McDonald’s assignment). You may use the Internet and other research sources such as Stafford Library’s online resources for this assignment. A minimum of 3 different resources are required. The use of multiple sources helps ensure that you have reliable information and a comprehensive view of the case.
Your research should focus on the potential or actual criminal and civil liability of the corporation and its officers and directors. For example, what did the officers or directors do wrong? What duties were breached? What has happened with the criminal and civil lawsuits so far? Who filed the suits and what claims were filed? Were there conflicts of interest present here? How did these activities affect the shareholders and/or the company as a whole? What did the officers and directors do that was a criminal or civil wrongdoing? What duties did the officers/directors breach? What has happened in the civil and criminal suits?
Once you have found relevant material write your own summary. The minimum length requirement is 10 paragraphs but most students have much more than this. Your essay should also incorporate at least 6 different key terms and phrases from this week’s readings. Write them in all caps so they will stand out in your paper.
When writing, keep in mind that your research should explain and discuss concepts as though your reader knows nothing about them. Analyze and summarize your findings using your own words and also incorporating terms from the textbook readings. Excessive quoting from your sources is not desired, and will cause you to lose points.
You can use any of these key terms and phrases.
The incorporator signs the charter and files it with the secretary of state.
Under the ultra vires doctrine, a corporation cannot undertake any transaction unless its charter permits it. Corporate officers understandably chafed at this restriction. To avoid problems of ultra vires, most companies now use a very broad purpose clause such as Facebook’s:
“ De jure ” is Latin for “by law.” A de jure corporation means that the promoter has substantially complied with the requirements for incorporation but has made some minor error. He has perhaps misspelled the name of the corporation’s registered agent (more about the registered agent later). In the case of a de jure corporation, no one, not even the state, can challenge its validity.
“ De facto ” is Latin for “in fact.” A de facto corporation means that the promoter has made a good faith effort to incorporate and has actually used the corporation to conduct business. In the case of a de facto corporation, the state can challenge the validity of the corporation, but a third party cannot.
A corporation by estoppel means that, if a party enters into a contract believing in good faith that the corporation exists, that party cannot later take advantage of the fact that it does not.
A fundamental problem of the modern corporation is that the interests of managers, shareholders, and stakeholders often conflict.
But, in the 1980s, there came a wave of hostile takeovers and communities began to realize that, when a company was acquired, they were hurt, too.
Analysis of the business judgment rule is divided into two parts. The obligation of a manager to act without a conflict of interest is called the duty of loyalty. The requirements that a manager act with care and in the best interests of the corporation are referred to as the duty of care.
Paper logically conveys the history and downfall of the corporation and its executives. Content is highly relevant and described in the writer’s own words with appropriate reference to source materials. Paper meets or exceeds required length.
Writer incorporated well over the required minimum of 3 sources; parenthetical citations and works cited page are excellent MLA format.
Excellent incorporation of 6 different legal terms appropriately to illustrate the concepts and events. All terms were identified in all caps as required.
Sophisticated writing style with variety of sentence types. Flawless grammar. MLA style.