Reference no: EM132406553

Assignment

Please remember the guidelines for the writing assignments (length, font size, etc) as are outlined in the Course Outline. Your approach should be to show you understand the law relating to the issue, define the issue and take a position on it, then justify the position that you take. Your reasoning is the most important part of a persuasive paper.

1. Earlier this month another oil company closed its doors "leaving more than $80 million in estimated costs to clean up its remaining wells, pipelines and facilities."

Once again, it looks like the taxpayer is on the hook to bear the costs of a corporation that has folded.

A corporation is a "legal person". With this separate legal identity, only the corporation is liable for its debts not the people benefiting from the business of the corporation. With limited exceptions, officers, directors, and shareholders are not personally liable for such corporate liability. Thus, big business can reap the profits in good times, then simply fold the corporation in bad times leaving creditors and society with the costs of folding.

In many ways, this shift of the risk of doing business has benefited our society. But obviously, there is also a downside. Do you agree with the corporate structure which shields the individual from the personal financial risks associated with business? Consider you position to its logical end. Defend your position.

Attachment:- Assignment.rar