Question

What are the key features of the corporation and why can it be said that, despite its profit-making nature, it has a public foundation?

Answer 1

The five main characteristics of a corporation are

1. limited liability,
2. shareholder ownership,
3. double taxation,
4. continuing lifespan and,
5. professional management

corporate companies being a profit making entity has to follow Corporate Social Responsibility or CSR that means the corporation is working to mitigate potentially negative effects on the community and also to solve for the effects it has socially, environmentally and on general public health. corporate follows ethical business practices and also provide benefits to community which are less income oriented, poor and try to increase their liviing standard. being a profit oriented these corporate follow the responsibilty of public wealth and welfare. these corporate understand the requirment of public at large and try to manage their way of living by providing them good amount of resources which can help them to increase their basic requirments.