chapter13 - CHAPTER 13 Corporations Organizations and...

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Chapter 13-1 CHAPTER 13 Corporations: Organizations and Capital Stock Transactions ACCT100 Autumn 2011 Teresa Chu Chapter 13-2 Corporate Form of Organization An entity separate and distinct from owners Classification by purpose: (1) Profit (2) Not-for-profit Classification by ownership: (1) Publicly held corporation (2) Privately held corporation
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Chapter 13-3 Separate legal existence - Stockholders do not bind contracts Limited Liability of Stockholders - Limited to amount of investment in stock Transferable Ownership Rights - Stockholders may dispose all or part of shares at any time - No effect on daily operations - No effect on assets, liabilities and total ownership equity Ability to Acquire Capital - Raise capital easily through stock issuance Characteristics of a Corporation Chapter 13-4 Continuous Life - Not affected by withdrawal, death or incapacity of stockholder or employee Government Regulations - State and federal regulations Additional Taxes - Pay federal and state income taxes - Double taxation (stockholders pay taxes on cash dividends) Corporate Management - Separation of ownership and management - Board of directors formulate operating policies and elect officers to execute policies and perform daily management
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Chapter 13-5 Stockholders Chairman and Board of Directors President and Chief Executive Officer General Counsel and Secretary Vice President Marketing Vice President Finance/Chief Financial Officer Vice President Operations Vice President Human Resources Treasurer Controller Illustration 13-1 Corporation organization chart Controller: Maintain accounting records and internal control system, prepare
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chapter13 - CHAPTER 13 Corporations Organizations and...

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