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Respective duties of people critical to the corporate process

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Detail the respective duties of people critical to the corporate process: directors of corporations, officers of corporations and shareholders of corporations. Also what are the differences between a publicly held and a closed corporation?

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Solution Summary

The respective duties of people critical to the corporate processes are determined. The primary differences between a publicly held and a closed corporation are determined. Two references are provided in the solution.

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The directors of corporations, or board of directors, serve the shareholders of firm by holding senior management accountable for their actions, and ensuring compliance with financial and other corporate law. The directors often act as advisers offering a outside perspective often very different from those of inside management personnel. This broader perspective serves to help guide the firm from a '30,000 foot view', guiding the morale fiber of an entity and setting a generalized course. The directors also ensure that a firm has adequate ...

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