Individual Essay

Topics: Corporation, Exxon Valdez oil spill, Business Pages: 5 (2396 words) Published: November 23, 2014

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Student Number:
201312812

Unit Code No.:
MHC 606

Unit Title:
Business Law

Assessment No.:
01 Essay

Lecturer:
Mr. Kristian Boehringer

Submission Date:
5th March, 2014

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I declare that, to the best of my knowledge and belief, this assessment is my own work, all sources have been properly acknowledged, and the assessment contains no plagiarism.

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“A corporation is an artificial legal person, but has the legal capacity of an individual: Corporations Act 2001 (Cth) s 124 (Pentony, Graw, Parker, & Whitford, 2013).” This means that a corporation, though an artificial legal person, is a separate legal entity having the legal capacity of an individual. The paper discusses the various advantages and disadvantages of such a right given to corporations and argues that such a powerful right can be abused since its entire existence is for the purpose of making money and more money. One of the advantages of a corporation having the legal capacity of an individual is the fact that “corporate personhood enables multinational corporations, global stability (Debatepedia, 2014).” This point is elaborated by mentioning that corporations are able to shield their owners from legal responsibility and by doing so have fewer restrictions and are able to grow and become multinational, creating ties between nation states along the way and in a way creating peaceful and prosperous international relations (Debatepedia, 2014). But we have to realise that corporations are made or that they exists with the sole purpose of making money. That they are artificial entities that do not have its own conscience and feelings and therefore, the purpose of “peaceful international relations” will be sacked for a more profitable one in each and every instance, irrespective of the consequences. Corporations, especially the bigger ones, are major entities in the world and have unlimited money. There are several instances where major corporations have abused their power in order to become more profitable. The war in Niger Delta in Nigeria was partly due to the foreign oil corporations such as Mobil, Chevron, Shell, etc. exploiting the local ethnic people, in particular, the Ogoni and Ijaw. The oil giant company Shell was criticized for trying to divide communities by paying people to disrupt the non-violent protests. The oil companies were also criticized on the way they neglected the surrounding health and the health of the local communities. Frequent oil spill not being cleaned up, blatant dumping of industrial waste has added to the environmental and health problems (Shah, 2014). These are the ways that owners of multinational corporations shielded by the law run their corporations with fewer restrictions and work towards their definition of “international relations.” The abuse of power is clear and apparent. Another disadvantage of corporate personhood is the fact that it can foster...


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YouTube (Director)
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