The Benefits and Costliness of Corporations

In: English and Literature

Submitted By blaine
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The Benefits and Costliness of Corporations For better or for worse, we cannot hide the fact that America runs on corporations. Whether it be the designer snake skin jacket you put on to wear for the day or the succulent Starbucks™ coffee you stopped to buy on your way to work, everyday living in society is highly influenced by corporations. The growth of these corporations around the world has struck both superior and appalling rating in the opinions of the people. Some think that corporations are concentrating all the economic power, maintaining wealthy countries and their corporate interests, and at the same time they still manage to neglect the majority of the world which still lives in poverty (Share the World’s Resources). Others see corporations as advancements in society and as something that we should all just live with since they control a large amount of the wealth and political influence in our world. Despite the opinions, there are numerous benefits to owning a corporation but yet there is still always the downside of the costs and expenses. Some of these benefits include limited liability, tax advantages, the ease of raising capital, status and authority, anonymity, and the everlasting existence (Corporate Benefits). With limited liability, a corporation is a business unit separate from its owner. Therefore, if your business is incorporated, all of your personal possessions are protected from any business debts or other arguments against your business. You do not expose any of your personal property and, in most cases, incorporation will allow only your capital savings in the business to be held in the occasion of a decision against your business. Corporations often gain tax advantages, such as the deductibility of health insurance payment paid on behalf of an owner-employee, savings on self-employment taxes, and the deductibility of other expenses…...

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