Company law and social responsibility

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Basically a profit based company or organization can be defined as a business that is run whose the main objective is to earn money or generate profit, it is the contrary to a non profit based company which more concentrating on a goal on helping the community and money is only important so that it remain operating. In other words the money that they spent or invested should be lesser than what they are taking in.[1] However, innumerable companies agreed and firm that they are obligated to “give back” to society or the community. This prominence involves contributions of time and money, accountable to offer environmentally friendly goods and services, as well as the aspiration to develop and advance the lives of individuals here and throughout the world.

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Such socially accountable and trustworthy companies perceive to it such a “consciousness” permeates everything they do. Huge companies nowadays affirm that the reason they are in business is not merely to gain profits, but they have the intention on helping some greater social purpose. They proclaim their determinations to generate healthier foods or more fuel-efficient vehicles, preserve energy and further resources in their operations, apart from making the world a better place to live in. Prominent foundations like the Academy of Management and the United Nations are one of the companies that inspire companies to practice such approaches.[2] The reason why companies had turned towards to other notion that is social responsibilities to serve the larger needs of the community is due to the fascination they had in gaining profit that had cause consequences and difficulties to the company. By concentrating their complete determination on the bottom line, lots companies have lower down their worth to the other constituencies that justly great companies serve, i.e. customers, employees and society.[3] Disadvantages One of the paramount disadvantages of a profit-making business is that it is required to make payment of taxes on its profits. This is the sole reason why there are plenty of companies are hard-working in attempting to take advantage of every accessible business income tax reductions. Profitable businesses should make hard decisions for example whether the profits should be reinvested in future development and progress or just merely issuing and administer it to shareholders from the dividend settlement and clearance. Moneymaking businesses too have to handle and manage with enhanced 21st century outlooks and hopes that they would be able to maintain the stability of profits with social as well as environmental responsibility.[4] Cases and Critical Analysis It shall not be shocking and unexpected that profitable services exist in the child-care landscape. Nonetheless, the past decades arise of “big-box” child care located in Canada has been received with distress by advocates for whom this is found discordant and mismatched with the justifiable,

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