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This historical process has produced five functions that characterize the modern corporation. Corporations have emerged as...
- "Passive devices" that hold property
- Structures designed to exert monopoly control over and regulate a domain of specialized knowledge and skill
- Means designed to pool capital and resources including human resources
- A legal shield that protects owners and investors from liability and helps to spread and distribute financial, moral, and legal risk
- Organizational decision-making structures that subordinate and synthesize the actions of human agents to bring about collective goals such as building a railroad, designing and manufacturing automobiles, and pursuing legitimate business ventures.
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