ASU LLCs Fiduciary Duties Corporate Social Responsibility & Business Ethics Questions Part 1 write 400–600 words that respond to the following questions wi

ASU LLCs Fiduciary Duties Corporate Social Responsibility & Business Ethics Questions Part 1
write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Corporations have a lot of influence over the economy, the community, and people. The traditional view of corporate responsibility is that a corporation has no additional social responsibility beyond making a profit for its shareholders. In more recent years, arguments have arisen with the belief that corporations have a high degree of social responsibility to people who are affected by the corporation’s decisions.

Case Example: Phishy Pharmaceuticals is a corporation that recently kicked off the sale of its new weight-loss pill, Lose It Fast. After 3 months of sales, the management team has received some troubling reports of some unanticipated side effects caused by the pill. The management team asks the accounting department to run some numbers to determine how much it would cost to recall Lose It Fast, to suspend manufacturing, and to conduct more tests to determine the pill’s safety and other possible side effects.

After running some numbers, the accounting department states that it would be more cost-effective to leave the product on the market shelves and propose settlement proceedings with anyone who is injured and initiates a lawsuit.

The corporate attorney has advised that the product’s packaging states that the pill is not FDA-approved, and says off the record that everyone who buys a weight-loss product knows there are some risks involved, so it is likely that the majority of injured consumers will not initiate a lawsuit.

If you recall the product, it will result in a delay of dividends paid to shareholders, a loss in revenue affecting shareholder profit, and possibly your job as CEO.

FOR argument: Would you be for leaving the product on the shelf because you feel your duty as a corporate manager is to maximize shareholder profits? If so, under what corporate social responsibility theory would you be operating?

AGAINST argument: Would you be against leaving the product on the shelf and recall the product because you feel the corporation owes a duty to the public, consumers, and the government in terms of social responsibility? If so, under what corporate social responsibility theory would you be operating?

Part 2

write 400 to 600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

In the Unit 1 you analyzed a corporation’s social responsibility with regard to its customers. Not only do corporations have responsibly to their customers, but their corporate officers or directors owe fiduciary duties to their corporation and its stockholders. Corporate officers, such as a chief executive officer, president, chief financial officer, treasurer, corporate secretary, and so on are agents and carry out the daily operations of a corporation.

You are Phishy Pharmaceuticals’ CEO, and therefore an agent of Phishy Pharmaceuticals. This week you have learned agents have fiduciary duties they owe the corporation (principal)? Choose a fiduciary duty, and complete the following: Provide an argument as an agent (CEO) with a duty to the principle (Phishy) that supports the decision to leave the diet pill on the shelf

Part 3

write 400 to 600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

As you reflect on your time at Phishy Pharmaceuticals, you decide it is time to move on with your career. You have always wanted to start you own restaurant business and be an entrepreneur. As an entrepreneur, you must decide whether the business should operate as one of the major forms of business organization, sole proprietorship, general partnership, limited partnership, limited liability partnership, limited liability company, or corporation, or under other available legal business forms.

Your selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax considerations, and the like. You must choose one of the major forms of business that is best for your business. (For this assignment, you should not choose a sole proprietorship for your business entity.) In your initial Discussion Board post, you must address each of the following:

The defining legal characteristics of your business entity
The advantages and disadvantages of your legal business entity
The operating agreement required by your entity
Why that entity choice is the best for your business

Part 4400-600 words

Businesses created in the United States are required to comply with U.S. laws and must act ethically. Recall that the law creates a minimum amount of behavior obligatory by businesses in humanity, whereas ethics requires more. Ethics is a major consideration in examining the actions of managers and the function of business organizations. An ethically minded business focuses on the following:

Integrity: Focusing on the character of the individuals involved in the decision or action
Consequences: Focusing on good and bad decisions
Duties, obligations, and principles: Focusing on fairness, justice, and respect for individuals and property

As the manager of your restaurant, you want to have a clear understanding of how to handle ethical issues that arise. You conduct some research and discover there are six steps to ethical decision making.

Tasks:

List, explain, and give an example of the six steps of ethical decision making that businesses can follow.
Choose a business that you believe acts ethically and is socially responsible. Once you select a business, provide examples of how your company is acting with social responsibility.
Finally, decide whether your restaurant is going to be socially responsible by implementing a corporate social responsibility plan; provide an argument that supports or challenges the decision to implement the corporate social responsibility plan for the restaurant. Provide research, legal terminology, and cite a legal case to support your argument.

Note: Provide research that supports your assertions