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Impact of Arizona Constitution on Corporations

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Impact of Arizona Constitution on Corporations

            The Arizona Constitution provides a framework for legitimate business operations in Arizona. This implies three things. One is the role of the constitution as in guiding sound business practice. Another is the determination of the limits and scope of legitimate business practice. Last is the function of the Arizona Constitution in regulating corporations. (McClory, 2001) Article 2 on the Bill of Rights, particularly the principles of fairness, respect, and dignity as well as freedom from harassment or intimidation (Arizona State Legislature, 2008) apply as important guides in human resource management policies such as hiring, firing, promotion, training and development, and work environment.

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Business transactions with parties outside of the corporation also adhere to these principles such as in drawing contracts with individuals or other business firms. The Arizona Constitution has direct and indirect impact on corporations. Article IX on taxation provides for the power of the state and county authorities to collect taxes from corporations operating within its jurisdiction (Arizona State Legislature, 2008) making the payment of taxes a corporate legal obligation.

In addition, corporations need to know and follow guidelines on taxable income and possible exemptions to prevent penalties. Article XIII on municipal corporations and Article XIV on non-municipal corporations provide regulation of corporations through provisions on formation of corporations, licensing, registration and documents lodging, election of officers, and allowable business transactions and transacting parties (Arizona State Legislature, 2008). Corporations need to comply or operate within the limits of these provisions to ensure the continuity of business or be in good business standing. Article XV also created the Corporation Commission that facilitates incorporation processes and securities regulation (Arizona State Legislature, 2008). The body also holds an executive function in developing regulations for corporations and a judicial function as a venue for settling corporate claims (Arizona Corporate Commission, 2008).

References

Arizona Corporation Commission. (2008). Background and organization. Retrieved August 23, 2008, from http://www.cc.state.az.us/

Arizona States Legislature. (2008). Arizona Constitution. Retrieved August 23, 2008, from http://www.azleg.gov/const/Arizona_Constitution.pdf

McClory, T. (2001). Understanding the Arizona Constitution. Tucson, AZ: The University of Arizona Press.

 

Cite this Impact of Arizona Constitution on Corporations

Impact of Arizona Constitution on Corporations. (2016, Oct 16). Retrieved from https://graduateway.com/impact-of-arizona-constitution-on-corporations/

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