Property can either be intangible or tangible, the ownership of property will differ, and it may be a person, a corporation or a group of people. The owner of the property has every right to utilize it in the manner they like. As such an owner can sell, consume, rent or transfer the property at will. An owner of a property has an interest or a legal title on the property. There are various types of properties. However, the most recognized types are; real property, intellectual property and personal property. Each of this types of property are distinguished by various characteristics (Troisi, 2007)
Real property refers to the land its ensuing permanent attachments. As such real property can be described as immovable property and it is also tangible. Real estate’s is a good example of real property. Another characteristic of real property is that an individual must have a real title for the property not only show interest.
Personal property includes the individual possessions of different persons. It is more important than any other form of property for its economic purpose. Personal property is either tangible or intangible it is also movable. The tangible personal property includes; goods and money while the intangible property include bonds and stocks.
This is property resultant of individual creation, which may include; artistic work, inventions or creations. Right is given to own some intangible assets. In this regard, the intellectual property rights include trademarks, copyright, and patents.
The above properties differ in relation to the rights of the owners. The differences occur from the right to transfer the property, control and benefit from the property. The rights of intellectual property are enforceable for a specific period of time, while that of real property are enforceable for a prolonged period.
In law real property is owned by the government even though the title belongs to individuals and corporations. This is because the state is the owner of the land under its own jurisdiction. In the case of personal property law recognizes the either the actual possession of the property through physical control of the property or the constructive possession of the property through power to control the property. In addition, intellectual property law grants exclusive rights individuals for a variety of inventions, artistic works and discoveries. The law recognizes the right under copyrights, patents and trademarks (Troisi 2007).
It is of importance that the public treat varying types of properties differently. This is because of the differences in value of the property. Consequently, property is usually used as collateral in taking up loans. Some are tangible and movable while others are immovable and intangible.
Sarbanes Oxley is an Act that was enacted in 2002 it is also referred to as corporate and auditing accountability and responsibility act. This law was enacted to respond to the prevailing integrity and confidence crisis in organizations. In the case of corporate governance, the act aimed to correct the lack of independence among the directors, auditors and management. The effects of this act involve the more involvement of the directors in the organization and the increased scrutiny of the directors. The board’s functions include, affirming and reviewing the corporate strategy, overseeing compliance issues and advising the management, hiring the CEO and recommending new board members (Anand, 2010).
Small businesses and privately held companies’ ethical duties
Small and privately owned companies have ethical duties in relation to all their stakeholders be it vendors, employees or customers. The management of these companies should base their decision making on the ethics of the organization. The companies owe a duty to the employees of good payment, while they the vendors prompt payment of all goods bought on credit. In addition, the companies owe the customer good serve and excellent products.
I believe that the market will police the unethical business behavior. This is because in case of poor service will chase away customers lack of proper payment of debts will make the vendors not to supply the goods. Furthermore, the employees may demand proper payment or leave their places of work.
Troisi-Paton, K. (2007). Property rights. Detroit: Greenhaven Press.
Anand, S., & Tarantino, A. (2010). Sarbanes Oxley in leading economies. Upper Saddle River, N.J: Prentice Hall.