Lost, abandoned and mislaid property are all examples of personal property. It can be difficult
to determine these types of properties. Lost property means property that the owner has
unintentionally left behind his or her personal property and the owner has forgotten where the
property lays. Such as if someone walking down the street finds a bracelet, this can be
considered lost personal property. To have mislaid personal property means to have
unintentionally set an item down and forget to pick it up again. This can happen when an owner
sets his wallet down on a table at a restaurant and then walks out forgetting the wallet behind.
To leave behind an object would be considered abandonment. Abandoned property is when an
owner of a broken-down car walks off and never returns to claim his or her property.
Corporations are unique since they are mostly controlled by shareholders (Liuzzo, Essentials of
Business Law, 2016). This is one of the major characteristics and is what sets them apart from
other business entities. Another major characteristic is that corporations have a special tax ID,
much like a personal social security number that the IRS uses to track taxes. Even though
shareholder own the corporation, shareholders will vote for directors who in turn run the
company (Liuzzo, Essentials of Business Law, 2016). The fiduciary duties of these directors are
to use their authority to work under a duty of loyalty. This means that the directors have a legal
and ethical obligation to administer to the affairs of the corporation with integrity and honesty
