Figure 4 zooms in on the white rectangular form representing the company from Figure 1, which includes the parts of Markets (pink), Law (blue) and Society (yellow) that overlap with the company. The markets (pink) part shows the markets in which the company has to function and compete: capital, products, services, labour, directors/senior management. The law (blue) part shows the legal characteristics of the modern corporation as outlined in Section 1.4. 1 separate legal personality; 2 limited liability of its shareholders; 3 centralised delegated management under a board structure; 4 transferable shares (in the case of listed companies: freely tradable shares); 5 absentee investor ownership. The society (yellow) part shows the owners, shareholders and directors of the company.