Ownership and Governance of Firms: The amount of time and emphasis this section requires will vary quite a bit from one program to the next.  In most cases, students have likely been exposed to concepts such as public versus private firms, publicly traded corporations and limited liability.  If this is the case, a quick review should suffice.  The one point that could be brought to the fore early on is the observation that shareholders, who are the owners of the firm, are not the ones that typically make day-to-day decisions.