three elements listed above. This type of statement will show the managers and employees what the weak and strong points of the company are and what to work on to better themselves. The external use of this type of statement will show investors and creditors how much of a risk they will have in crediting or investing into the company. The income statement is next on the chopping block. The income statement describes exactly what it is. This is a statement that shows the net income of the company minus
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organizations‚ exploring some distinguishing characteristics of LLP.Part three is the comparative law study | |on LLP. This part will compare the legal status‚ who is allowed to use this form‚ partner’s liability and how to protect | |creditors between China and Anglo-American. Following this comparison we sum up the differences between China and Anglo-American | |and pave the way for the part four and part five. In regard who is allowed to use this form‚I think it is suitable
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Law Midterm Chapter 13- The Agency Relationship (Pg. 297) • Agency: a relationship that exists when one party represents another party in the formation of legal relations Pg. 298 • Agent: a person who is authorized to act on behalf of another • Principle: a person who has permitted another to act on her behalf • Agency is a common relationship as is shown in the following examples: o A sports agent negotiates a multimillion-dollar deal on behalf of a hockey player
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down to the Super Bowl on the taxpayers’ dime‚” Citigroup decided to pay employees in lieu of canceled getaways. Stakeholders: Creditors (U.S. Government)‚ Taxpayers‚ Shareholders‚ Employees‚ Consumers Citigroup’s dilemma encompasses a large number of stakeholders‚ including creditors‚ taxpayers‚ shareholders‚ employees‚ and Citigroup customers. Creditors (including the U.S. Government) are stakeholders because they provided the funds used by Citigroup to make these bonus payments. The
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Society Ltd v Samsa‚ it can be held that both Albert and Chang are personally liable for trading in a reckless manner that increased the risk on creditors. Another relief available to creditors is under s 301‚ (c) of the act where in case of liquidation due to directors the court can order the directors to pay money the court thinks is right to the creditors. In the case of Basil who was the non-executive director of the company can be found liable for breach of s 135 for allowing the business of
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Imagine you lived in ancient Babylon and Hammurabi had just created his code. There would be 282 laws on a stone stele in the center of the city. Together‚ these laws were called Hammurabi’s code. Hammurabi ruled for a total of 42 years. But unfortunately‚ Hammurabi’s code was unjust because of it’s family and property laws. Hammurabi’s code was unjust because of it’s family laws. For example‚ law 168(doc c) gives the judge control over a man’s property. The man should be allowed to remove
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crash was a result of inadequate and misleading financial statements which contributed to overstated stock prices‚ causing the crash and an the eventual depression. The Stock Market Cash proved the necessity for accounting standards. “Investors and creditors use financial information to make their resource allocation decisions. It’s critical that they be able to compare financial statements and related notes.” (Spiceland‚ Sepe‚ Tomassini pg 9). For these reasons the Financial Accounting Standards Board
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The purpose of balance sheets is to provide users with the current financial position of a business based on what it owns and owes (Kimmel‚ Weygandt‚ & Kieso‚ 2010). For instance‚ creditors analyze balance sheets to determine the likelihood a debt will be repaid (Kimmel‚ Weygandt‚ & Kieso‚ 2010). Income statements provide a summary of gains‚ losses‚ revenues‚ expenses‚ net income‚ and net loss of a business for a specific period (Hillstrom
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Kleinwort Berson V Malaysia Mining corporation (1898) 1 All ER 1789(Court of Appeal) the parent issued “comfort letters” to the subsidiary undertaking to meet any debt liability of subsidiary on liquidation but attempts to rely on this letters by creditors to recover failed as court held they weren’t legally binding on the parent. In Lindgner V Land P Estates‚ the court held that directors of a parent company have no duties to protect the subsidiaries where the subsidiaries have independent bodies
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Ch 2j of the Corporations Act. The broad purpose of Ch 2j is to ensure that the interests of creditors and shareholders are protected when companies undertake these transactions. (Ciro 2009) Doctrine of capital maintenance was originally established by the general Law. It assumes‚ that once a corporation has acquired capital from issuing of its shares then‚ in the interests of shareholders and creditors‚ and making allowance for normal fluctuations in normal commercial performance‚ the corporation
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