differences in legal personalities and responsibilities between different company types. Formalities and documents required for registering as a company Types of corporate bodies and their characteristics (public and private companies) Advise the best course of action 1.2. Terms of reference The purpose of this report is to advise Karl and Theo in which direction they should expand their business next. Karl and Theo are seeking advice on the different types of companies available and the legal responsibilities
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business carried on by all any one of them acting for all. | A company is an association of person who contribute money to a common stock and use it for a common purpose | Legal entity | It contain separate legal entity apart from its owners | It contain no separate legal entity apart from its members | It posses separate legal entity apart from its members | Registration | The registration of it is not required by law | The registration of it is not compulsory | The registration of it is compulsory
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proprietorship is an excellent concept for a small business. Income that the company makes goes either back into the company or into the owner’s pocket. This type of business is easy to start up and operate with a good business plan (Choosing the Legal Form of Ownership for Your Business‚ 2012). The simplicity of this type of business organization can be appealing to newcomers in the business world. The primary disadvantage of a sole proprietorship is that all costs or debts incurred by the business
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very helpful for you to ensure that the Act you refer to is the latest amended version. NATURE OF COMPANIES A company is a corporate body of a corporation. A corporation is an artificial legal person. The law sees it as separate and independent of the persons who are members of that corporate body. The legal recognition given to the company is provided by S.16(5) of the Companies Act‚ 1965. it says: “On and from the date of corporation specified
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Student´s Name: Michael Wanderley Mallmann Spanholi Business Environment LO1. Understand the organizational purposes of businesses 1.1 Identify the purposes of different types of organisation The UK legislation allows different types of legal structures to do business in its area. In the private sector‚ the following forms of companies can be seen: Sole trader is a business owned by an individual who is self-employed‚ but staff can be hired on either a full-time or a part-time basis if
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✓ explain the circumstances in which the law will ignore the principle of separate legal personality‚ using case law where applicable to illustrate the explanations ✓ analyse the effect of ignoring the principle of separate legal personality on limited liability INTRODUCTION TO THE MODERN LEGISLATIVE REGIME FOR COMPANY LAW IN JAMAICA In Jamaica‚ the primary legal source of company law is the Companies Act‚ 2004 which came into effect in 2005. This Act replaced
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separate legal personality comes from the introduction of incorporation. Incorporation of a company is established when the company submits all of the relevant documents to the registrar‚ which‚ if approved; will result in the issue of an incorporation certificate‚ acting as conclusive evidence of its incorporation. The requirement for a company to have a separate legal entity is forever scrutinized by certain legal professionals‚ however this is an essential factor to ensure all of the legal liability
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persons who contribute it or to whom it belongs are members. The proportion of capital to which each member is entitled is his share.” (Mitra & Sen‚ 1956‚ p. 554) A corporation under Company law or corporate law is specifically referred to as a "legal person"- as a subject of rights and duties that is
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CSEA 2222 COMPANY LAW GROUP ASSIGNMENT INTRODUCTION Principle of Separate Legal Entity The principle of separate legal entity under the law is a company‚ upon incorporation‚ will becomes a body corporate that exists separately with its owner and distinct from its individual members and directors. This fundamental principle of company law was first established in the landmark case of Salomon v Salomon & Co Ltd (1897)‚ and formed the foundation of company law in Malaysia. Besides‚ this
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government which are called corporation. Such artificial persons‚ known as corporation‚ possess similar rights and owe similar obligation as natural person‚ but have no physical or natural existence. The law in creating legal persons always does so by personifying some real thing. The legal entity[1] known as the company. Corporate constitution In the world in almost every jurisdiction a company must have a corporate constitution‚ which defines the existence of the company and regulates the structure
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