Liability Exposure in Business Joshua Houghton Ashford University BUS670 Legal Environment Professor Janet Fiorentino February 17th‚ 2013 Liability Exposure in Business Creation of a business of any type has to fall under a particular organizational form. There are many elements to starting a business a future proprietor should consider‚ such as degree of forms and applications that need to be filed‚ state and federal‚ legal liabilities‚ level of difficulty in the formation of a business
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Exceptions Children: When it comes to occupier’s liability there are some exceptions. The law on children says ‘ an occupier must be prepared for children to be less careful than adults’. For instance in the Pearson V Coleman Bros (1948) a 7 year old girl went to the circus with her family. She wandered of to go to the toilets instead she ended up in the animal enclosure and was attacked by a lion. We could argue the law of occupiers liability doesn’t cover the the child as went into a private
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Limited Liability Personal Definition: In the event a liability arises‚ limited liability prohibits the available assets to only the business entity itself. Essentially‚ the investor cannot lose more than he or she puts in. This protects the individuals working for the entity on a personal level. Nobody can attack his or her personal assets‚ unless the individual exhibits some form of activity that qualifies for piercing the corporate veil. Investopedia Definition: A type of liability that does
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THE LIMITED LIABILITY COMPANY A popular form of business‚ especially with small businesses‚ is the hybrid form of business‚ the limited liability company (LLC) or a limited liability partnership (LLP)‚ which combine the best features of a partnership and a corporation. In 1988‚ the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes‚ while retaining its limited liability for its owners. Since this ruling‚ every state has passed legislation permitting
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of Limited Liability Partnership. Its purpose was to solve the conflict | |between the continually expanding professional service organizations and unlimited joint liability. In 2006‚ newly revised the | |"Law of the People’s Republic of China on Enterprise Partnership" referenced this system‚ referred to as "special general | |partnership". This new organization blocked the unlimited joint liability among partners‚ partners protected by limited | |liability. Because of
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The two occupier liability acts are‚ the 1957 act covers liability of occupier for injury suffered by lawful visitors. The Duty of care under the 1957 Act is only for people who have permission to be on the site (invitees or licensees) there is no duty of care for trespassers under this act. The 1984 act offers defence for trespassers as to the lawful visitor’s act of 1957. The occupier of the land owes a duty if he knows or has a rational thought as to if the ground is dangerous. The 1957 Act is
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1. Teddy’s Supplies’ CEO has asked you to advise him on the facts of the case and your opinion of their potential liability. Write a memo to him that states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws that apply and any precedent cases either for or against Teddy’s case that impact liability. Include your opinion of the "worst case" of damages the company may have to pay to Virginia. (Points : 30) Dear Sir‚ I believe
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MANAGING CORE RISKS OF FINANCIAL INSTITUTIONS ASSET LIABILITY MANAGEMENT Industry Best Practices 14 July 2005 BANGLADESH BANK Focus Group Members Asset Liability Management Name Team Co-ordinator Sudhir Chandra Das Arif Khan Asad Khan Jadab Malakar Team Members Nehal Ahmed S. H. Aslam Habib Tapan K. Podder Designation DGM GM MD (Designate) Head of Finance & Company Secretary SVP & Company Secretary Head of Finance & Resources and Company Secretary MD Organization Bangladesh
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The drug problem is complicated by the wide diversity of substance abuse‚ their varying effects on the mind and body‚ and the kinds of dependencies users develop. There is also a much debated issue of the connection between drug use and crime. An issue infinitely more complex than the stereotype of maddened addicts committing heinous acts because they either are under the influence of drugs or need to get the money to support the habit. The use of chemical substances that alter physiological and
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Equality Act 2010 Liability for employers and employees Inorder to disuss who is liable for maintaining equality we need to first inspect how equality is maintained in any organisation. For the effective and efficient implementation of the Equality Act ‚every organisation has to have its own equality policy drawn out abiding by the Equality Act.This also necessitates the need for carrying out equality audit regularly to maintain the organisation’s efficiency in functioning compliantly.
Free Employment Discrimination Acts of the Apostles