In your text‚ the authors list characteristics of partners. (Principle Characteristics of a Partnership‚ Mallor‚ Barnes‚ Bowers‚ & Langvardt‚ 2010‚ p. 938). As Mallor et al. states “The relation between partners and the partnership is a fiduciary relation of the highest order” (2010‚ p. 951). What are the duties and responsibilities owed to a partner and a partnership? Mallor et al. lists these duties: Avoid conflict of interests (competition and adverse interests) - loyalty Duty
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MERRILL LYNCH FUTURES‚ INC. VS. COURT OF APPEALS‚ SPOUSES PEDRO M. LARA AND ELISA G. LARA G.R. No. 97816 July 24‚ 1992 NARVASA‚ C.J.: FACTS: Merrill Lynch Futures‚ Inc. filed a complaint against the Spouses Pedro M. Lara and Elisa G. Lara for the recovery of a debt and interest thereon‚ damages‚ and attorney’s fees. In its complaint ML FUTURES alleged the following: that it entered into a Futures Customer Agreement with the defendant spouses‚ in virtue of which it agreed to act as the latter’s broker
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Week 4 Homework: * 7-2‚ 7-4‚ 7-8‚ and 7-14 AGENCY (7-2.) Residence of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to account for special assessment activities in an agency fund? In which fund should the special assessment tax receipts be reported if they do not meet the criteria for an agency fund. GASB standards mandate that a government should account
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that modifies the compliance of how companies would need to report their financials to the Securities and Exchange Commission (SEC). The law’s purpose is to solve precise mechanism failures in accounting approaches and requires greater levels of fiduciary responsibilities especially for those companies that are involved in corporate governance. The Act also created the board named Public Company Accounting Oversight Board (PCAOB) to help create principles criteria and regulations for all SEC registrants
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Corporate Governance The Role of Institutional Investors in Promoting Good Corporate Governance Corporate Governance The Role of Institutional Investors in Promoting Good Corporate Governance This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without
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Situation Analysis: Express Scripts Holding Company Express Scripts‚ a wholly-owned subsidiary of Express Scripts Holding Company‚ is one of the largest pharmacy benefit management (PBM) companies in North America.The company operates in the US and Canada. It is headquartered in St. Louis‚ Missouri and employed 13‚ 120 people as ofJanuary 2013. In the five years to 2012‚ Express Script ’s revenue increased an annualized rate of 17.2% to $48.2 billion. This was an increase of 2.6% over FY2012
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which one party (the agent) agrees to represent or act for the other party (the principal) Section 1: Agency Relationships • The Restatement (Second) or Agency (an authoritative summary of the law of agency) defines agencies as fiduciary relationships • Fiduciary – (adj) involving trust and confidence • Agency relationships commonly exist between employers and employees • Agency relationships can also exist between employers and independent contractors Employer-Employee Relationships
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Advanced Medical Technology corp. 1. AMT is in the business of developing‚ manufacturing and marketing scientific medical instruments‚ needles and catheters for minimal invasive medical treatments. They have a dedicated sales force to sell their products via the medical hospital and doctor’s channel. The industry continues to experience a robust 30% sales growth currently as well in the future. AMT has experienced extraordinary sales growth as can be seen in the Income statement. To maintain their
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Comprehensive Annual Financial Report Tyies Wells ACC/548 June 27‚ 2010 William J. Carter III‚ MSA Comprehensive Annual Financial Report The Office of Financial Management provides vital information‚ fiscal services and policy support that the Governor‚ Legislature and state agencies need to serve the people of Washington State (Investopedia‚ 2010). Included in this briefing‚ a comparison of the governmental and for-profit financial accounting will be discussed‚ an understanding
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Introduction Over the past two years‚ corporate America has endured a plethora of fraudulent acts committed by those of high status within their respective corporations‚ most of which involve internal fraud. Internal fraud has two main aspects‚ misappropriation of assets and fraudulent financial reporting‚ with the focus of this discussion lying within the former. Misappropriation of assets is defined as fraud for personal gain. It is the most common type of fraud found among employees and frequently
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