FINANCIAL MANAGEMENT INTRODUCTION Business firms exist because they satisfy a human need by providing a product or service. No business firm can be established without sufficient financing. The owner(s) therefore put personal loans they have entered into‚ and/or their hard-earned savings‚ at stake to partially finance the firm. The owner’s or owners’ contribution is referred to as owners’ equity. Normally‚ owners’ equity is not sufficient Borrowed funds (loans) have to be repaid through
Premium Corporation Legal entities Types of companies
Kayla Couch Professor Dunn English 101 December 10‚ 2014 Should The Legal Drinking Age Be 18? The minimum legal drinking age in the United States is 21. Many have suggested lowering the drinking age to 18. I do not think the legal drinking age should be lowered because of the following reasons. Lowering the drinking age to 18 would have a negative impact on the lives of the youth of the United States. Making it legal for 18 year-olds to buy alcohol would increase the number of teens who drink. It
Premium Drinking culture United States National Minimum Drinking Age Act
Minimum Legal Drinking Age Should be Lowered “Adults under 21 are deemed capable of voting‚ signing contracts‚ serving on juries and enlisting in the military‚ but are told they are not mature enough to have a beer.” ("Amethyst Initiative: Rethink the Drinking Age"). The causes behind the minimum legal drinking age standardization nationally has not been alleviated in the past couple decades and should be repealed. The minimum legal drinking age should be lowered to the age of eighteen which
Premium Drinking culture Legal drinking age
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
Premium Corporation Company Law
other name may be used. Normally‚ a sole proprietorship business requires a small amount of capital to start with‚ compared with other forms of business entities. Examples of sole proprietorship businesses are tailor shops‚ beauty saloons‚ restaurants‚ launderettes and mini market. Partnership is an association of two or more persons or entities that carry on business as partners. The partners usually run and manage the business. However‚ there may be a silent partner who does not take any part in
Premium Corporation Legal entities Business law
One of the most uncertain areas in company law today is the situation in which a court is willing to set aside the separate legal personality of a company. Separate legal personality i.e. where a company is regarded by the courts as a legal person with its own rights and responsibilities and that it is capable of owning property amongst other things. Laffoy J stated in Fyffes Plc v Dcc Plc & Ors ‚ "It has been a fundamental principle of Irish company law since the decision of the House of Lords
Premium Corporation Law Contract
Assessments Part A: A sole proprietorship is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. The IRS does not consider the sole proprietorship as a separate business entity. The owner reports all business on Form 1040. A general partnership refers
Premium Corporation Types of business entity Types of companies
incorporated. The law treats each entity differently. Unincorporated Entities Unlike the incorporated entities‚ an unincorporated entity business does not have separate legal personality. The law does not separate the people who establish the business and the business itself. In other words‚ the rights and liabilities of the unincorporated entity are treated as thou the rights and liabilities of the owner. In Singapore‚ the three most common types of unincorporated entities are: sole proprietorship‚ partnership
Premium Corporation Types of business entity Legal entities
the framework of economic transactions and activities‚ and their legal implications within a business context. As a result‚ it provides governance over the manner in which business activities can legitimately and justifiably operate within a legal environment and creates an established legal structure that constitutes all business entities within the context of the law. One example of such governance is the allowance of business entities to form companies or corporations to conduct business transactions
Premium Legal entities Corporation Types of business entity
Salomon vs Salomon The main issue relates to corporate entity or personality‚ a company being a legal entity independent of its members‚ can enter into contracts and own property in its own right‚ can sue and be sued and also taxed in its own name. The principle of corporate entity was established in the case of Salomon v A. Salomon ‚ now referred to as the ‘Salomon’ principle. The facts of this case were that the owner of a business sold it to a company he had formed‚ in return for fully
Premium Business Legal entities Types of business entity