John Walter O. Boisvert TM 102 (12:20 – 2:00) FORMS OF BUSINESS ORGANIZATION 1. Sole Proprietorship - is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. ADVANTAGES: * Capital - Sole proprietor contributes
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(LLP) it is necessary to understand the system of partnership that it embodies. The LLP is provided for by the provisions of the Limited Liability Partnership Act‚ 2008. Under this act the LLP has been described as a “body corporate” and a artificial legal personality with perpetual succession. Under the LLP the partners can manage the rights of duties though the means of an agreement that would be governed by the LLP act. The interested character of a limited liability partnership is that the LLP is
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Definition – the law of Trust determines the relationship among trustee‚ trustor and beneficiaries over the property. Trustor means owner of the property‚ which enjoys extended bundle of rights over his property. Trustee is a person who manages the property. Beneficiary: A beneficiary is anyone who receives benefits from any assets the trust owns. We have two types of trust. First division of types: First is Inter Vivos - the management of the property during one’s lifetime. Mortis Causa –
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is incorporated‚ it is treated as a separate legal entity‚ distinct from its promoters‚ directors‚ members and employees and hence the concept of the corporate veil‚ separating those entities from the corporate body has arisen. The nature of corporate personality can be analysed by reference to the celebrated case of Salomon v. A. Salomon & Co. Ltd.[2] Indeed it has been said that Salomon forms a cornerstone of company law and that the separate legal identity of a company stands as a fundamental
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has a legal personality distinct from that of its member or members‚ and such legal personality shall continue until the name of the commercial partnership is struck off1 the register.2 This separate juridical personality comes into being upon registration of a new company as one of the first legal effects of registration. The position as it had been under the Commercial Partnerships Ordinance has not changed as it too had explicitly stated that a commercial partnership ‘has a legal personality
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this concept teaches individuals to look around them and realize that answers to new legal problems must be found by consideration of the present social needs and not in wisdom of the past. It is also stated that it is a grammar of law that gives light to basic ideas and fundamental principles of law‚ ie negligence‚ liability inter alia; it also trains the mind to solve difficult legal provisions in a legal way. And also to help judges and attorneys in ascertaining the true meaning of the laws
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is argued‚ by Dworkin‚ that both legal positivism and natural law theories are in reality searching for an answer to the question ‘what is law?’ a fundamental question and challenge towards the debate and critique of the natural lawyer and positivist. However Dworkin directs towards another issue‚ a more specific question of understanding law‚ gained by asking ‘how do judges find the law’2. This directs attention towards ‘hard cases’3‚ a theory provided by legal positivism. It is explained by Dworkin
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Vargas‚ D. ‚ “Building a new curriculum for PUC-Rio Law School”. IALS Buenos Aires‚ 2011. 2011 International Association of Law Schools Conference on Teaching‚ Legal Education and Strategic Planning Buenos Aires‚ April 2011 Theme for Paper: Curriculum Content of Legal Education. Sub-theme: criteria for determination of the curriculum Building a new curriculum for PUC-Rio Law School. Daniela Trejos Vargas*1 PUC-Rio College of Law‚ Brazil dvargas@puc-rio.br In March 2008‚ the first-year
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Hart’s Concept of Law: Positivist Legal Theory or Sociology? Glen Wright This paper will consider the extent to which HLA Hart can be said to have turned the positivist tradition of legal thought from positivism to a sociology of law. Hart ’s claim to be engaging in ’descriptive sociology ’ is first considered‚ followed by the submission that Hart ’s gesture towards natural law is distinctly sociological. The significance of the ‘critical reflective attitude’ is then discussed and‚ finally‚ the
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John Austin (1790-1859) was a British legal philosopher and was the first Professor of Jurisprudence at London University. His publications had a profound influence on English jurisprudence. They include The Province of Jurisprudence Determined (1832)‚ and Lectures on Jurisprudence. John Austin is best known for his work developing the theory of legal positivism. He attempted to clearly separate moral rules from "positive law." Austin’s theory also falls under Constitutions‚ International Law‚ non-sanctioned
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