by traders and businessmen to forming companies. Consequently‚ traders and businessmen will see as the main attraction of forming a company the advantage of avoiding liability for business debts. This advantage arises from the concepts of separate legal person and limited liability which are embodied in the doctrine of corporate veil under company law. However‚ some businessmen‚ law scholars and the public at large argue that corporate veil is nothing but a fallacy meant to dupe business people into
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not occur‚ but save as expressly admitted‚ they have insufficient knowledge of the allegations in paragraph 18‚ and so deny them. 16. They have insufficient knowledge of paragraph 19‚ and so deny it. Any money the Plaintiffs spent on agency and legal fees were not in waste. First cause of action: breach of duty of care 17. They admit paragraph 20‚ and repeat their response in paragraph 6. 18. They admit paragraph
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need to clarify the meaning and characteristics of company. In short‚ company means a body of persons combined for a common object. A company exist there must be a group of persons that more than 1 persons. In eyes of law‚ a company is a separate legal personality from its members. In Section 16(5) CA1965‚ it stated that a body corporate obligations and liabilities are its own‚ and not those of its participation; it can sue and be sued in its own name; the property is not the property of its participants;
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developed and divided into two which are legal ownership and beneficial ownership: “The legal ownership of the trust-property is in the trustee‚ but he holds it not for his own benefit but for that of the cestui que trustent or the beneficiaries. On the creation of a trust in the strict sense as it was developed by equity‚ the full ownership in the trust property was split into two constituent elements‚ which became vested in different persons: the “legal ownership” in the trustees‚ and what became
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Forms of Business Organisation : While establishing a business the most important task is to select a proper form of organisation. This is because the conduct of business‚ its control‚ acquisition of capital‚ extent of risk‚ distribution of profit‚ legal formalities‚ etc. all depend on the form of organisation. The most important forms of business organisation are as follows: Sole Proprietorship Joint Hindu Family Business Partnership Joint Stock Company Private Limited Public Limited Co-operative
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Legal Underpinnings BUS670: Legal Environment Name: Instructor Name: Legal Underpinnings In case of breach of contract liability shall be limited or unlimited depending on the type of activity. There are five types of business organizations in the United States. These forms are sole proprietorship‚ a partnership‚ limited liability company‚ partnership‚ and limited liability company. Each of these formations business has advantages and disadvantages for the employer.
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receive a typically western legal and business education and rigorous trainings that may equip me with an international perspective. It is my belief that the best way to learn this subject well is by plunging myself into the major countries in the world to experience and to distinguish their specific economic and legal systems. Whereas boasting a greatest developed economy‚ the United Kingdom is acknowledged for its most advanced teaching and research‚ and its legal system is also most well-developed
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Hindu Undivided Family Hindu undivided family (abbreviation: HUF) is a legal term related to the Hindu Marriage Act. Due to the development of Indian Legal System‚ of late‚ the female members are also given the right of share to the property in the HUF. In CIT vs Veerappa Chettiar‚ 76 ITR 467 (SC)‚ Supreme Court had occasion to decide on an issue whether after the death of all the female members in a HUF‚ the HUF would still exist. HUF as a partner in a partnership firm HUF is a joint family
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The main strategic aim and objective for the nearest period is a dynamic development of the Bank and achievement of a qualitatively new level with the standards of the Basel Committee on Banking Supervision. The development strategy of the Bank is based on the components‚ which together will ensure strengthen of the financial and economic situation of the Bank and the preservation of its credibility with its customers. Main strategic aims of Joint Stock Commercial Bank «APABANK» (Closed Joint Stock
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covers many different sub-topics. Even these can be very general. For example‚ you have misrepresentation‚ mistake‚ lack of capacity etc. Under mistake‚ you have unilateral or bilateral mistakes. And the list goes on. Once you identify the appropriate legal principle‚ you should quickly write down the key points. Being able
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