Introduction If a company is likened to a small democratic nation‚ then its directors are its government. Once elected and in control‚ the directors have almost total power over the operation of the company until they are removed. Therefore‚ duties must be given to directors‚ to ensure they act in the proper manner. Fiduciary Duties Section 131 of the Companies Act 1993 discusses the duty a director has‚ to act in good faith and in the best interests of the company. The fiduciary duties
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5. The Law of Piercing the Veil of Incorporation “Piercing the corporate veil” refers to the judicially imposed exception to this rule by which courts disregarded the separateness of the company and consider a shareholder responsible for the company’s action as if it were the shareholder’s own. A fundamental rule of corporate law is that shareholders in an organization are not liable for the obligations of the enterprise beyond the capital that they contribute in exchange for their shares. It refers
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down or sold to someone else. A limited liability company is a business that is structured by the state statue. Most business people find this the easiest way to conduct a business. LLCs are popular because‚ similar to a corporation‚ owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership‚ providing management flexibility and the benefit of pass-through taxation. A joint-stock company is a business type of corporation
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Shania is looking to open a coffee shop in the state of Colorado. She is having trouble making the decision on what business form to choose. Shania has had an offer from a large franchise‚ but she is contemplating on becoming a sole proprietorship or even a partnership instead. Each business form has certain pros and cons‚ Shania will have to consider each one before many any large business decision. The first business type most commonly considered is the option to become a sole proprietorship
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UNIVERSITY OF ECONOMICS AND LAW FACULTY OF INTERNATIONAL ECONOMIC RELATIONS INTERNSHIP REPORT THE PROCESS OF IMPLEMENTING IMPORT CONTRACT AT BINHDINH PHARMACEUTICAL AND MEDICAL EQUIPMENT JOINT STOCK COMPANY Lecturer: Master Dao Thi Ngoc Student’s Name: Ton Quy Dong Student Code: K114020112 Class: K11402T Ho Chi Minh City‚ 08/2014 LECTURER’S EVALUATION Contents 1. AN OVERVIEW OF BIDIPHAR 2 1.1. Foundation and Development
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“reasonable compensation” Court decision for taxpayer Menard‚ Inc. v. Commissioner Tax Court originally found salary to be excessive in comparison to other companies Original decision reversed by Judge Richard Posner‚ Court of Appeals Menard was a “workaholic” and “micromanager” Comparison of other companies was inaccurate Company grew substantially under guidance of Menard David E. Watson‚ P.C. v. U.S. S corp DEWPC employed CPA‚ David Watson Distributed employee compensation
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The Trader Definition of a Trader Section 4 of the Commercial Code – The term "trader" means any person who‚ by profession‚ exercises acts of trade in his own name‚ and includes any commercial partnership. The fact that a person is considered to be trader has certain consequences and brings about certain rights and obligations. The requirements for becoming a trader: 1. No formality such as registration. But A commercial partnership requires registration. Break down of
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litigation‚ indirect non-legal costs are roughly the same amount as direct legal costs. A. True B. False Reset Selection Question 3 of 20 5.0 Points All of the following are ways to lower business risk except: A. stick to company business B. always be respectful‚ courteous and constructive C. keep matters confidential D. take shortcuts to increase profits Reset Selection Question 4 of 20 5.0 Points Issuing a public apology for corporate wrongdoing
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by P that was acquired from S in an intercompany transaction outside the affiliated group triggers the recognition of gain by S. 8) Intercompany dividends and undistributed subsidiary earnings do not create temporary differences for affiliated companies filing a consolidated return. 9) A member’s portion of a consolidated NOL may be carried back against that member’s taxable income from the preceding two separate return years. 10) The treatment of capital loss carrybacks and carryovers is similar
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the domestic market is compounded by the fact that being nonessential drugs‚ their prices are now deregulated. This price deregulation‚ which occurred in 1993 has enhanced the competition within this therapeutic strata of the market and has placed companies like Abbot‚ Cyanamid‚ Pfizer‚ Sandoz‚ Squibb and Roche in a privileged position. Well-positioned competitors in the antibiotic arena include Smith Kline‚ Wyeth Squibb‚ Sandoz‚ Pfizer and Wellcome. Seprtan‚ Amoxil and Ampiclox are three largest
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