2. THE FEATURES OF THE LIMITED LIABILITY COMPANY Limited Liability Company‚ along with other types of business entities‚ as well as business partnerships‚ cooperatives‚ state and municipal unitary enterprise is a commercial organization‚ namely organizations that pursue profit as the main goal of their activities and distributing the profits among the participants. This limited liability is characterized by the fact that the current (operational) management in the company (as opposed to partnerships)
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The alternative liability theory is most often used when two or more tortfeasors simultaneously commit independent acts of negligence‚ but only one act causes the injury‚ the plaintiff is then relieved from the burden of proof with respect to causation‚ and may sue both tortfeasors without direct proof of causation. However‚ the burden thus shifts to the defendant to exculpate them. Otherwise‚ defendants will be held joint and severally liable. In addition‚ the alternative liability theory has a
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Question 1 Mary v Peter Issue Given that Mary was injured by Peters’ act‚ is he solely liable for the accident? Law * In this case‚ we have to look at the Civil Liability Act 2002 (NSW) to determine who was negligent and in specific‚ we use s 5B(1)‚ s 5B(2) and s 5R of the Civil Liability Act 2002 (NSW); s 5B(1) for the reasonable foreseeability test‚ s 5B(2) for determining if the standard of reasonable care has been breached and s 5R for contributory negligence. * Where both the
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Lender Liability and the Duty of Good Faith I. Introduction From time to time‚ lenders and their attorneys announce that lender liability is no longer an issue with which the lending community needs to be concerned. What usually prompts this proclamation of the death of lender liability is a recent case in which a court has summarily rejected a borrower ’s claim that the lender violated the duty of good faith and fair dealing. Many courts have rejected borrowers ’ lawsuits which are based on
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Indeterminate Liability Liability is indeterminate only when the number of claims or the size of the claims cannot be realistically calculated. Therefore‚ indeterminacy depends upon what the defendant knew or ought to have known regarding the number of claimants and the nature of their likely claims. Hence‚ liability will not be imposed if it may lead to liability in an indeterminate time to an indeterminate class. In assessing indeterminacy in this case‚ 23andMe is a genome-testing organisation
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Before commenting upon the nature of Limited Liability Partnerships (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
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CHAPTER 4 Legal Liability Of CPAs Review Questions 4-1 There are several reasons why the potential legal liability of CPAs for professional "malpractice" exceeds that of physicians and other professionals. One reason is the vast number of people who may sustain damages. If a physician or attorney commits a serious error‚ the number of injured parties generally is limited to one individual patient or client. When a CPA’s report is in error‚ literally millions of investors
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Imperfection in liability system The products liability system has been criticized on equity‚ distributive‚ and efficiency grounds. The equity arguments often express a belief that cases should be inside on the basic afford and negligence. In particular‚ firm consider it in equitable to be assessed damage when there was nothing that could be done to prevent the injury. Objection had been made to the inability to use state-of-the-art design as a defense in cases governed by strict liability. In the absence
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Strict rules in today‘s society for students as the heatedly discussed issue has been controversial since it is raised up. It is no doubt that these rules bring to young people some beneficial things. On the contrary‚ the negative aspects that cause damage to young people are much more than these rules benefits. So as far as I am concerned‚ I agree with the following statement that the rules are too strict to children. First and foremost‚ the strict rules cannot help young to plan for their social
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is so much emphasis on winning and people cannot face the pressures of losing‚ of rejection‚ of being a failure. Good guys are told that they are losers‚ nice guys finish last and good girls are boring. Much of what I was taught growing up in a strict Christian household is accountability. I was taught that each person is responsible for giving his best and dealing with the consequences. You never cheat. And‚ if you do‚ don’t try to rationalize it because others are doing the same. Not only
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