QUESTION 1 Issue: the issue about company’s constitution and whether the loan contract between ABC bank and Sambal Pty Ltd is invalid. State the law: Section 140 of the corporations act states that: “A company’s constitution (if any) and any replaceable rules that apple to the company have effect as a contract: (a) Between the company and each member; and (b) Between the company and each director and company secretary; and (c) Between a member and each other member; Apply the law: According
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The non-profit organization (NPO) is itself the employer. The board of directors (the "Board")‚ usually elected by the general meeting of the members at an annual meeting‚ is responsible for overseeing the work of the organization and its employees. While decisions on the advice to hire staff or volunteers can delegate management team‚ board members are still responsible for the overall supervision of the organization‚ and can‚ in certain circumstances‚ are legally responsible decisions during his
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Lecture Four – Topic 9 Directors’ Duties 2 Preparation: Read: Jason Harris‚ Anil Hargovan and Michael Adams‚ Australian Corporate Law (LexisNexis‚ 4th ed‚ 2013) Chapters 15‚ 16 Questions/Activities: 1. What is meant by good faith? 2. What are the company’s interests? 3. What are proper purposes? 4. How does a court resolve the purpose for which a power has been exercised where a director has more than one purpose? 5. (Seminar Problem) A tsunami hits
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Caesars Entertainment the opportunity to receive more money from selling more stock. Lastly‚ it benefits the Horseshoe to have a structured management. The size of the corporation is huge and when you have more than one or two people involved in business decisions‚ it reduces the risk of bad decisions being made. Pediatric Dental Partners‚ LLP The Pediatric Dental Partners‚ LLP is a group of pediatric dentists that operate in Bossier City. It is a group of four dentists that specialize in dentistry
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Advertising is a well-known and important part of the marketing world for any business. Advertising companies raise and spend in millions of dollars each year from creating new ideas and selling campaigns. Many hours are put into creativity and developing each print ad we see every day in magazines‚ billboards‚ television ads‚ etc. Advertisement designers want to make their work meaningful to their viewers so that they can relate to these ads and purchase the items they are trying to sell. This
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5 Business Entity Concept- The business and the businessman are two different and distinct entities. I.e. that the firm and the partners‚ the company and the shareholders‚ the owners and the organization have their own distinct identities. All accounting is done from the perspective of the business. The accountant regards owners‚ creditors‚ suppliers‚ customers as parties transacting with the business. All transactions are viewed from the point of view of the business. Money Measurement
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proprietorship or simply proprietorship - is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. Sole trading is widespread- A very large proportion of business conducted in the UK is undertaken by the trader working on his own usually providing his own money (capital) to start the business. The liability of any debts of the business will be down to him. In such a business there will probably be only one person
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main types of businesses in America. These five types of businesses are Sole Proprietorship‚ Limited Liability Company‚ Cooperative‚ Corporation‚ and Partnership. Each type of business effects the government and economy in several different ways; either working to better the economy and government or working against it. The way each business works is quite similar‚ they all work together to accomplish the same goal; to make a successful‚ plentiful business worth a lot of money. The first type of
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An entity set that does not possess sufficient attributes to form a primary key is called a weak entity set. One that does have a primary key is called a strong entity set. For example‚ The entity set transaction has attributes transaction-number‚ date and amount. Different transactions on different accounts could share the same number. These are not sufficient to form a primary key (uniquely identify a transaction). Thus transaction is a weak entity set. For a weak entity set to be meaningful
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short-term credit being utilized by the business. Practically all enterprises use the short-term credit as sources of finance. We find in the balance sheets of almost all the companies some kinds of current liabilities which are the indicator of the uses of short term finance in business. It has been found in the developed countries especially in USA that even the largest business establishment makes use of short term finance. The size of business has an important bearing on the use of
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