THE LIMITED LIABILITY COMPANY A popular form of business‚ especially with small businesses‚ is the hybrid form of business‚ the limited liability company (LLC) or a limited liability partnership (LLP)‚ which combine the best features of a partnership and a corporation. In 1988‚ the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes‚ while retaining its limited liability for its owners. Since this ruling‚ every state has passed legislation permitting
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The issue is whether the defendant Sykt Jebat can be held liable for the damages suffered by the plaintiffs‚ Sam‚ Jojo and Lan under the law of Occupiers’ Liability. Occupiers’ liability concerns injury caused to a plaintiff as a result of defective condition of the land‚ building and premises. In order to establish occupiers’ liability‚ the occupier must have a sufficient degree of control over the premise. Lord Denning in Wheat v Lacon & Co Ltd (1966) held that “whenever a person has a sufficient
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? Limited liability company The idea began to resonate in my mind about a year ago that I should have a career that I would love and really enjoy going to work for. Soon after I came to that conclusion it dawned on me that that job for me would be to own my own coffee shop. Choosing what the business does is only a drop in the bucket when it comes the steps of creating that business. First I need to decide whether I should go into this business venture with someone else‚ otherwise known as
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Donoghue vs Stevenson (1932) is the first case law relevant of liability to third party. However‚ in this case‚ the liability is only established if there are physical harms of loss by third parties (not economic losses) Candler & Crane Chrismas (1951) is the next stage of development‚ where there is liability for financial loss if there is a contractual relationship‚ a fiduciary relationship or a fraud Hedley Byrne & Co Ltd vs Heller & Parties Ltd (1963) is a significant point of development
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Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel‚ Tunnell & Zimmermann‚ 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However‚ LLCs
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Professional and Design Liability BE0892 Practice Specialisation Professional Liability Liability for injury‚ including bodily or personal injury or death‚ and property damage arising out of the negligent act or omission of a professional‚ ie‚ pharmacist‚ physician‚ attorney‚ architect‚ engineer‚ in performance of their professional activities. How can liability arise? Contract Tort Statute and regulations e.g. Supply of Goods and Services Act‚ Building Regs. Express terms Implied terms
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Amanda Fultz Mark Davis BUL 2131-43 8-19-2013 Liability for Agent’s Contracts You run a successful paper mill and send out your three best personnel to secure new wood pulp sources using due diligence and skill. Applying the agency principles outlined in this chapter‚ answer the following questions. Delilah‚ does not return with wood pulp‚ but brings back three contracts. Acting within the scope of her authority‚ she contracted
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Doctrine: Limitations in Establishing Corporate Criminal Liability The identification doctrine is the traditional method by which companies are held liable under the principles of the common law. According to this theory‚ the solution for the problem of attributing the unlawful acts to a corporation for offences that require intention was to merge the identified individual with the corporation. For the purpose of establishing corporate liability‚ a company may be responsible for the wrongful acts of
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CERTIFICATION This academic report is a product of SANDRINE NJEMO NKA’A from an industrial training program at N ATIONAL PORT AUTHORITY CREDIT UNION LEAGUE [NPACCUL] for the period of August 1 to September 30. This report has been carefully developed in accordance to the conditions and criteria that satisfy the award of B.SC Accounting Degree from the Catholic University Of Bamenda Cameroon [CATUC]. Signature; ………………………………… ……………………………… The Manager NPACCUL
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