Q1. At the beginning‚ in this case‚ we may identify two issues needed to be discussed. The first one is whether Kwan or Lau&Kwan Co. would be liable for the debt incurred by Lau. The second issue is whether Lau&Kwan Co. has established a place of business in Hong Kong. In the light of s.7 of the Partnership Ordinance‚ “acts of every partner‚ who does any act for carrying on in the usual way business of the kind carried on by the firm‚ bind the firm and his partners‚ unless the partner
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Entities: Company Law Topics covered: Types of Company Formation of a company; • Promoters Pre-Incorporation Contract • Memorandum and Articles of Association Inconsistency between the object and the company’s activities Upon incorporation: • Company is an artificial legal person • Separate legal entity Lifting the corporate veil scs&ismk/company law CONT. 2 The Effect of Incorporation • Memorandum of Association & Articles of Directors’ duties and liabilities association
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financial situations of its members. Conversely where a company owns assets then those assets belong to the company and not its members. Incorporation weils its members from outsiders but on occasions the law is preared to lift the veil of incorporation. This would happen when a companys shareholders use the company to avoid their reponsibilities and lift the veil to enforce the law which is permitted under a number of statutes. 2. A public company must have a share capital over 50‚000. They must
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SINGAPORE MANAGEMENT UNIVERSITY LGST201 COMPANY LAW Topic 1 - Introduction to the Company General Reading: Woon‚ chapters 1 and 2 (you may omit paras 1.73 – 1.1041). Note that Woon references below are to the Revised 3rd edition (2009) (corresponding references to the 3rd edition (2005) are footnoted). Legend - Very important. Must know! - Less important (but doesn’t mean can ignore!) 1. General Themes The company is essentially an artificial person created by law
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are obligations of the majority shareholder: D) It enjoys constitutional protection. 3. Piering the veil of corporate entity is considered an exception to the rule of corporate fiction‚ i.e‚ that a corporation possesses a personality of its own separate and distinct from the personalities of the corporators of the corporation. Which of the following is the consequence of ‘piercing the veil of corporate entity’? A) The corporation will be considered a mere association of persons without a personality
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Issue The issue here is whether john could prevail in court by alleging the he was breach the contract with Diamond Car Sales‚ does he should stop his trading. This essay will apply law theory and precedent cases to distinguish john case. The principle of corporate entity was established in the case of Salomon v A. Salomon‚ now referred to as the ’Salomon’ principle Legal The House of Lords’ decision in Salomon v A Salomon & Co Ltd [1897] established the separate identity of the company. Salomon
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Whether Casino Ltd. (the parent company) and Caterers Ltd. (its wholly-owned subsidiary company) are considered as separate legal entities. Additionally‚ whether the concept of corporate veil applies to the corporate groups (between Casino Ltd and Caterers Ltd). 2. Is it possible to lift or pierce the corporate veil of corporate groups on the basis that: (a) there is an implied agency relationship between the companies in the group? (b) the subsidiary company is incorporated to avoid a contractual
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state continually work to keep Delaware’s corporate law current‚ effective‚ and flexible. All combine to make Delaware the first state for incorporation. A corporation’s bylaws usually contain the rules for the actual running of the corporation. Bylaws normally are not filed with the Secretary of State and are easier to amend than are the articles of incorporation. The bylaws should be complete enough so that corporate officers can rely on them to manage the corporation’s affairs. The bylaws regulate
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SCHOOL OF MANAGEMENT ACW 204 COMPANY LAW AND SECRETARIAL PRACTICES YEAR 2010/2011 SEMESTER 1 Lecturer : Dr. Hazril Izwar Ibrahim Name : Kok Cheng Hon Matric No. : 105000 COMPANY LAW AND SECRETARIAL PRACTICES- ACW 203/204 INDIVIDUAL ASSIGNMENT Discuss the concept of separate legal entity and consequences of corporate personality on a company; as part of the discussion present your opinion whether the judiciary can ignore the rule of separate corporate personality and how the said rule
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the dangers of double-consciousness and the idea that a Veil exists between White America and African America. He first realized this when he was at school and they were passing around visiting cards and one girl refused to give him a card‚ simply because of his skin color. He realized at that moment that there was a vast veil between white and black America. However I found it interesting that he had no desire to attempt to remove that veil. Instead his desire was for African Americans to stay close
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