Through incorporation‚ a business entity will becomes a separate legal body. Being a legal body‚ it has its own share of legal rights and obligations‚ the rights and obligation of a company is not equivalent of that to its members. This is to say‚ if the founder of a company retired or leave the corporation‚ it will still continue to exist. Traditionally‚ the law only recognizes nature persons in the position of enjoying rights and owing obligations. However by the process of incorporation‚ the law
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Coursework Assignment Brief Semester: Autumn 2013 Module Code: PM103 Module Title: Business Law Programme BSc Level: Level 4 Awarding Body: University of Plymouth Module Leader Rosie Watson Format: Written Report and Presentation Presentation: Yes - 5 minutes per group member Any special requirements: The written report must be submitted on the Student Portal with an acceptable Turnitin similarity index - maximum 15% Word Limit: 2‚500 words (with 10% plus or
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at least two or seven members are needed to form company that can be either private or public. It is an incorporated association‚ which means it needs a certificate of incorporation from the Registrar. A company is an artificial legal person which means that a company can sue or be sued. If the doctrine of unveiling the corporate veil is ignored‚ the owners forming a company don’t share liability. Only the company is liable. Thus it is a distinct legal entity. It has perpetual succession and it not
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errors‚ omissions‚ incompetence‚ or negligence of the LLP ’s employees or other agents. Advantages Easy to Form: It is very easy to form LLP‚ as the process is very simple as compared to Companies. Moreover‚ in terms of cost the minimum fees of incorporation is as low as Rs 800 and maximum is Rs 5600. Body Corporate: Just like a Company‚ LLP is also body corporate ‚ which means it has its own existence as compared to partnership. LLP and its Partners are distinct entity in the eyes of law. Liability:
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BUSINESS ENTITIES OUTLINE FIDUCIARY DUTIES: 2 different analyses • DELAWARE ▪ 1) Nature of Breach • A) Duty of loyalty: The duty of loyalty mandates that the best interest of the corporation and its shareholders takes precedence over any interest possessed by a director‚ officer‚ or controlling shareholder o i) Self-Dealing: Any time a corporation is in a transaction where a director‚ officer‚ or majority shareholder is on the other side‚ and the corporation
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Assignment Topic: One of the main ways in which the ‘veil of incorporation’ can be lifted is when directors breach their duties. This essay question is set around the duty to prevent insolvent trading. You will need to have read the chapter in your prescribed text that deals with this duty and have then researched more widely by looking at other textbooks‚ the relevant CCH online library‚ articles from the internet and journal articles. You must answer both parts of this topic. Please make
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its formation or who are now its members and directors. For certain purposes‚ there is a corporate screen around the members and directors. This is often referred as to the ‘Veil of Incorporation.’ The authority for that proposition is the leading case of Salomon v Salomon & Co Ltd [1897] AC 22. The corporate veil shields the members and the directors from the liabilities of the company. The separate entity doctrine applies to one person company. There are limits to the separate entity
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vagabonds were formed from the damage done by having to tax too much. The Declining Position of The harem and the veil were the emblems worn by women. Women in the Family and Wives and concubines of the caliphs were restricted to Society several places of the palace. Many of the slaves were either captured or purchased; the caliphs spent more time with slave concubines. Veils are worn to resist lures/temptations of women. Married at the age of puberty (about 9) Nomadic Incursions and
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The main issue in the question� entails a discussion relates to corporate entity or personality. As noted a key feature of the company is that is a legal person with a separate existence from the company ’s members� or its directors. It is an artificial person in the eye of law that exist independently and separate from any other entity associated with the company. As a consequences a company can enter into contracts with its own shareholders� and own property in its own right. Beside that‚ a company
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DEFINITION OF COMPANY: The Companies Act Cap 110 definition section states that “company” means a company formed and registered under the Act or an existing company. The companies Act does not sufficiently define what a company is but authors have developed a definition of a company. Professor David Bakibinga in his book company law in Uganda at page 2 defines a company as an artificial legal entity separate and distinct from its members or shareholders. This legal person is distinguishable
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