Product Liability Theories of Recovery and Defense In my opinion Wood would most likely win the law suit against either the peanut or the jar manufacturer on the basis of strict liability or negligence‚ which allows a person injured by an unreasonably dangerous product to recover damages from the manufacturer or seller of the product even in the absence of a contract or negligent conduct on the part of the manufacturer or seller (Bagley‚ 2013). Therefore‚ Wood should recover damages even if the
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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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Limited Liability Corporation and Partnership In the United States‚ limited liability companies increased rapidly throughout the past 10 years. These structures permit businesses to decrease federal tax liabilities by federal pass-through provisions (Bean & Bilyeu‚ 1997). Limited liability can apply to any non-corporate business‚ in any state‚ and provides characteristics of a corporation and a partnership. Individual states regulate the operations of the LLCs. However‚ companies with limited
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total financial liabilities? Financial assets are converted in cash which include lands‚ building‚ and machinery. Financial liabilities includes loan from the bank and trade payables what company owes. Total financial assets are identical to total financial liabilities in the economy because the balance sheet is based on accounting equation. Total assets equal total liabilities plus equity in accounting equation. It means while a company’s assets increase‚ the company’s liabilities and equity will
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Roles of Limited Liability Corporations and Partnerships Martin M. Komertz FIN 419 3/21/2011 John Wetherington Roles of Limited Liability Corporations and Partnerships In the following paper‚ I will look to identify the roles and differences between Limited Liability Corporations and Partnerships. Each has different advantages and disadvantages than the other. I will look to break down each and then identify which method of ownership would be the preferred method from an individual
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BUS 670 Legal Environment of Business Business Entities & Liabilities Instructor Leah Westerman May 19‚ 2014 Businesses Entities and Liabilities “A business entity is an organization established as a separate existence for the purposes of taxes (BusinessDictionary.com‚ n.d.).” Some of the most common known business entities are; sole proprietorships‚ general partnerships‚ limited partnerships‚ corporations‚ and limited liability companies. Each business entity has its advantages and disadvantages
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to the same word‚ “Responsibility.” Will we let our children forego the consequences of their actions? Even if we try the Parent Liability Childs Act will prevent parents from doing so. The Parent Liability Childs Act of 2000 in California states‚ “Parents jointly and severally liable for willful misconduct causing injury‚ death or property damage.” The Parent Liability Childs Act should be appealed because if the child isn’t punished they will commit more severe crimes‚ it is extremely unfair to
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Running Head: Limited Liability Corporation and Partnership Paper Limited Liability Corporation and Partnership Paper University of Phoenix Michael Charley FIN/419 - FINANCE FOR DECISION MAKING Finance 05/17/2011 - 06/20/2011 Instructor: TONY MOSES In today’s economy there are many decisions business owners have to make in order for their business to sustain and grow. With that being said‚ business owners are now looking at the operations and structure of their business more frequently
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A to Z of Limited Liability Partnership A. INTRODUCTION The concept of Limited Liability Partnership (LLP) in India is viewed as an alternative corporate business vehicle that provides the benefits of limited liability and also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The revised Bill received the assent of the President of India on 7‚ January 2009. LLP is a body corporate formed and incorporated under
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criminal liability. Corporate criminal liability in law determines to what extent a corporation‚ basically a fictitious entity‚ can be held liable for acts and omissions of actual people that the corporation employs. In 1909‚ the U.S. Supreme Court ruled that a corporation “could be held criminally liable for the acts‚ omissions‚ or failures of an agent acting within the scope of his employment” (Carrasco & Dupee‚ 1999). Corporations themselves cannot do actions and so criminal liability falls to
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