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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Basis Van June 15‚ Y2 $18‚000 Pinball Machine (7-year) July 1‚ Y2 $4‚000 Customer List April 30‚ Y2 $10‚000 Assume that ISys Answers does not elect any §179 expense or bonus depreciation. a. What are the maximum cost recovery deductions for ISys Answers (excluding §179 expensing) for 2010 and 2011? b. What is ISys Answers’ basis in each of its assets at the end of 2011? a. ISys Answers’ Y1 cost recovery deductions are $6‚414‚ including the expensing of the start-up costs. ISys Answers’ Y2
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decided a number of cases dealing with liability for injuries that occurred on the property of the defendant involving two different parties. On the basis of the premise liability claim‚ our client has a case against the hotel. The premise liability claim is based on common law principles of negligence and derives from an establishment’s lack of supervision‚ care‚ or control of the premises. RESTATMENT (SECOND) OF TORTS §344 (1965). According to the premise liability claim‚ a tavern owner has a duty to
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1. Importance of Donoghue v Stevenson Case The case established 3 things The case established negligence as a wrongful act for which there was a legal liability. The notion of duty of care was formed which if infringed would result in damage. The neighbour principle was established by Lord Akins namely that your neighbour is anyone who may be affected by your acts or omissions. Main points of Case (The details of this were) Mrs Donoghue drank some ginger beer in which she found the remains
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LEGAL LIABILITIES OF SCHOOL ADMINISTRATORS This research paper deals with the legal liabilities of school administrators‚ primarily school board superintendents‚ principals and assistant principals to third parties. The emphasis is on the public schools through grade K-12. Traditionally‚ school board administrators were largely insulated under state law from liability. Since the 1970s‚ the liability exposure of school districts‚ school administrators and teachers has exponentially expanded
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Civil Liability and Private Police Civil Liability and Private Police The police forces’ assignment - to preserve order and peace - is an unsubstantiated one convoluted by innumerable factors that appear exceptional to all situations officers have to manage‚ whether controlling a commotion or arresting suspects. In this case‚ the officers every so often are obliged to make use of force throughout their responsibilities‚ whether throughout an arrest or protecting the public‚ themselves
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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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Contractual and Non-contractual Liability I. Contract A contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation." Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the
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Strict Liability for Defective Products - Part X of the CPA 1999 Section 68(1) provides that where any damage is caused wholly or partly by a defect product‚ the following persons shall be liable for the damage. The plaintiff only has to prove damage or defect in the product. Part X of CPA does not cover every product. Section 66 provides types of product such as goods and component parts and raw materials. Section 3 provides definition of goods. Only the goods which are purchased for private and
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Credit card : Asset or Liability Credit card actually replaces the hard money in market. Before the coming of plastic money‚ every one relies on their present income. If possible in present salary then only purchases go on‚ otherwise get shifted to next month. This problem now has been solved with the plastic money. Make payments in the next month but u can purchase now. Any one can judge this plastic money is an asset or liability for a person. Let assume its an asset. How? Right now it makes
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