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Novation -- Art Gallery
Art Gallery
There is no reason why Jane should not allow the artists she has found to show their artwork and for her to start making commissions off the sale of the work immediately. The law holds that any business done before she receives the certificate of incorporation is legitimate. Her responsibility is retroactive. She owes taxes on her percentage of the sale of the works that she is asking from the artists, whether it is before or after the certificate of incorporation is received. For instance, if she is asking for 60% of the sales price on a work of art sold and a piece of artwork is sold on the first day for $100, Jane receives $60 from that sale. If the State sales tax is 9%, she will charge an additional 9% tax of $100 to the customer, or $9.00. Jane will receive 60% the $9.00, or $5.40, in addition to the $60, but she will have to set the $5.40 aside for taxes, whether she makes this amount of money before or after the certificate of incorporation is received. These sales must be disclosed, but they are legitimate.
Jane cannot refuse to let the artists exhibit their work, because legally she is allowed to begin sales in her shop before certification. The artists, if they are refused completion of their contracts, may sue if Jane will not let them exhibit before she receives her certificate of incorporation. She may be liable for the time and sales lost.
As far as disclosure is concerned, Richard Langan of Nixon Peabody, LLP reminds his clients that, for small businesses, many companies are uncertain when they should include disclosure of off balance sheet arrangements, or a table of contractual obligations. The requirement is: disclose the arrangements when they have or are reasonable likely to have a current or future material effect on the company's financial condition, results of operation, liquidity, capital resources, revenue or expenses. The SEC has taken the position that an arrangement could have one of these effects even if it is not [sic] more likely than not. So, an arrangement can have less than a 50% chance of occurring, but would still need to be disclosed." (Langan, 2003)
References
Langan, R.F. (2003) MD&A Issues, Off balance sheet financing and new audit committee responsibilities. FindLaw Library for Corporate Counsel. Retrieved October 30, 2006 at http://library.findlaw.com/2003/Dec/19/133223.html.
Art Museum Beauty is in the eye of the beholder, as the old trope goes, and that phrase holds true even when encountering some of the world's "great" art, as I saw in the Boston Museum of Fine Arts. The Museum itself is massive. It holds more than 450,000 works of art and a recent expansion added 28% more space with an expansion of 133,000 square feet (Dwyer). Within its walls
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He finds an especially poignant example of this in the collection of American Aboriginal art. While the collection of art and artifacts from these cultures is important, it is not nearly as important for Hill as the discourse that can be brought about in society as a result of these collections. The most valuable attribute of a collection, and the most valuable service of a museum, is the ability to
"This means that there will be as many different forms of postmodernism as there were high modernisms in place, since the former are at least initially specific and local reactions against those models." One of the key transitional moments from modernism to postmodernism, frequently cited by a number of sources, is Marcel Duchamp's decision to display a urinal in an art gallery; this disruptive moment effectively shattered previous paradigms, thus
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