Limited Liability Corporate (LLC) or Partnership
Forming a business may be as simple as shaking another individual's hand or it may be a complex process of filling out forms, paying application fees and taking steps to achieve compliance. The degree of complexity will be shaped significantly by the nature of one's chosen line of business. This, in turn, will define the legal definition of this business. In the discussion hereafter, we consider these distinctions as they apply to a Limited Liability Corporation (LLC) or a partnership.
The Limited Liability Corporation is a popular path for many small businesses beginning operations. This is a course to formation frequently taken by companies wishing to formally register as a business but also wishing to protect participants from many of the perils that inherently accompany starting a business. In exchange for these protections, the LLC requires a process of application. According to…… [Read More]
Limited Liability Company
Florida does allow the formation of a Limited Liability Company (Florida Department of State, 2017). In essence, the state permits various filing options, i.e. online filing or the completion of a PDF form and mailing the same to the Division of Corporations (Florida Department of State, 2017). Applicants must pay the required payment.
Limited Liability Partnership
Florida also allows the formation of a Limited Liability Partnership. Some of the details that ought to be included when applying for the Florida Limited Liability Partnership certificate include, but they are not limited to: the partnership name; designated office and its mailing address; the name, address as well as signature of the registered agent; and the names and signatures of each general partner (Florida Department of State, 2017).
Limited Liability Company
Hawaii permits the formation of a Limited Liability Company. Essentially, to register a Limited Liability Company in…… [Read More]
There are four different types of business entities that you can choose for your company. Some of the factors to take into consideration are liability, taxation and ownership structure. The different major business structures will each have their advantages and disadvantages, depending on the needs of your business. Understanding the differences between the different business structures is essential to aligning the structure with your business needs.
The most basic form of business is the sole proprietorship. The sole proprietor is the owner and operator of the business. There are minimal legal requirements to start a sole proprietorship – just the basic licenses to operate a business. For legal and taxation purposes, there is no distinction between the proprietor and the business. The proprietor has full legal liability, and pays taxes as an individual on income earned, at personal tax rates. Further, the business assets are equal to the…… [Read More]
There are several different types of business entities, and they each come with advantages and disadvantages. The first type is the sole proprietorship. This type is best suited to a small business that is run by just one person, as the owner bears all of the liability. That means both financial and legal liability – should anything happen with the business, the owner is responsible. The owner's personal assets are therefore at risk, which has certain implications. Furthermore, business income flows through to the owner as personal income, and is therefore taxed at the personal rate, which is often higher than the business rate. Sole proprietorships are very easy to set up – there is basically no set-up, which makes them popular.
The second main type of business entity is the partnership. This type of entity has two or more people, and they share ownership. The terms of the partnership…… [Read More]
3.Location: what is required in order to expand into another state?
The corporation would have to file as a foreign corporation in the new state. This requires filing for a certificate of authority with the Department of State.
1.Longevity: can the company exist indefinitely? What happens upon the death or disassociation of an owner?
A shareholder's shares are treated as the shareholder's real property and are distributed after death as such. Upon the death of an owner (shareholder), the corporation would continue to function normally and the rights attached to those shares would be exercised normally by whomever owns the shares. A corporation survives until it is dissolved voluntarily by its shareholders or involuntarily through bankruptcy, regulatory action, etc.
2.Compliance: discuss and meetings, filings, reports, fees or other regulatory requirements.
To register as an S-Corporation, you would just register as a standard C-Corporation, then specify on your IRS Tax…… [Read More]
In conclusion, the article is both interesting and important. It provides new information the academic can use as a springboard for further study. It can also provide a valuable premise for current business practice, particularly in terms of capital and the value of particular kinds of partnerships. The lack of literature study and unity is a pity, but by no means detracts from the importance of the study. Indeed, the very shortcomings of the article can serve to inspire future authors to better efforts. Future considerations for study could then focus more clearly upon the literature and upon how this connects with the new data presented in the article.
Beckert, Sven. (2001). The Monied Metropolis: New York City and the Consolidation of the American Bourgeoisie, 1850-1896. Cambridge: Cambridge University Press.
Kessler, Amalia D. (2003, Jun.) Limited Liability in Context: Lessons from the French Origins of the American Limited Partnership.…… [Read More]
Limited partnership limited partners have shares of ownership however, they do not take part to manage the partnership. They are neither liable for the amount which are greater than what they had invested in partnership. It contrasts to the general partners who play roles in daily operations of partnership, and are personally responsible for any liabilities of partnership. This paper therefore compares and contrasts the risks and benefits of being in a limited partnership in regards to corporate and partnership law.
In limited partnership, there tends to be some benefits or risks that a limited partner might face. One of the benefits of limited partnership for a limited partner is that, it is easier for the limited partnership to attract their investors since the capital that they invest in businesses is the liability for a limited partner. Limited partners on the other hand, benefits from the general partners by focusing…… [Read More]
This was followed by the enactments by House of Lords in 1897 in Solomon v. Solomon & Company. The concepts of corporate entity and limited liability were incorporated in English law in the same period. In this case, the head court announced that a company is a separate legal individual completely different from the members or shareholders.
From this announcement, we can say that a company is a separate legal entity having a separate life, different from its members. A company can be an owner of any property, can sue anyone, can be sued by anyone and has a life just as any going concern. It is a commonplace of the law, is a very heavy veil drawn between the two can be lifted in many cases; it seems that only a limited number of changes is based on current judicial thinking.
2.2 Some doctrines about Corporate Veil
The Court…… [Read More]
259). These authors assert that crowd management and crowd control constitute two additional vital issues that athletic facility management needs to address when hosting events at any stadium or venue.
Event managers also need to understand the type of event(s) they host and understand that variuos events draw different types of crowds, as no two crowds are alike and each crowd typically behaves in different manners. Abbott and Geddie (2001) warn: "Crowds can behave violently, resulting in destruction of property, personal injury, and, in extreme cases, death. Crowd management plans should be adjusted to meet the needs of the event and the potential crowd" (p. 260). Event managers need to prepare for the unexpected that might occur. They need to also realize that football game may require more security officers than a golf game.
Event managers also need to be aware of the surrounding location of the stadium or venue.…… [Read More]
There are no other material costs related to the Offer is expected.
15. Who is the investigating accountant for this prospectus and what is their role?
Tiaro Coal Limited's investigating accountant is DO Kandalls Corporate Finance (NSE) Pty Ltd. The purpose of the investigating accountant's appointment is to report on the concerns raised in Australian Securities Investment Commission's (ASIC) application in relation to the Offer. The report must comply with the Australian Auditing Standard (AUS) 804 or at least, the reasonableness of the report can be appropriately verified (Cockburn: 2002: 1).
16. What are the risk factors associated with this prospectus and briefly describe each?
Investing in Tiaro Coal Limited involve embracing the susceptibility to uncertainties and risks. According to Section 10 of the Prospectus, Tiaro Coal's business activities are subject to both business risks and general risks. In relation to the nature of the business, there is the associated…… [Read More]
Rachel and Choo Hospital
Choo Choo's Liability
The fact that Rachel was initially discharged from the emergency department following examination by a physician with nothing more than a prescription for pain medication when she was in fact suffering form a very serious blood infection could definitely leave Choo Hospital exposed to litigation. There are several key elements of this case, as briefly as it has been described, that lead to this potential exposure to liability and tortuous action. First, the emergency room physician is expected to provide a certain level of care in his diagnosis, and if it was reasonable to foresee a more serious underlying problem of the general pain the patient presented with, the physician (and by extension the hospital) could be liable for failing to make proper recommendations and determinations. Second, then, a determination must be made as to whether or not the blood infection that was…… [Read More]
Alan Moser and Stephanie Philips operate a successful software business in Brisbane. Alan and Stephanie are existing clients of your accounting firm CPT Accountants. Their business currently operates as a partnership but due to expansion plans they are considering incorporating the business (ie becoming a company). They wish to clarify the following points before making a decision and have asked CPT accountants to write a report answering the following:
What is the difference between forming a proprietary (private) company and public company?
There is substantial difference in the reporting requirements and tax basis for private and public companies. However, the biggest difference is how the legal entities deal with liability. Under a sole proprietorship and a partnership the owner can be held liable for many different problems that the business incurs while under a…… [Read More]
The Common Law Theory of Negligence
Negligence is defined as the failure to exercise the appropriate care that is expected to be exercised under the specified circumstances. In law, negligence is the breach of a legal duty to take care that results in damage undesired by the defendant. The underlying concept of negligence is that individuals should at all times exercise reasonable care in their actions (Scott). This is done by considering the potential harm that one might foreseeably cause to another individual or property. Looking at personal security, this is quite applicable in that even when offering security, one should ensure that they take care of their actions. Even though one might be forced to use force, it must be used only when absolutely necessary and this action should be considered and determined that it will not result in harm to others. Business owners or organizations that hire security…… [Read More]
Financial Analysis of Bestwish Limited
Bestwish Limited produces extensive range of quality products such as gift dressing, greetings cards, and plush merchandise of more than 50,000 stocks. The production of different categories of products involve between 2 and 15 processes. The company produces standardized products and custom designed products ordered from customers on contract basis. However, Bestwish Limited is facing challenges to control the costs because of varying production process, reliance on indirect costs and large number of stock keeping units.
Bestwish Limited has just closed the 2010 fiscal year account and the company is finalizing the 2011 budget. Bestwish intends to analyze the 2010 financial statement to present the accurate picture of the company financial performances.
Objective of this report is to analyze 2010 financial statements to assess the viability of Bestwish Limited.
Audit Committee of the Board
Subject: Financial statement Analysis
Date:…… [Read More]
Product Liability Tort
RISK AND RESPONSIILITY
A tort is a civil wrong, loss or harm inflicted by a person's behavior upon another (LII, 2010). While it is not necessarily an illegal act itself, the law allows the person harmed to recover his loss or receive compensation for the harm. It differs from a crime wherein the person's harmful act affects society in general. A claim of tort may be filed in a civil court. The three main elements of a tort are duty, the breach of that duty, and the injury or harm caused by the breach. The four main types of torts are intentional, negligence, strict liability, and nuisance. One type of negligence torts is products liability (LII).
Products liability can be incurred by any or all of the persons involved in the manufacturing chain of a product for the damage it causes (LII, 2010; Lim, 2012). It may…… [Read More]
Codification and Liability isk: Napoleonic Code vs. Common Law
In today's modern world, insurance has become an everyday concept. We ensure our homes, vehicles, and valuable property. In many states, vehicle insurance is now demanded by law of its drivers. Yet, very few of us step back and actually question where this notion of insurance actually comes from. It is a strange concept, to pay a premium monthly in order to protect oneself from damages later in the event of a catastrophe. In fact, insurance around the world is not considered the same thing. In fact, codification of insurance in various countries is influenced by different legal systems. While in the United States, insurance is influenced by common law practices, other countries in Europe, the Middle East, and South America use codification principles stemming from the Napoleonic Code.
In most Western countries, like the United States, common law is the…… [Read More]
A preview of capital structure issues
In regards to the overall business environment, capital structure has profound implications of the business, irrespective of its industry. For one, a firm's capital structure is then the composition or 'structure' of its liabilities. For example, a firm that sells $40 billion in equity and $160 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example is referred to as the firm's leverage. This leverage has implications on the entire firm. For example, leverage in many respects is a double edges sword. On one hand, leverage can amplify gains for firms. However, if used incorrectly, leverage can also amplify loses. As such, firms must be cognizant of its capital structure as complacency can hinder overall business performance. Debt and equity financing, can have a profound implications on the…… [Read More]
Imposing liability on others despite their lack of culpability is sometimes used as common law and courts have evolved the principle that an employer can put responsibility for some acts onto employees when an act is committed during the course of employment. The distribution of costs of accidents and other injuries and losses has been passed along by employers through insurance and higher costs by employers to employees, customers and clients.
In criminal cases, there is no vicarious liability. The principle this relies upon is that a crime is composed of both an "actus reus" (guilty act) and a "mens rea" (guilty mind), and that a person with these two should be convicted if both are present at the same time. Therefore, it is very difficult to prove that another party is responsible for a criminal act, as the culprit has to have both a guilty act and a guilty…… [Read More]
Vicarious Liability Case
This present study is a vicarious liability case assignment and it is divided into two primary sections. The first section aims at distinguishing between corporate criminal liability and tort law vicarious liability resulting from the negligence of a health care organization's employee. The second section defines and discusses apparent agency and then states the impact status of the agent/employee vs. independent contractor has on analysis of liability.
Corporate criminal liability vs. vicarious liability
Corporate criminal liability falls under criminal law which defines the extent to which a company or a corporate that exists as a legal person can be held liable for the omissions or acts of an employee working for it. Crime punishable by corporate criminal liability can be defined as a breach of public right and duties which affect the whole community. The doctrine of vicarious liability is entrenched in law of torts and it…… [Read More]
Ethics, Legal, Politics Case Studies
WARRANTY AND ENVIRONMENTAL LIAILITIES
reach of Warranty. A warranty is a part of a contract of the sale of certain goods (Farlex Inc., 2014). It is either an express or implied assurance that the purchased good or item will perform at a certain level of efficiency. The warranty is express when the seller or manufacturer affirms facts about the item being purchased. An implied warranty is fixed and enforced by law, i.e., the product liability law. This law guarantees or protects product quality or suitability for use, and merchantability. The Uniform Commercial Code covers these and other warranties (Farlex, Inc.). A case of product liability can occur when the buyer suffers in any way from the use of the product as a consequence of reliance or trust in the product and its warranties (Rot Law, 2011). The injured person can make a breach of warranty…… [Read More]
" (Qantas Airways Limited and Controlled Entities - Preliminary Final Report, 2008)
In July, 2008 Qantas reported that it intends to "eliminate 1,500 jobs world-wide and it shed plans to increase flying capacity as it continues to battle high jet-fuel costs." (the Wall Street Journal, 2008) in addition, the plans to hire 1,200 people have been canceled. Qantas will also be retiring 22 aircraft from its fleet and call centers in Arizona and London will be closed as well. (Thurlow and McFarland, 2008)
SUMMARY & CONCLUSION
Quantas Airways, Ltd. is the number one domestic airline industry in Australia and is a leader in the Asia-Pacific region. In fact, Quantas is among the ten largest airlines in the world and connects Australia in approximately 81 destinations and forty countries throughout the world. The company operates several regional airlines in the country of Australia and carries in excess of thirty million passengers…… [Read More]
Avoid liability invasion privacy Essay Question: List discuss ways employers avoid liability invasion privacy. Essay 350 words length APA format. There -text citation essay.
List and discuss different ways employers can avoid liability for invasion of privacy
Employers often justify intrusions into employee privacy based upon safety concerns: concerns about jeopardizing the health of the public can be used to allow drug and alcohol tests. Even lifestyle habits may be restricted, based upon the additional healthcare costs they can incur employers. Weight restrictions may be allowed if maintaining a certain weight is a safety hazard at some jobs, which is why "49 states allow weight standards that do not violate the ADA" (Bennett-Alexander & Hartman 2009: 682). Dating employees or the employees of a competitor business and moonlighting at another organization (which could reveal trade secrets or result in employees working too many hours to be productive) may…… [Read More]
The parties involved in the case are Charles Cullen, the primary guilty party, the families of the victims who were murdered by Cullen's actions, and the hospitals that employed Cullen, including the Somerset Medical Center. Other hospitals that employed him are located in New Jersey and Pennsylvania.
In 2003, Charles Cullen was arrested for the murder of 29 patients in hospitals in New Jersey and Pennsylvania. Of these victims, 13 were at Somerset Medical Center. Cullen had stolen medications to murder these patients (Serial Killer Central, 2008). In 2008, an appeals court case was to decide whether the families of the victims have the right to sue the medical centers and hospitals that employed Cullen at the time of the murders.
Other outcomes were that hospitals were ordered to report serious medical mistakes both to patients and state regulators. In New Jersey and Pennsylvania, requirements were also tightened…… [Read More]
Non-Profit and for-Profit Ethical and Liability Issues
This paper examines the ethical and liability issues that non-profit corporations and for-profit businesses face, and compares them.
Non-Profit Corporations and For-Profit Business: Comparison of the Ethical and Liability Issues that are Faced by Both There have been a lot of scandals lately regarding large for-profit businesses. These scandals stem from both ethical and legal issues. Many of these scandals have resulted in lawsuits and even criminal proceedings against those who have been involved with them. The true extent of corporate liability is just beginning to be seen in our society. We are watching the large corporations of this country ever more closely now, in order to make sure that they are acting in an ethical manner. The corporations, for their part, are being extra careful in their actions and words, fully aware of the liability that they are under should anything they…… [Read More]
XYZ Limited specializes in manufacturing and marketing of Computer Laser Accessories, and the management of the company has decided to increase the sales within the next five fiscal years using aggressive marketing campaign, and supplier acquisition. Using this strategy, the company will achieve its sales objectives. The first part of the paper discuses the company sales forecast for the next five years. The second part discuses the strategy that the company will employ to achieve its sales objectives. The last part discusses the pro-formal financial statements of the company showing the company profit and loss statements and balance sheet.
XYZ Limited will use the first three months to implement the following to achieve the sales objective:
ecruiting marketing, operations and sales professionals,
Design the company website, and Design marketing and sales campaigns.
To enhance effective the company sales forecast, it is critical to provide the market analysis. As…… [Read More]
Vicarious (Employer) Liability
The several different lawsuits that Cartman's employer Authorit-I is facing as a result of his actions, though some of these have more merit and pose greater risks than others. According to the principles of vicarious liability or employer liability, an employer can be held responsible for damages that occur as a result of their employees' actions during the course of their employment, though there are several significant limiting factors to this liability (LL 2011; Nolo 2011; BD 2011). The exact scope and definition of liability is not something that is entirely black and white in the law in many cases, and thus there are differing opinions regarding exactly when an employee's actions fall under the scope of an employer's liability (Nolo 2011; Gale 2008; Michaels 2011). By examining several varying opinions, it is possible to arrive at some conclusions regarding the judgments that should be…… [Read More]
... If gun manufacturers are responsible for violence, why not the makers of the steel used in the guns?" (Levy, 2004, p. 80)
The application of the principles of assumption of risk and product liability to incidents that are ever more removed from the ideal usage of the product or service eventually creates a situation in which all are liable for everything and everyone.
The notion of choice upon which assumption of risk original rests is lost if individuals are no longer free to exercise any discretion in the usage of products and services. Yet, in today's climate, businesses must be more aware than ever of the potential liabilities of the products they sell and the services they offer. The bungee jump operator, the auto manufacturer, or the operator of textile mill or coal mine, must be up front about any and all potential dangers involved in the use of…… [Read More]
Many people might want to or prefer to think that bullying is something specific and endemic only to the young. However, bullying takes on many forms and it absolutely happens with adults as opposed to just with children and teenagers. Indeed, forms of adult abuse and bullying can include domestic abuse, bullying of friends and acquaintances through threats and the like and then there is workplace bullying. The cliquish, threatening and otherwise puerile behavior that typically is the bastion of the teenager demographic often happens with adults in a workplace setting as well. This brief research/editorial report will give examples of this and opinions of the author of this report shall be offered as well. While people in a workplace setting should act like and conduct themselves as adults, there are many people that simply refuse to act their age and not in an insidious nature.
Workplace…… [Read More]
Income Tax Deduction
Taxes have existed in the United States for all of its existence but they took on many forms prior to the modern income tax. The income tax was not finalized and permanently ensconced in the United States law until the 1910's. The tax rates, at its normal levels, have been adjusted upwards and downwards depending on the economic cycles with the most recently developments being the "Bush Tax Cuts" of the 2000's and the recent tax spikes under the Obama Administration. While income taxes affect some more than others, nearly all people are affected based on the assets/income they possess and earn as well as the familial structure they maintain.
Common Tax Deductions
As noted in the introduction, familial status and assets/income are far and away the biggest determinants on how much tax is paid, if any. Indeed, some people actually get money from the government and…… [Read More]
Dating Involving a Reporting Relationship
Romance in the workplace is not a new phenomenon at all; in fact this aspect of relationship bonding has been a reality in the workplace for years -- in particular since women have become more visible in the workplace. It is not hard to figure out why people fall in love in the workplace because the workplace is "…where most employees spend the majority of their waking hours," Gwen E. Jones explains in the Journal of Organizational Behavior. The workplace has been described as "a natural dating service," Jones explains, and not only do people spend much of their time at work, while at work people tend to be "attracted to those like themselves," and while at work individuals are drawn to people who "share similar interests and values" (Jones, 1057). This paper explores the policy of the Adult & Child Center, which prohibits dating…… [Read More]
Forming a Partnership
ole of Agency Business Association
Agency refers to the capacity or ability of the agent to act on behalf of a business association or partnership. Agencies perform or execute numerous roles in relation to authority from the business association. The first notable role of the agency is ensuring effective and efficient contractual situations concerning the business association. Agency ensures that the contracts of the business associations are in line with the laws governing business organizations. Agency also promotes the interests of the business associations by marketing products and services of the entity. This indicates that agencies perform the role of marketing or promoting business activities thus conducting transactions on behalf of the business entity. Agency also identifies the problems facing the entity and act towards executing the solution (Mann & oberts, 2008).
The role of agency in business association focuses on contractual, noncontractual, and quasi-contractual with respect…… [Read More]
Forming a Partnership
Explain the role of agency your business association
Agencies play a key role would play a key role in my limited liability company. In the local business context, different states have put different qualifications for an organization to work as an agency. There are a number of registered agencies in the local context. Most of the agencies are found within the local context of the state because an agent must be a legal resident of the state in question. In many cases, agents are corporate officers or corporation lawyers allowed to serve as registered agents for other business entities. Besides, a business may embrace a third party as its registered agent (Spadaccini, 2007).
For a Limited liability company that I intend to establish, I will have to establish a credible agency to facilitate the running of the business. I will have to establish funds to hire an…… [Read More]
LLC v Partnership
Two different forms of business organization are limited liability corporations (LLC) and partnerships. There are some significant differences between the two. Understanding these differences and their ramifications is essential to making the best decision for a new company that is just starting up.
A partnership is a form of ownership where the responsibility for the company is shared among two or more partners. The profits from such a company flow through to the income of the partners, so are taxed at the individual tax rates of the partners. The risk that the company has is also borne by the partners. Thus, there is unlimited liability on the ownership, as well as unlimited risk with respect to the profits or losses of the company. How this risk is portioned to the different partners is something that is outlined in the partnership agreement. Yet, it is worth noting that…… [Read More]
Turning a Hobby into a Business: This is Where the Cowboy ides Away with a Profit
I was fortunate to spend part of my childhood on a working cattle ranch. I learned how to ride horses, rope, work cattle, shoot, and hunt. Though my uncle, who owned the cattle ranch, sold it when I was still relatively young, I have always considered "cowboying" to be one of my hobbies. I have not pursued the professional rodeo route of my hobby. While I have respect for those men and women that earn their livings in the rodeo, to me, being a cowboy or cowgirl is about having the practical skills one needs to live on a ranch. I have kept in contact with my uncle's old ranch acquaintances, and I have worked part-time on their ranches, keeping up my skills. For a long time, I thought that the skills I acquired…… [Read More]
Transaction Under Each of the Five Ethical Theories
Juanita's behavior is clearly in contravention of a normative code of ethics since each of the world's religions proscribe bribery. The Bible, for instance, as does the Koran goes on in depth about the severity of perverting justice and bring officials or any one involved in the jurisprudence sector.
Utilitarianism is somewhat stickier in application. If Juanita's behavior provides the greatest amount of people in her environment with pleasure, she can, consequently, proceed. Utilitarianism is, however, not so clear in this situation for how do you define and set the limits to providing happiness t o the greatest amount of people. Who are the majority in this case? Are they the employees in Giantcorp and the bribed official (as well as recipients who profit from the bribe)? Are they competitors to the company? Are they the specific country? Or…… [Read More]
The partners are directly responsible financially for the obligations of the business. Therefore, in case of loss or debts, the owners suffer the risks and losses since they have liability for the business. In terms of complexity and flexibility, the partnerships remain appropriate for the partners. The issue of raising finance is shared between the partners; however, they cannot get loans for the business independently. Therefore, they are not suitable for the two partners who wish to set their business.
The third venture is a corporation, which is a separate entity from the persons that establish the business. Therefore, in financial terms, they are easy to raise capital as members contribute, and can borrow finance independently. Like the limited liability partnership, they are legally bound and hence the liability is limited. They eliminate the issue of personal liability. The tax returns are similar to those of partnerships and are taxed…… [Read More]
Not all offense levels are entitled to a jury trial and each jurisdiction has its own standard in this regard. As a general rule, however, any offense involving the possibility of incarceration as a sanction is entitled to the benefit of a jury trial. This same standard is applicable, as well, to the right of every defendant to be represented by counsel. In all cases, regardless of the seriousness of the offense, the rules of criminal procedure grant the defendant the right to confront any and all witnesses involved in the formation of the charges against him. This right includes the right to cross-examine all such witnesses and to require their attendance at trial through the use of a subpoena.
The distinguishing factor that separates criminal trials from civil ones is the burden of proof. Criminal Procedure in all U.S. jurisdictions requires that guilt in the criminal court is based…… [Read More]
Business Law and Christian Ethics
The terms limited liability and liability protection are often used interchangeably to describe business arrangements that limit the amount of a firm's liability, generally to the amount of assets held by the firm. In other words, those types of business arrangements protect an individual's personal assets from judgment should the person be sued in a professional capacity. One frequent example of a limited liability business arrangement is the limited liability partnership, which essentially "protects each partner from debts against the partnership arising from professional malpractice lawsuits against another partner" (Pakroo, 2013). In those instances, the liability limitation is not limited the individual assets of the partners, but also extends to property owned by the partnership.
Whether or not limited liability or liability protection aligns with a Christian worldview is a tricky moral question because it presupposes that all people who enter into those types of…… [Read More]
International Safety Management
ISM safety code
Acting as a mandatory regulation, ISM Code usually lays down standards of shipowner's responsibility for safe management of ships and pollution prevention accepted internationally. The obligation of the shipment owner is to establish, maintain as well as implement a Safety Management System that is to meet the ISM Code's requirements.
The aspects of civil liability's impact is to be focused on the impact on liability of shipowner for cargo loss or damage, in addition to shipowner's legal right to limit his liability for claims. Some of the concepts such as seaworthiness, actual fault and privity, crew's negligence, the role of the designated person and recklessness with knowledge are to be considered. There has already been a change in the conditions in terms of policies that meet the requirement of the ISM Code through Hull and Machinery (H & M) underwrites and protection…… [Read More]
Legal Forms of Business
There are different business forms that exist depending with the legal attributes that govern them. These business forms have their advantages making them preferred to others in different scenarios. The paper discuses different forms business describing a scenario where preference of these business forms arises.
This is the simplest and cheapest form of business. Sole proprietorships have unlimited liability since the owner is responsible for all debts accruing to the business (Cheeseman, 2010). In this instance, as much as the profits are shared by the owner alone personal assets of the owner can be used to pay the debt owed. The preference for coming up with a sole proprietorship business is seen in the process of decision making, rising of capital and legal requirements such as registrations and reporting. Considering that an individual wishes to open and run a business, the legal requirements will…… [Read More]
Legal Structure of McDonald's Corporation
There are many different categories of business in the world today. McDonald's brand franchisees operate as part of a corporation. The company, comprised in part of restaurants run by independent entrepreneurs, is currently considered one of the worlds most successful and largest franchising companies every created. Seventy percent of McDonald's restaurants are owned and operated by independent owners.
This corporate business structure has resulted in substantial opportunities for individual business owners and for the corporation as a whole. The legal structure of McDonald's is discussed below, as well as the advantages and disadvantages McDonald's corporation has over other legal business entities. Though McDonald's corporation operates slightly differently than other corporations in the world today, it remains one of the world's leading retailers, a testament to its strong legal structure.
Legal Aspects Of A Franchise
McDonald's successfully operates as a franchisee corporation. There are many legal…… [Read More]
Legal Underpinnings of Business Law
Comparison of my personal liability exposure as an owner because of the lawsuit
From a legal perspective, an entrepreneur and a company are similar in a sole proprietorship. The company is not an individual legal enterprise. As the entrepreneur, I am individually responsible for the company's liabilities and debts. In case I happen to breach an agreement with one of the providers, they can sue me. This will make to be personally liable for breach of contract. My personal assets -- home, car, and individual belongings are likely to be in the risk line in case of a court case. In comparison, the lawful liability as a sole proprietorship to the limited liability provided by other company types like the corporation. A corporation is an independent and a lawful entity unique from its owners. Compared with a sole proprietorship, if an organization is found liable…… [Read More]
My dream business would be a German Bakery that sells traditional German Bakery and Cafe. I would call it "Heidi's German Bakery and Cafe." I would open the business together with a German nephew of mine who has worked for over 25 years as a master baker in the Heidelberg bakery of my German relatives. The third member of the business would be an American baker who received his professional training at Venieros Italian Bakery, America's oldest Italian pastry shop in New York City that was founded in 1894. Our business would be located in New York City since there is a huge German/European population and only very view places where one can dwell in traditional German baked goods. ifty [to date: sixty two] years ago, when East 86th Street was known as "Sauerkraut Boulevard," there were German bakeries aplenty as well as pastry counters in most of…… [Read More]
For an entrepreneur, deciding on what form of ownership a business undertaking should take may end up being a rather tough decision to make. This is essentially because each form of business has its own advantages and downsides. In this text, I will discuss four main forms of business including limited liability companies, corporations, partnerships and partnerships.
In Madura's (2006) own words, this is "a business owned by a single owner." In this case, the single owner of such an entity is entitled to all the profits the entity generates. However, such an individual is also responsible for all the obligations the entity might accrue. One of the main advantages of a sole proprietorship is that in this case, the single owner does not share the profits generated by the business with any other individual (Madura, 2006). Further, this form of business is easy to start…… [Read More]
Business Entities, Laws, And egulations
This paper will focus on the challenges faced by one start-up businesses and an established company with labor issues. For the start-up, a birth clinic, a case needs to be made for the type of business entity they should each use. The established company is a construction company whose business entity must be identified and employment law pertaining to the scenario will be discussed. For each business, identification of the best business entity for the given situation needs to be accomplished first. The decision of the type of business entity will take into consideration control, taxation, and liability issues. eview of the laws and regulations that each ownership group must consider and identification of risks that the businesses should protect against will be discussed. eview of the construction company's business structure and how it affects control, taxation, and liability issues along with how employment law…… [Read More]
Emergency, Planning and Operations Methodology
In your opinion what were the main issues expressed by the States
Concerning Homeland Security and states rights at the 2002 State Emergency esponse Commission Conference? Please justify your position.
Most of the states attending the 2002 State Emergency esponse Conference expressed an overall sentiment that in relation to security, things are going to vary from state to state based on the capabilities of the emergency response agencies in each state, as well as the types of hazards that states are likely to face in addition to WMD's i.e. For example, states have to take into consideration whether they have chemical facilities, nuclear facilities and similar hazardous materials to address. State also has to take into consideration whether or not they have highways that are used to transport hazardous or nuclear waste materials.
Colorado made the point that secrecy regarding Homeland Security measures will not…… [Read More]
A lawsuit would create bad publicity for the bank during a period when it needs to create a positive image for itself in the media.
Retaining a strong relationship with an IT business partner is beneficial for CS, given the ever-changing nature of technology. The changing demands of the project is one reason the company has had such as stressful relationship with SS, and presumably the new system will require updates and reform in the future. Fostering a bad relationship with a well-known technology company is hardly in the interest of CS if it needs to update its system again.
Specific measures managers may take to minimize legal risk or realize legal opportunities.
Clarity in wording is essential in the future agreement for both parties. From the perspective of SS, limiting its liability is of paramount important, given that under the current contract, regardless of how tenuous an argument, CS…… [Read More]
This is done primarily to attract buyers to the offering. By selling the shares below value, it is believed that any rational investor would be enticed. Rational investors would know that when full information about the company comes to light, the market price of the shares will move to the true, rational value point. Thus, their investment during the IPO process would virtually guarantee them a profit.
An overpriced offering is one in which the shares are priced above the book or reasonable market value. Typically, a firm that overprices an offering understands that the offering will not sell out but is willing to accept this is return for a higher price. Alternatively, an issue may be overpriced if the issuing company believes that the market is irrational (such as during the dot-com boom, for example). In that scenario, the issuer would know that the market price is not the…… [Read More]
Under this system, "each joint venture partner would separately account for and pay tax on its income and claim the proportionate share of joint venture expenses" (Ernst & Young, no date).
Liability is also limited in the joint venture under Australian law. It is worth noting that in this case one part of the joint venture "cannot make the other joint venturer liable for debts that they incur in the name of the joint venture, unless authorized under the joint venture agreement" (Cordato Partners, 2012). Thus, John cannot undertake a cost and then ask Fred to foot part of the bill. This is something that differentiates a joint venture from a partnership, and is worth taking into consideration, depending on how the two men expect to handle the operations and financing of the venture. This also makes joint ventures a little bit more complicated to manage than a partnership, because…… [Read More]
The nature of the law governing limited liability corporation (LLC) allows owners to dictate the percentage of ownership in any fashion they deem appropriate (Internal evenue Service). Because LLCs are a hybrid form of business operation that enjoys benefits of both a partnership and a corporation, Stratum and Brown can handle the capitalization of their business, the distribution of profits and losses, compensation for services, and the proportionate responsibilities in the operation of the business in any manner that they prefer. Although a written agreement documenting these various issues is not required, prudent management would dictate that this is done (Horvath). Stratum and Brown had the foresight to document their agreement but failed to clearly set forth how Brown's services would be valued and how they would be treated. Obviously, her services have value but unless the parties can agree as to how such services are to be treated,…… [Read More]
The at-will doctrine has its negatives and its positives. The positive for the at-will employee is that it puts no contractual obligation between employee and employer. Either is free to quit the relationship at any time: the employee may quit, or the employer may fire the employee without notice or having to supply a reason. Of course, like with any rule there are exceptions; for instance, any employer cannot fire an employee for reasons of race, creed, ethnicity, etc. And recent interpretations of the National Labor Relations Act by the National Labor Relations Board have essentially seen to it that employers may not fire employees because of criticisms made by the employee of the workplace via social media (Riddle, 2016; Cavico, Mujtaba, Muffler, Samuel, 2013). The negative side of the at-will doctrine is that it can impair or limit employer-employee relationships. It inspires little loyalty in the sense…… [Read More]
It covers a specific device or process and it protected by the Patent Act. A patent can be enforced through the legal system. By contrast a trade secret more difficult to protect through the legal system. A trade secret is not generally known to the public whereas a patent is publicly viewable. A trade secret can be protected in states that subscribe to the Uniform Trade Secrets Act, but typically cannot be protected once the secret has been revealed.
There are a number of common encumbrances on title. Some examples are liens, mortgages, judgments, unpaid taxes, clouded title, easements and other restrictions.
A sole proprietorship is a form of business wherein the individual proprietor bears all liability for the business -- the business is not a distinct legal entity. Sole proprietorships are simple and inexpensive to set up and administer. However, the proprietor faces unlimited liability and pays taxes at…… [Read More]
Alan Dershowitz & Maven's Court
Because the deli failed, it would be safe to assume that Mr. Dershowitz and his associates would ideally prefer a company variety that would protect them against a personal liability in the event their business would go under.
The owners might have chosen a partnership, which would equally distribute the profits and losses between the members of the business. This would allow for every member to equally be financially responsible in the event that the business were to fail. However, if the members want full financial protection, it would be best to choose to be a limited liability company (LLC) or a corporation, where the business and its owners are two or more separate entities.
Question #2 - Mrs. Meadows & The Biscuit Shop:
A promoter is someone who organizes a corporation. If a promoter signs a contract before a company has become legally incorporated,…… [Read More]
Laws Governing Business Entities
Laws Governing Business Organizations
Every business organization in a developed market is governed by laws, which are rather closely monitored to ensure the good fairing of the organization in the business market. Such laws provide for the standard form of the generally established legal entities in the worldwide economy. Such defined entities include, partnerships (general and limited), Limited Liability Company, cooperatives among others. This document outlines such laws and consequently defines their importance in performance of any organization or company established in a stable and developed business economy.
laws of most companies and organizations are articulated as below. This list provided below generalizes what is common and basic to most of the organizations or rather legal entities.
Every business organization should specify its official name to ensure proper identification with the concerned legal authorities. Each company has its own specific name, which is considered…… [Read More]
hybrid entity? How is this entity treated for tax purposes?
Per 1.TM.XIV.D.2.b.1.a.i, an entity is a hybrid if it is a separate taxable entity in one country and fiscally transparent (i.e. not taxable) in the other, then the residency status for tax purposes is determined by the persons on whom that country's domestic laws impose any applicable taxes. (119 U.S. Model Treat, Art, 4.1)
GForce is an entity that, under U.S. domestic law, is a corporation, but it is regarded as a fiscally transparent partnership under the law of Frisca, a foreign country. Both the U.S. And Frisca just concluded an income tax treaty. How would the income received by Gforce be treated by both countries?
Per the answer above, it would be based on the residency of the people involved, based on the relevant tax laws for that country. In short, the laws applicable to the country of RESIDENCE…… [Read More]
The concept of Marine insurance is something that has been developing at a fast rate of late. (Marine Insurance: Barlow, Lyde and Gilbert) What exactly is insurance and how long has the concept been recognized? Insurance can be defined as a form of provision of a safety net for the distribution of risks. This is generally made in the form of a financial provision that is meant to protect against losses that may occur due to certain unavoidable reasons. Insurance works like this: a person who wishes to insure an object or possession or belonging of his will pay a certain amount of money that has already been fixed by the insurance agent in order to offer the security of the money to distribute the risks when the insurer happens, by misfortune, to lose his possession or damage it because of an unavoidable reason. The insurer, by the…… [Read More]
S corporations must be domestic in nature, issue only one kind of stock, and have less than a hundred shareholders: given that Frank only has aspirations to have a U.S.-based business, this entity type would seem ideal, although he might need some legal help to file as an S Corporation.
Professional practice: An LLC, or limited liability corporation, is the most popular type of entity structure for professional groups such as doctor's offices, accountants, and other small enterprises. As owners, Akiva and Tara would not be personally liable for the debts of the LLC, although constructing the entity is more complicated, legally, than a joint proprietorship. Given the insurance risks of running a birth clinic and the dangers of litigation, anything but an LLC would be unwise. Additionally, in some states, owners are "protected from personally liability from certain acts or misconduct of other partners, employees, agents, or their representatives"…… [Read More]
This is when the overall amounts of responsibilities are limited to: the percentage of ownership of the different shareholders. As a far as control is concerned, this means that management must carefully monitor who they are hiring to work as the jackhammer operator. The reason why, is because of the possibility of the on the job injuries that are work related. Taxation issues are limited mainly to the percentage of ownership of the various shareholders. As all income from the business will be divided and reported on the individual tax returns of the business owners. The possible liability issues include: workplace injuries, negligence and the loss of income that an employee can claim (in the event they are injured). To protect itself against the different risks, the business needs to have policies in place that will monitor the activities of managers, to ensure that they are following all regulations. This…… [Read More]
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Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000.
The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a number of years since 1994 and their market values have increased considerably in recent years.
Apart from her single personal allowance tax credit, Louise is entitled to income tax relief in respect of $10,000, which she pays annually to a evenue approved pension scheme.
Louise's personal living expenses and other financial commitments total $50,000 per annum (including the contribution of $10,000 to the evenue approved pension scheme referred to above).
Louise is considering transferring her business to…… [Read More]
Felipe's inability to speak English would be a liability to the company and a possible safety threat, so he should not be hired as well. That leaves Eric and Michelle, who are both qualified candidates and could therefore both be hired. Even though Eric does not have a high school diploma, his life experience should make up for the lack of education, and he knows how to work a jackhammer. Michelle is perfectly qualified, and cannot be turned down solely because of her (supposed) pregnancy, and is therefore the top choice according to the criteria. However, if either of their interviews provided a legitimate reason to why they would not be able to work, they would not have to be hired.
As a provider for Stonecraft Builders, Paul would do well to incorporate his proprietorship into a corporation. The process would take some time: he would need to file the…… [Read More]