Legal entities Essays

different legal requirements to the other, below I have explained the legal requirements of different business types; Sole Trader – a Sole Trader is not seen as a company, by law the owner and the business are seen as the same individual. In the eyes of the Law the sole trader is not required to register itself with Companies House but should inform the HMRC of its trading. This business type and the owner have unlimited liability to all debts and legal actions, it is not a legal entity on its own

company into another entity type. It was further discussed that most of the fireworks display needs insurance, skilled labor and actual service to set off the fireworks. For Acme Fireworks to formulate a significant and comprehensive business plan that will expand the company contracts with new businesses there is need to look into few different areas of the entity as a sole proprietorship in relation to liabilities, contracts and employees to enable us recommend another business entity. In relation to

Introduction: Salomon v A Salomon Co. Ltd is a historical UK Company Law case which led to the establishment of The doctrine of separate legal entity (Macintyre 2012). This case is often cited in journals and textbooks and the principles are often observed in English Law Firms (Karasz 2012). The case describes the limited company that was founded by Mr. Aron Salomon, a leather shoemaker at London, Whitechapel road. The company had seven members formed by Salomon with major shares and his family

Kelly Santini LLP’s webinar, Legal Considerations When Starting a Business, discusses three major forms of business entities: sole proprietorships, partnerships, and corporations. Sole Proprietorship A sole proprietorship is an unincorporated business run by a single individual with a view to profit. There is no legal distinction between an owner of a sole proprietorship and the business. While the business can have employees, the owner cannot be an employee, nor can he or she have any partners

parent corporations cannot be held liable for acts of their subsidiaries. The Supreme Court of the United States emphasized this basic rule in United States vs Best Foods: “It is a general principle of corporate law deeply ingrained in our economic and legal systems that

company is different and separate from the agents, directors or owners of the company. This is a generally known principle in law and has its source in one of the well-known case of Salomon v. Salomon . In this case, the Court held that the corporate entity is different from the people who are in the business of running of the company. The breach of this principle results to “Lifting of the Corporate Veil” where the shareholders or creditors of the company are protected if the company is engaged in any

Unit 5: Understanding Business 1.2. There are three different types of business structures and each has its own responsibilities, they are private, public and third. Businesses that are in the private sector are a sole trader so the owner is responsible for all activities that are run within the business and has unlimited liability for debts, however as they are sole traders they are often able to set up a partnership and share skills but that also means sharing profits. Businesses in the public

In addition, the other situations this corporation faced up is they have to choose an appropriate legal ownership structure that puts into the fact that allows the growth of a new business which was enabled. It can be difficult to recognize this business ethical issue in practice to why the board members of Thomas Corporation wanted to buy the supplying

The liability of corporations under federal criminal law is based on the doctrine of respondeat superior, or vicarious liability, which is a form of strict liability. 1. The Duality of Corporate and Individual Criminal Liability Statutes that expose a corporation to criminal liability do not absolve the officers, employees, or agents whose violations lead to the corporation’s plight. Courts have noted that, “No intent to exculpate a corporate officer who violates the law is to be imputed to Congress

Alter ego is defined as, “Legal doctrine whereby the court finds a corporation lacks a separate identity from an individual or corporate shareholder, resulting in injustice to the corporation’s debtors. Finding alter ego gives the court cause to pierce the corporate veil and hold individual shareholders personally liable for debts of the corporation” (Alter Ego. LII / Legal Information Institute, n.d.). The case of GRUENDL v. OEWEL PARTNERSHIP INC. the overall partnership of the OPL is OPI and not

Task 1 P1. Under this task, I will choose two company one will be private owned company (Ooredoo) and other will be public company (Ali shaihani group of industry) and I will describe business purpose and ownership of both companies. NAWRAS COMPANY (OOREDOO): Ooredoo was formerly called Nawras is an Omani company based on telecom industry, this is a communication provider owned by Ooredoo and it is private owned company, also has a limited liability to its business, this company provides landline

Introduction Corporation is a single unit that is dispersed from its shareholders and it involves a legal individual with their own right. Corporation and Karl Marx link together as corporation illustrates the influence between human beings and the society we living in, meanwhile Marx’s identified his ideology through alienation, labour, revolution and economy which are core features. In this following assignment corporation and Karl Marx ideology will be discussed through comparison, using the

veil is pierced, this protection seizes and the business directors and, or shareholders are legally responsible for company liabilities. ‘Piercing the corporate Veil’ is therefore the legal removal of what separates the shareholders from the corporation itself. The Corporate Veil can also be referred to as a legal standing through which corporate owners are protected from the debts and liabilities of a company. Why pierce the corporate veil? Goods and services may have been supplied to a particular

or group to form the business; “most states also permit “single member” LLCs, those having only one owner” (irs.gov). The main disadvantage to an LLC is if a member leaves, the remaining members must dissolve the business and fulfill all remaining legal and financial obligations (sba.gov). In addition, taxes are generally treated like that of

I. Research and describe the main characteristics of the various forms of organization (i.e., entity) that are available to Penelope, Mark, and John. Some available options to Penelope, Mark, and John are the following: Partnership: Two or more persons join the business and form partnership where everyone contributes cash, property, and skill, and share in the profits and losses that could be done by Penelope, Mark and John (“Partnerships,” n.d.). Corporation (C or S): S corporation is another option

Introduction The case of A.P. Smith Manufacturing Company v. Barlow has been used to cite an important rule of law i.e. state legislation can be applied to pre-existing corporations under reserve power. The company A. P.Smith Mfg. was incorporated in 1896 and is engaged in the manufacture of sale of valves, fire hydrants for water and gas industry. Issue In the case A.P. Smith Mfg. Co. v. Barlow case, the issue was: can state legislation adopted in the public interest be constitutionally applied

were listed as directors but not the third plaintiff . - Later on first defendant locked out first and second plaintiff out of premises which caused loss to plaintiff one and two and acted against corporation act and property act. Legal Issues involved

Crosby v. Beam: There is "a heightened fiduciary duty between majority and minority shareholders in a close corporation. Where a controlling majority shareholder in a close corporation breaches their heightened fiduciary duty to minority shareholders by utilizing their majority control of the corporation to their own advantage, without providing minority shareholders with an equal opportunity to benefit, such breach, absent a legitimate business purpose, is actionable. Where such a breach occurs

Devon is a college student and a new business owner from the state of Florida. Devon started doing yardwork for people to make some extra money. One day, he realized that he had so many yards to cut each week that he could do this in a professional way and make more money to help offset college funds. Devon opened his yard service business by establishing a sole proprietorship. He is hoping for success by offering services year round. Did Devon make the right choice by choosing a sole proprietorship

Abstract The PRADA Group is an Italian luxury fashion house, founded in Milan in 1913. The Group is composed by four brands which are: Prada, Miu Miu, Church’s and Car Shoes. Prada is an international large sized firm that operates in 70 different countries around the world, with 551 directly operated stores (at 30 April 2014) . The company presents a total number of 11,518 direct employees and had net revenue equal to 3,587 million Euros in the end of January 2014 . This report identifies the