veil SUMMARY Introduction Statutory examples Veil lifting by the courts Classical veil lifting‚ 1897–1966 The interventionist years‚ 1966–1989 Back to basics‚ 1989–present Tortious liability Parent company personal injury tortious liability Commercial tort The costs/benefits of limited liability Introduction 3.1 Book 7a.indb 31 You may not unnaturally wonder at this point what the phrase ‘lifting the veil’ is about. It refers to the situations where the judiciary or the legislature
Premium Corporation Limited liability Subsidiary
MEMORANDUM OF ASSOCIATION Company- Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it‚ capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act‚ 1956‚ states that ’company’ includes company formed and registered under the Act or an existing company i.e. a company
Premium Corporation Limited liability
voluntarily eliminating practices that harm the public sphere‚ regardless of legality. CSR is the deliberate inclusion of public interest into corporate decision-making‚ and the honoring of a triple bottom line: people‚ planet‚ profit. * ITC Limited- public conglomerate company headquartered in Kolkata‚ India. * Its turnover is $6 billion and a market capitalization of over $22 Billion. * The company is currently headed by Yogesh Chander Deveshwar. It employs over 26‚000 people at more
Premium Corporate social responsibility Kyoto Protocol Water
Guide Concepts Mastery Sole proprietorships and general partnerships Corporations Questions 100% 1 2 3 100% 4 5 6 100% 7 8 9 100% 10 11 12 100% 13 14 15 100% 16 17 18 Limited partnerships and special partnerships Score: 18 / 18 Limited liability companies and limited liability partnerships Franchising‚ licensing‚ and joint ventures Alternative forms of dispute resolution Concept: Sole proprietorships and general partnerships Mastery 100% Questions 1 2 3 1. Identify
Premium Corporation Types of companies Types of business entity
committed by the company. This leads directly to the concept of limited liability. Since a company is a separate legal entity‚ it follows that its members will not be liable for its debts. As a distinct legal entity‚ a company’s assets belong to it and not its members; its liabilities belong to it and are not the responsibility of the members. In the event of the company becoming insolvent or bankrupt‚ a shareholder’s loss would only be limited to the amount of unpaid shares he has outstanding in the company
Premium Corporation Common law Partnership
involved Limited liability company (many parties involved and have equal rights of management What are some of the basic issues that you will be concerned when setting up on enterprise? Step 1: need to decide the business structure Step 2: Finance‚ decide how to finance the business Company (demand securities‚ mortgage) Sole trader (individual) Partnership (all the partners involved) Limited liability company (can issue shares- allow outsiders to contribute to the business with limited liability
Premium Corporation Types of business entity Limited liability
WANT: Want refers to those goods and services which are not essential for our living but we require them for a better living. They make our life easy and enjoyable. Example: 1. Mobile 2. Computer 3. Electricity 4. Television etc. Need is limited but want is unlimited. Need can’t be created; it already exists but want may be created. Definitions of Business • We all are involved in business in some-way or other. • Business is something with which we live. • Business needs people
Premium Corporation Business Profit
auditors to a far greater number of investors than does the Securities Act of 1933. Answer: True Difficulty: Medium 5. The precedent set by the Hochfelder v. Ernst case is generally believed to have increased auditors ’ legal liability. Answer: False Difficulty: Hard 6. The auditors can be held liable for negligence in audits of financial statements‚ but not in reviews of financial statements. Answer: False Difficulty: Easy 7. The results
Premium Tort law Auditor's report Legal terms
legal documents; 5. Open membership: The membership is open to any person in any part of a country. It means anybody can become a shareholder of the company by purchasing the required number of shares of the company; 6. Limited liability: The liability of shareholders is limited to the nominal value of the shares held by the shareholders; 7. Free transferability of shares: The shareholders have liberty to transfer or sell their shares to any person and this transfer or sale has to be effected as
Premium Stock Corporation Joint stock company
Companies • Chartered Companies L Certificate of Commencement of Business • Statutory Companies L Memorandum of Association • Registered Companies L Contents of Memorandum of Association L Introduction Companies Limited by Shares Companies Limited by Guarantee Unlimited Companies • Foreign Companies L Formation of Company L Promotion of Company L Incorporation or Registration of Company L Articles of Association L Alteration of Memorandum of Association and Articles
Premium Corporation Types of companies Limited liability