Legal entities Essays

  • Salmon Vs Salomon Case Summary

    1365 Words  | 6 Pages

    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

  • Alter Ego Identification Theory

    2094 Words  | 9 Pages

    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

  • Vicarious Liability In Criminal Law

    772 Words  | 4 Pages

    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

  • GRUENDL V. OEWEL Citizenship Inc: Case Study

    679 Words  | 3 Pages

    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

  • Essay On Piercing The Corporate Veil

    1001 Words  | 5 Pages

    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

  • Comparison Of Corporation And Karl Marx

    751 Words  | 4 Pages

    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

  • A. P. Smith Manufacturing Company V. Barlow Case Study

    1426 Words  | 6 Pages

    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

  • Pastizzi Cafe Pty Ltd V Hossain Summary

    513 Words  | 3 Pages

    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 Vs. Beam: Case Study

    849 Words  | 4 Pages

    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

  • Prada Operations Management Strategy

    866 Words  | 4 Pages

    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

  • Advantages Of Stock Buyback

    978 Words  | 4 Pages

    A stock buyback is process in which a firm buys back its own stock. There are three conditions which could make firms to buyback stock. 1. A company may want to increase its leverage by issuing debt and using the proceeds to buyback stock. 2. Many firms give their employees stock options, and they repurchase stock for use when employees exercise the options. In this option, the number of outstanding shares reverts to its pre-repurchase level. 3. A company has excess cash, it may be due to a sudden

  • Separate Legal Personality

    1628 Words  | 7 Pages

    Company Law cannot be understood without knowing what does the principle of separate legal personality. Separate legal personality is a fundamental principle that can be found in one way or another in all or almost all company laws around the word. This principle states that a company is a legal entity with rights and duties and a different existence from the one of the members that are part of it. What is meant by members of a company is any person or organization related to it: shareholders, employees

  • Business Case: Solomon V Solomon And Co. Ltd.

    2193 Words  | 9 Pages

    persons. For the purpose of much legislation it considered as a legal person. An organization is separate legal personality. Under the idea of limited liability the owners of the organization under ordinary circumstances, are not answerable or in charge of the commitments of the organization in this manner owners shareholders liable just for the amount of their unpaid shares and not the commitments of the organization. The idea of separate legal personality was strongly found by House of Lords in the major

  • Advantages Of Limited Liability Partnership

    1636 Words  | 7 Pages

    Advantage of LLPs. The major advantages of Limited Liability Partnership are listed below: a) Limited Liability: Unlike a general partnership, an llp is a separate legal entity from its partners. Thus the partners are not held liable for the liabilities of the llp. Any debts or liabilities against the company shall not be required to be paid at the cost of partner 's assets. Whereas in general partnership the partners share the profit as well as the losses of the partnership b) Flexibility: LLP enjoy

  • Sole Proprietorship Pros And Cons

    1021 Words  | 5 Pages

    to be a separate entity from the partners. Cons: Every partner is responsible for their own negligence, misbehavior, etc. While every partner is responsible for their actions, if someone under them makes a mistake the partner takes the blame for that also. Not to mention, LLP is only available for specific occupations. LLC Pros: Presents the opportunity for an individual to be taxed as a sole proprietor, partnerships, along with S and C Corporation. This type of business entity also has less paperwork

  • Alexia Tech Corporation Case Study

    844 Words  | 4 Pages

    The useful life of an intangible asset is the period over which the asset is expected to contribute to the future cash flows of the entity. Intangibles with a fixed useful are amortized. However, intangibles with indefinite useful lives are not amortized but are subject to impairment. Other relevant factors include the legal or contractual provisions, the level of maintenance expenditures required to obtain future cash flows, and the effects of obsolescence. (para 11 SFAS 142)

  • Limited Partnership Research Paper

    1062 Words  | 5 Pages

    LLPs generally protect partners from each other's professional legal problems, such as negligence or malpractice. Liability is limited to the amount of money each partner contributes to the LLP. Professional Organizations Most states require each LLP partner to have a professional license in a chosen field. Therefore

  • Painted Images Case Study

    1177 Words  | 5 Pages

    proprietorship is an entity consisting of one person, and is the simplest business structure to form. The owner can conduct business under a trade name and the business can be used to test a company before reforming to a new business structure . The sole proprietors accountable for personal

  • Advantages And Disadvantages Of Business Entity Formation

    963 Words  | 4 Pages

    Entity Formation A New York Law Firm Providing Businesses Entity Formation Services When starting a business, choosing the correct entity can have a significant impact on its ultimate success and the personal liability of its founder or members. Business entities are created under state law, and New York offers entrepreneurs a number of options, including partnerships, limited partnerships, limited liability companies, and corporations. These various entities provide different advantages and disadvantages

  • Benefits Of Partnerships

    867 Words  | 4 Pages

    filed with ARCA. (4) Furthermore, it is regulated less strictly as compared to a company whereby it has to adhere to the Companies Act. All partners can choose to participate in managing the company. (1) Partnership is generally a “pass through” tax entity. Since partners are taxed instead of partnership, the filing tax returns is relatively easy as there is no need for filing a separate tax return. By converting a general partnership to a private limited company, firstly, shareholders will only be