Liability College Essays Samples For Students

Critically assess the current legal position of auditors in the UK and Ireland. Analyse the impact the current situation has on the competitiveness of the audit market and discuss some of the methods available to auditors to reduce their exposure to expensive litigation.

Introduction

Auditors are liable for both criminal and civil offenses. Criminal offenses arise when the auditors violate a government-imposed law. It will be a dispute between the State and the auditor. On the other hand, civil offences dispute are always between the individuals and /or organizations. The last two decades have seen the large 4 auditing companies settling the ...

One of the major tenets that should be understood prior to analysis is the basic framework upon which the European doctrines of justice regarding liability have been established. The European Union is based on the express governance of the “multidimensional polities that recognize different levels of governance, each with the acknowledged power to regulate within a sphere of competence.” In this case, the tenets of EU liability law are essentially the result of the need to present the ability for those who come under the actions of the member states to be given a legal means for representation within ...

US 311: Business Law I

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and ...

Business and Organizational Security Management

Business and Organizational Security Management

Any business and organizational security manager can attest and confirm; contracts are an extensive part of protective services. Services being provided by contract firms are increasingly diversifying into areas like scheduling and training, risk assessment, attendance, and time, the use of contracts will continue to regulate the provision of protective services. Contracts refer to agreements between two or more parties with regards to performance of a particular act and legally binding or enforceable. For these agreements to result to a contract, they must not be an invitation to negotiate or mere offers. Contracts are legally binding ...

Law

1a.) The four main components of a contract are: offer, acceptance, consideration and intention of legal consequences. The offer is considered complete if it states in definite terms of the agreement and it must be communicated to the offeree. The offer should not only include any estimation, manifestations of interest, requests for proposals or letters of intent. The offer is different from an invitation to treat such as advertisements and shop displays where the invitation to treat is inviting an offer to be made (Richards, 2009). In this given case, the offer was made through an advertisement in several newspapers ...

Business Forms Worksheet

This is a form of business that is formed and managed by one person. The business entity is the easiest business to establish. The proprietor bears the sole responsibility of all activities and challenges that accrue to the business (Keenan & Riches, 2007).

Advantages

1. The owner enjoys all the profit that accumulates from the business activities
2. It is the easiest business entity to establish because it requires few legal documents to start a business. The business and the proprietor are one entity i.e. the owner is the sole decision-maker.
3. The proprietor enjoys maximum privacy and can manipulate the ...

Acme Fireworks

A number of factors are to be considered when it comes to taking the decision of the most favorable business structure for a specific commercial venture. Given the situation of Acme Fireworks, the pros and cons that need to be weighed before deciding on the business structure include the offering of highest protection, the highest investment return, and the most favorable rates of taxes. When there is a need for liability consideration, along with needs of employment and huge contracts, the recommendation to Acme Corporation owner would be to amend his status from the present sole proprietorship to a ...

Two Main Avenues

The United States constitution is a set of rights and liberties that are written into law and police officers are not above this. Police officers are in charge of protecting citizens and maintaining control but they still have to respect certain constitutional rights while enforcing laws. If a police officer does ignore a person’s constitutional rights then they open themselves up to a lawsuit. However, there are two things that a person has to be able to prove to sue an officer and hold them liable for any damages. The first avenue that a person has to pursue ...

While the common idea of a police-suspect encounter is that the suspect has done something wrong, there are a number of circumstance where it is the officer who will be found to have acted improperly or without appropriate legal authorization. Civil liability, is one of the two forms of legal redress that police officers may face when they fail to perform their assigned duties, act negligently, or abuse their authority (Kaci, 1998). Civil liability, as opposed to criminal liability, refers to the power of an injured party to sued a defendant for compensatory (monetary), equitable, and declaratory relief.
In ...

Question 1 3

Question 2 4
Accountability 4
Responsibility 5
Liability 5

References 7

Question 1
The results of the Commission on Inquiry Report are somewhat depressing and dismal which is not the objective of a hospital or health care institution. The complaints from the report were as follows: assaulted, neglected and left to die patients under grave conditions; uncaring healthcare providers; and lack of sufficient care for patients who need more than medication. These are clear indications of the hospitals’ lack of concern to the welfare of their patients and lax and sloppy hospital administration. However, there are times that the administrations of ...

The U.S. Medical Liability System: A Reflection Paper

The medical liability system of the United States is said to be in a state of crisis. Doctors are getting deterrence from proceeding with important medical procedures as well as practicing in some states due to threats of lawsuits against them. In relation to the determent of the doctors, the American medical liability system is said to have two principal objectives which are as follows: to compensate patients who are victims of medical malpractice and to deter the medical practitioners from doing their job negligently. The compensatory function of this medical liability ...

Introduction

There are several options open to Acme Fireworks. As a sole proprietorship, the owner is able to hire employees. The biggest benefit of a sole proprietorship is the easiness of dealing with taxes and the easiness of running the business. There are some drawbacks to being a sole proprietorship, such as the fact that the owner is personally liable for any legal situation that arises through various contracts or business deals (Dishman, 2010). The owner of Acme Fireworks should strongly consider upgrading his sole proprietorship because the business contracts appear like they may be permanent; regardless, as Acme is ...

< Conceptual Framework>
< Lecturer’s Name and Course Number>

Financial reporting’s conceptual framework defines the concepts involved in financial reporting. The purpose of reporting is stipulated in the objectives of financial reporting. These concepts of the framework give guides on how to identify the boundaries of financial reporting, selection of transactions, representation of events, recognition and measuring of reports, and how summarizing and reporting should be done (Greuning and Terblanche 2011). The conceptual framework is mainly founded by the objectives of financial reporting. However, the framework has other aspects which include statements of finance, measurement and recognition, ...

Abstract

While starting a business is the dream of millions, one of the most important first steps for any potential business owner is to understand and evaluate the different types of business organizations that are possible and choose the one that would most effectively help the owner realize their business goals. The five most common types of business organizations are: sole proprietorship, general partnership, limited partnership, limited liability corporation and a corporation. Each type has its advantages such as management control or limited liability; as well as its disadvantages, such as unlimited liability and high tax rates. Indeed, exposure to liability or ...

Introduction

The first limited liability company (LLC) in the United States was established in Wyoming in 1977, and the next one was established in Florida in 1982; but it wasn’t until 1996 that the National Conference of Commissioners on Uniform State Laws adopted the Uniform Limited Liability Company Act (ULLCA) (Uniform Law Commission, 2012).
A LLC is a flexible type of hybrid business ownership that combines the limited liability of a corporation with the tax benefits of a partnership. LLC’s are owned by members, not partners or shareholders, and may be composed of any number individuals, corporations, other LLC’s, ...

Analyzing the case concerning causation

Tort law provides remedies to persons harmed by the actions of authorities or others. Ideally, tort claims are part of the state laws. Therefore, individuals are held responsible for their actions in case it causes injury to others. Tort law deals with cases such as the case concerning Mr. Dudley Lee, who contracted tuberculosis (TB) when in was in detention. Notably, the plaintiff got infected with TB while in jail because the authorities failed to take precautionary and preventive measures against communicable diseases (Lee v Minister for Correctional Services 10). The probable cause that made the applicant contract TB ...

Accessorial Liability

Scouler C & Button R (2004) mentioned that accessorial liability is another form of extension in criminal liability even for individuals who are not part or involve in a joint-criminal enterprise. Brown et al. (2011) added that there are two ways in which a person can incur accessorial liability namely- second degree and third degree. A principal is categorized under second degree liability if the person is present at the commission of the crimes and aids, assists and encourages (Brown et al. 2011). The third degree liability under accessorial liability if the person is involved during the preliminary stages of the crime ...

At law there is little difference between a proprietor and the proprietorship, especially in terms of liability (Spadaccini, 2007). Accordingly, there is very little the proprietor can do to limit the liability exposure, within the business. The best option available is to convert the proprietorship to a limited liability company (LLC), and reduce the exposure to the extent of investment (Seaquist, 2012). Similarly, the general partner is exposed to personal liability. One option available to reduce such exposure is to become a limited partner. Another option but less effective is to specify the instances in which the general partner will be liable ...

Analysis of Negligence Liability Issues

Contemporary tort law is one of the most dynamically developing areas of legal science and practice nowadays, and the area of professional liability becomes one of the most intricate and the sophisticated legal issues therein (McBride, Bagshaw, 2008). The global economy becomes more and more complicated and specialized. As a result, the business people's reliance on professional advice services is growing heavier (Elliot & Quinn, 2007). Statistically, they global follow of consulting business grows on 13% rate annually, showing that more and more professional advisors enter the market, and therefore more business people become dependent on their professional services.
In ...

Sole proprietorship is the most common form of business where one person performs all the functions required to form a successful business. The business owner carries the responsibility for all the liabilities and said to be self-employed. When two or more people decide and start a business together, they form a business partnership. This partnership may be general partnership or limited partnership. In the general partnership, the partners carry equal aspects of the business including the liabilities of the partnership. Unlike sole proprietorship, partnership may have an unlimited number of partners responsible in the ownership of the company.
Sole proprietors have ...

Implied Warranty: Uniform Commercial Code Section 2-314 defines implied warranty to mean that the goods sold shall be of merchantable quality unless excluded or modified in the relative contract. This section also includes food or drink served for consumption on the premises or elsewhere as a sale. Implied warranty therefore recognizes the following assumptions for goods to be deemed merchantable: (a) the goods shall be passed without objection in the trade as described in the contract. (b) if the goods are fungible, they are of fair quality as described in the contract. (c) the goods are fit for the general purposes for ...

What is a Tort and how does tort liability differ from criminal liability?

Torts are wrongful actions that may result to injuries or harm to another person or the person’s properties. These wrongful actions may provide ground for constitution of claim by the affected party. The main goal of tort law is to provide relief in case of damages sustained and, prevent others from committing related actions (Simons, n.d.).
Tort liability and criminal liability have substantive differences. While tort liability may result in punishment that mainly involves monetary payment of damages, criminal liability may result in punishment that involves both jail terms and, monetary payments. Additionally, in determining criminal liability, ...

Liability is one of the most important words in the field of law. It essentially means legal responsibility for one’s actions or the omissions thereof. By failing to meet these responsibilities, a person or entity exposes himself/herself/itself to a lawsuit for whatever damage that may result from such failure; or risks being served with a court order to meet such responsibilities.
Liability is one of the legal aspect that everyone should not only be interested in but also ensure that they are well versed in it to avoid finding themselves on the wrong side of the law. Although many people ...

A contingent liability is defined as a loss that may potentially occur at a future point, once some uncertainties are solved. Though it is not yet an actual liability, a contingent liability does impact the financial decisions of an organization. The financial impact of a contingent liability is shown in both the balance sheet and/or the income statement. In determining which contingent liability should be presented in the books of accounts, it’s important to determine the status of the contingency liability i.e. high probability, medium probability or low probability.
High probability; a contingency liability with a high probability has the greatest financial implication ...

Response, Compensation and Liability Act

Environmental regulations are sometimes controversial and costly, but many have the potential to be very effective at addressing or preventing environmental and related problems. One law that highlights the important role of environmental regulation, as well as the controversial nature of many environmental laws and demonstrates the importance of amendments is the Comprehensive Environmental Response, Compensation and Liability Act, also known as CERCLA or Superfund.
CERCLA has its origins in the late 1970s, when a large number of abandoned hazardous waste dumps posing a threat to the environment and human health were discovered. The most famous of these hazardous waste ...

Business Law: Premises Liability

Business Law: Premises Liability

Introduction

Accidents that occur because of the negligent operations, design, maintenance of a property owned by someone other than the accident victim are known as ‘Premises Liability’. Premises Liability covers claims against the owner or landlord against or on behalf of a tenant the landlord for injuries suffered by the victim who was lawfully on the property (Heinonline.org, 2014). Additionally, it may include a huge range of event which cause injury or might give rise to liability. A fall and a slip because of a defective or wet floor might be actionable against a landlord or a landowner. Moreover, an organization may also ...

International Criminal Law

Question 1
A. There are several modes of the liability that are used for the determination of the liability of the person prosecuted for the international crime. Given the merits of the case in question, the prime minister of Sanchista should be liable for the order issued in reference to the Nisum Campaign. The provisions of the ICTY are designed in the manner so that to address all criminal offences that are committed by the state bodies and relevant executives in the prosecution of particular persons. The article 6 of the ICTY defines that committing of the criminal actions ...

Business Organization

Business Organization
The businesses are organized in diverse ways whereby, the form chosen influences the owners’ liability and the company treatment of the tax. The most common types of the business in the global are the proprietorship, partnerships, corporations, and limited liability companies. These forms of the business have different structures, the number of members and amount of capital.
According to U. S Small Business Administration (n.d), the partnership is the best form of the firm. It is the form of the business where two partners agree to participate in business. Each party is expected to contribute money, skills, ...

Business Contract Law: the case of Choc Delux and Kim

1. Law of Tort
The Law of Tort is considered to be an important aspect as far as consideration for legal and statutory implications are concerned (Schwartz, 2003). The Law of Tort is regarded to be a source of legal references in case any of the parties to a business contract is affected by the wrongful actions of the other (Fleming, 2005).
In the case of a situation whereby an individual, group of individuals, are affected by the action of another individual, group of individuals or an organisation, the stipulations of the Law of Tort help in provision of a remedy ...

Introduction

In order to set up a business, the business owner has to make the first decision that involves determining the structure of the business. All businesses must choose a structure that adopts a legal framework, a structure that defines the liabilities and the rights of business’s ownership participants, personal liability, control, life span of the business and finally the financial structure. The decision made will have a long-term impact on the business. It is recommended that one consult an accountant and an attorney to assist in selecting the form of business that is suitable.

Limited liability Company (LLC)

Limited Liability Company is a new business structure permissible in many ...

Corporate criminal liability refers to the degree at which a corporate organization may become responsible the impact of their employee activities. The extent of liability may be categorized as a strict corporate liability or vicarious corporate liability. Strict corporate liability is a compulsory criminal responsibility when the actions of an employee result in injury, damage or death, even when the employee did not have criminal intentions. Ideally, corporates take strict liability to forbid the criminal activity from taking place (Lipman 359). For example, a corporate restaurant may be prosecuted for serving customers with expired foodstuffs. While the act of ...

The law evolves and as such it has been the case that he who can define will always win (Philips, 1998). Federally protected rights had not had a remedy in the case that there was a violation of the same, instigated by governments and its employees. It was not until the landmark ruling in the Monroe V. Pape case that shaped the development to what is commonly referred to as “section 1983”. This points out to the glaring fact that not only do the police, who are state and local government employees have to only deal with criminal issues, ...

Business Organizations

Important tips for the business persons
Business communities are concerned to a variety of business laws to meet the legal codes and standards setup through by the federal governments. Every businessperson should expert by having the knowledge of essential business laws to gain the great profits in future. These essential laws include; basic legal principles, contractual laws, the uniform commercial codes, property right, employment rights, external and internal business relationships, business laws of 21st century etc. The study of essential laws of business saves the time of businesspersons and conflicts with the competitors in the markets .

Forming the sole ...

Introduction

Special events become complex when the number of stakeholders attending such meetings increases. In addition, the total number of attendance is in direct relation to the level of complexity and preparedness required of event organizers. From the case study, Doug’s firm is in charge of running the launch of a new chocolate brand named “bubbles”, and needs professional advice on the legal framework of an upcoming event. According to David (2004), it is undeniable that despite excellent and objective event planning and management, certain things can still go wrong. Despite the level of professionalism employed by an event planning ...

Marks and Spencer

b) Limited liability companies (LLC)
A limited liability is a type of investment in companies that protects partners from losing more than they invested. This mostly manifests itself in occasions whereby a company is in immense debts and is about to fall (Marks and Spenser Plc. 2011). The limited liability stipulated that owners be not obliged to pay off debts in an event that the company is unable to pay them. Marks and Spencer registered as a limited liability company in 2009 (Marks and Spenser Plc. 2011).
Obviously, the first advantage of the limited liability entity is the personal protection from ...

Impairment of Assets and Goodwill

2(a) Why should asset impairment losses be accounted for in IFRS financial statements? Analyze the different circumstances that could indicate that an entity's assets may have been impaired.

Impairment of an asset occurs when the carrying value exceeds the actual recoverable amount of the asset (Norton, Diamond and Pagach, 2006, pp. 418). The carrying amount which is the amount reflected in the balance sheet is the original amount less the accumulated depreciation and impairment losses to date. The recoverable amount on the other hand refers to the amount that is higher of the assets fair value less associated selling ...

Introduction:

The term ‘fore’ meaning “look ahead” in golf game is shouted as a warning when it appears possible that the golf ball can hit spectators or other players. The mention of this term in 1881 British Golf Museum shows that the term was used at least as early as this period. The term is believed to have come from the military “beware before”, and it was shouted when the battery was fired behind a friendly troop. Another possible origin include it derived from the term “fore-caddy” a caddy which is waiting down range from a golfer in finding where the ball lands. This ...

Issue

In examining the criminal liability of the four persons about the death of Betty, several issues should be focused on approval or disapproval of any liability. In the case of Naveed, there is a need to prove whether he committed an actus reus in his threatening Betty. In the case of Peter, we need to establish under which circumstances and criminal law he might have been the causal link in the shooting, injury and eventual death of Betty. Also, there is a need to prove whether there was any state of mind with criminal liability and intent to cause ...

Chapter 20: Agency

The law defines agency as a fiduciary relationship between two persons whereby one acts on behalf of the other with his or her consent.

Employer-Employee Relationships

Employees who deal with third parties are taken as agents. For instance, sale transactions carried out by sales people bind the principal to the customer.

The fact that some employees are considered to be agents leads to an overlap between employment and agency law.

However, agency law has a broader reach compared to legistlations that govern employment.
Employer-Independent Contractor Relationship
Relationships between principals and contractors do not always involve agency relationships. For Example, an agreement between a homeowner and a real estate agent is an agency relationship while an agreement between an insurance broker ...

Development of Common Law System of Innkeeper Law

The common law of innkeepers is a code that governs how innkeepers must conduct their business in relation to their patron. According to Sherry (1993) innkeeper law under US, as in all other countries where common law reigns, can be traced back and has its roots in the old English common law. Innkeeper law developed in medieval England out of necessity and for safety reasons. When the feudal order broke down and trade began to flourish, travel became a must. At that time travel was far from being a leisurely activity – the roads were bad and safety was always ...

Incorporation

Rolling Gardens is an innovative business idea that provides the fresh products of farmers markets to customers in a convenient forum for a low price. While the inventors behind Rolling Gardens probably want to jump right into the business and get stared, there are quite a few practical matters that need to be addressed before Rolling Gardens can officially open for business. Before opening its doors for business, Rolling Gardens will need to think about choice of entity, obtaining the necessary licenses, insurance, complying with food safety laws, and potential trademark issues. If Rolling Gardens plans on establishing a ...

Alpha risk

Peer or alpha risk assumes that the portfolio is sufficient in its diversification and elimination of unsystematic risk during performance measurement. Since alpha is a representative of a performance portfolio that is about a benchmark, it represents the values that portfolio managers add or subtract from the return of funds. That is alpha represents the ROI that is not the consequence of the general movement in the market. Therefore, the alpha risk of zero (0) indicates that the portfolio is tracked perfectly with the index of the benchmark, and the manager has no loss or addition of any value. ...

A contract is a binding legal agreement between two parties that is made with the intention to create a legal relationship. Contracts in the English legal tradition are made by the exchange of consideration between the parties.

Fox v. Mountain West Electric, Inc., 137 Idaho 703 (2002)

In this case, Lockheed Martin had a building project which Fox and MWE decided to do jointly as a way of winning the bid to complete it. They created a document that acted as the scope of the work they were to complete and in the process, Fox worked under the supervision of a manager of MWE. There were changes in the terms of the building contract terms ...

Woodill v. Parke Davis & Company

79 Ill.2d 26 (1980)
402 N.E.2d 194
ISSUE: The issue is whether or not the defendant is liable for failure to give warning of the potential danger that may be caused to the user of the product.
RULING: The Supreme Court held that in a failure to warn case, the important element that has to be proven is knowledge on the part of the defendant. Thus, the burden of proof that the defendant had known of the danger in using the product is shifted to the plaintiff.
ANALYSIS: In the case of spouses Woodill, the parents ...

Law

The Injury Case of Bobby

Next is the school itself, the accident happened in school and at any given time the school should exercise safety and when students enters the school premises, the school is automatically responsible for the student’s safety no matter if it’s during recess of during the class. Although, many debates surrounding the applied principles of playground liability when no apparent school personnel are present during the accident, the school still plays a part on the case. There are several things to consider in order establishing involvement of the school in the incident. Since the case file already mentioned ...

IAS37: CURRENT ISSUES IN FINANCIAL REPORTING

IAS37: Current Issues in Financial Reporting
Introduction
Since the publication of IAS 37, it provides explicit directions for companies to recognize provision, contingent liability and contingent assets. IAS 37 undermines the traditional accounting concepts of prudence hence leading to considerable volatility in companies earning reports. The IAS 37 helps in disclosing the transaction incurred in an organization that is associated with liabilities. In the IAS 37 standard, the word “probable” has been adversely used and hence providing options of creative accounting essential for companies to recognize its provision on balance sheet. Before the amendment of current IAS 37, the ...

Business Law

Business Law
The most important aspect when launching a new business is to determine the type of business structure to be able to make the business a successful venture in view of the legal and tax implications that are part of the selected business structure. The six types of business structure shared on U.S. Small Business Administration (2016) website are as follows:

The most basic form of business type and is owned by one person, form a legal standpoint the business has no separate legal identity and the owner can be sued in their own name and the owner ...

The article 2 of the Human Rights Act of 1998 is a fundamental provision that is usually invoked to safeguard the right to life of individuals and that which imposes the legal obligation of contracting states to take appropriate steps not only in refraining from taking life intentionally, but also to take the appropriate steps to safeguard life. This provision has become the controversy in many cases involving human rights torts, by virtue of the section 6 of the Act that provides a statutory cause of action against the public authorities or bodies. In many occasions the article 2 ...

BUSINESS LAW QUESTIONS

Carlil v Carbolic Smoke Ball Company [1893] 1 QB 256; [1892] EWCA Civ 1
Carlil v Carbolic Smoke Ball Company is a leading case in Contract Law which discusses the salient elements of an offer, an invitation to treat and other relevant contractual concepts. The facts of this case are that Carbolic Smoke ball Company, while advertising the Carbolic Smoke Ball drug for influenza, advertised that; £100 would be rewarded to any person who contracted influenza having used the ball three times a day for two weeks. The Company added that £1000 was already deposited with Alliance Bank to ...

There are no obligatory clauses that should be included into the text of the standard form contract, however, it is up to the parties to the agreement to decide which provisions should be included. With that, the clause 1 is the important one for the defining of the relations between the parties as it provides that only the text of the agreement and its provisions should be regarded as the main basis for the contractual relations between the parties. Meanwhile, the terms and conditions provided in the text of the contract have the primary meaning to every party as ...

If the choice is between renegotiation and termination, Missan should renegotiate rather than terminate the contract. Unilateral termination may not be available to the company because of the weak grounds for its justification. It can, additionally, expose the Company to risk for potential wrongful termination, which can result to liability. On the other hand, a renegotiation can give Missan an opportunity to set new terms that are more favourable to it, taking into account the present circumstances.

Repudiatory Breach as Justification for Termination

Missan can only terminate the contract with Depeche if such termination can be justified, otherwise it may be exposed to liability for wrongful ...

A business entity can be organized in a number of ways depending on the forms its owners choose regarding legal liability and income tax treatment. There are four types of businesses which include;
- Sole proprietorship/sole traders
- Partnership
- Cooperatives; and
- Corporations
Forms of business organizations refer to aspects such as risk bearing, ownership, control and distribution of profit. One’s choice of a business entity depends on certain factors like the objective of the business, nature, capital required state of control, the scale of operations, legal requirements and so on. It is therefore ...

Its Impact on the Financial Position and Performance of Australian Companies

Abstract
Lease Accounting is an area which currently has different practices proposed in IFRS and US GAAP. Even lease accounting practices are not interpreted in the same way by different companies within IFRS. This causes confusion for the investors as due to different interpretation by different companies leases are accounted for differently in the annual report and accounting books. This causes problem for regulators, government and investors to judge and rate companies uniformly. As an effort to consolidate and bridge the current gaps, IFRS and US GAAP have come up with Exposure Draft –ED 202. There are some ...

Law

1.) The enactment of the Corporations Act of 2001 is to create a law in relation to the formation of corporations, corporate regulation and the regulation of financial services and products (Cassidy, 2006, p.8). The law is intended to regulate the business entities in Australia such as partnerships, corporations and other investment schemes. It also regulates the operation of these entities in relation to the duties of the officers of the company, mergers and takeovers.
2.) The concept of corporate governance deals with the legal and organizational framework within which the principles and processes of by which the corporations ...

- Advantages and disadvantages of partnerships:
A partnership is a form of business ownership that results from the association of two or more people in co-owning a business.

Advantages of partnerships:

- Partnerships have little start up restrictions and other than the setup of the partnership agreement, everything else is simple.
- Partnerships enable the pooling of resources i.e. capital, skills and borrowing power thus people can invest more as a group than as individuals.
- Partnerships offer better chances at specialization than sole proprietorships since partners can assign roles depending on skillsets and get the benefits of specialization.
- Partnerships ...

Most of the services offered by a bank are largely financial in nature. However, the terms Assets and Liabilities have a different meaning when it comes to banks. For instance, assets in banking terminology would indicate fund usage, while liabilities in case of banks would, in fact, be a source of funds for banks. This essay will consider five different services or function that a bank offers and would explain with reasons if the said service is an asset or a liability, while also evaluating the services and providing an overall impression of the same.
This essay considers the ...

JONES &TREVOR MARKETING INC. V. JONATHAN L. LOWRY, ET. AL.
In Jones & Trevor Marketing, Inc. v. Jonathan L., Lowry, et. al., 2012 UT 39; 284 P.3d 630 (2012), Jones & Trevor Marketing entered into a contract with Jonathan Lowery and Nathan Kinsella. The contractual relationship did not flourish and Lowery and Kinsella sought to cancel the contract. In response. Jones & Trevor Marketing filed suit. During the pending lawsuit, the defendants dissolved the company and Jones & Trevor sought instead to hold Lowery and Kinsella personally liable by piercing the corporate veil under the alter ego theory. Jones & Trevor Marketing alleged that ...

The film Runaway Jury presented ethical dilemmas among the main characters Dustin Hoffman (Wendall Rohr), Gene Hackman (Rankin Fitch) and John Cusack (Nick Easter). In the movie Celeste Wood sought the help of Wendall Rohr, a lawyer to represent her and file a case against Vicksburg Firearms, a gun manufacturing company, for the death of her husband Jacob Wood, who was one of the victims in the massacre that took place in a brokerage office. Gun manufacturer and owner Garland Jankle, played by Stanley Anderson hired the services of a brilliant jury consultant Rankin Fitch to help him win ...

Introduction

Sole proprietorship, partnership, and corporation are the three of the four main forms of business organizations. One is required to understand first all the features of these business organizations before establishing one. Regarding the ease of formation, the sole proprietorship and partnership business organizations are easier to form than a corporation. The management of these two forms of business is also easier than the management of a corporation. Consequently, the present paper delves into the characteristics, benefits, and drawbacks of each of these business organizations.

Sole Proprietorship

A sole proprietorship is essentially a form of business organization, which is typically owned, ...

Agency is a legal relationship presupposing that a person represents another person and has a right to act for him/her. The person acting on behalf of the other is the agent. Principal is a person who the agent acts for.

The agency can be created:

Duties of an agent to the principal:
Duties of e principal are stated in the contract and include:
A principal is bound by the contract if the agent has the actual authority or the apparent authority. Actual authority can be express (based on the written or oral words) or implied (interpreted from words or conduct of the principal)
Apparent ...