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    Australian Legal Entities

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    AUSTRALIAN LEGAL SYSTEM TABL 2741 – Business Entities On the Treatment of Corporate Groups under the Australian Legal System Summary: Built on thousands of years of tradition, the contemporary legal system is as thorough and complete as it has ever been. Despite this, corporations law has evolved much more recently and, though ever evolving, often struggles to keep pace with the corporate sphere it governs. A key example of this is with respect to corporate groups, a relatively new form of conglomerate and one which works to exploit a legal system which is forced to compensate constantly. Corporate groups often take advantage of the concept of separate legal entity to isolate risks to certain…

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    Legal Entity Engineering

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    Introduction When starting a company many things must be considered. Among those is the legal entity you want your company to be. There are several legal entities, each with their own advantages and disadvantages. These will be looked at in order to come to a nal decision about what legal entity In nity Engineering will be. 2 Sole Proprietorship According to the online Entrepreneur Encyclopaedia, a sole proprietorship, by de nition, is a business that legally has no separate existence from its…

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    Saloomon Case Study

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    Salomon set out the principle of a company having a separate legal personality from its members. Encouraging investors to provide money for businesses without the threat of liability. This increased the country’s economic prosperity with the assurance of limited liability . The effect created a metaphoric veil to show a distinct legal personality and limited liability. This essay will be discussing the current approach by courts and whether specific rules should be laid down. There is a…

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    risk of all losses of a business as well as if they are unwell, they have no one to depend on to run the business. Sole traders are an example of unincorporated businesses and do not have their own separate legal entity. Partnerships are the types of organization which are set up by at least two people and can have maximum of 50 partners. The partners decide and agree on how to govern the business, the activities the business will do, allocate the capital needed to set up the business. All…

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    Flower Shop out of Panama City, Florida is the business that is being proposed. Sunshine Flower Shop provides, delivers and sells plants, flower arrangements and even gifts. Each flower is grown here in my own backyard flower garden where customers can go and hand pick which flower they prefer to be on their arrangements. We provide flowers throughout the year for various occasions, from weddings to birthday parties, any celebrations and funerals. Our mission is to provide on time delivery and…

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    Case Study Acme Fireworks

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    The UCC is an attempt to unify state laws affecting commerce into a single code that all states could adopt to make interstate commerce easier and more efficient. As a result of effort by some of this country’s leading legal experts, the UCC was enacted in whole or in part with only small changes by the legislatures of all states. While the UCC represents a significant effort toward a uniform national law, it should be remembered that there will still be variations from state to state, as…

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    limited liability partners’ total assets, including their personal belongings are not in jeopardy if the business faces losses or hardships. However, “a limited liability partner is still liable for his or her own wrongful acts,” as Roger Miller said. Owning up to positions and responsibilities are still required under the limited liability partnership agreement. As Ezra 10:4 New Living Translation (NLT) reads, “Get up, for it is your duty to tell us how to proceed in setting things straight.…

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    Ultra Vires is a Latin word which literally means, ‘beyond the power’. In legal parlance it is used to describe when a person, whether natural or artificial, or a body have acted beyond the power granted to them by law. This phrase is widely used in different branches of law; in Administrative law it is mainly used with respect to an administrative body. In Criminal law it is used with respect to law enforcement agencies, in Company law it is used with reference to the corporate capacity of a…

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    A sole proprietorship is a business in which the business has no legal existence separate from its owner (Entrepreneur, n.d., para. 1). In this form, Tilly would maintain all managerial control of the business and would only have single taxation. In order to obtain the necessary capital to start her business, she would have to pursue a small business loan through a bank or through the U.S. Small Business Administration. However, as a sole proprietor, Tilly would be personally liable for all of…

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    Lord Sumption states that lifting the corporate veil is a convenient expression that the courts have granted rights to disregard separate legal personality of incorporation from its controllers (Lexis, 2013). With the increasingly adoption of the form of corporation, there may be some issues about the abuse of the principle (Dignam & Lowry, 2012). This essay will firstly explain part of the statements of Lord Sumption in Prest v Petrol and then providing arguments for and against them based on…

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