Limited liability

Corporation is a business separated from its owners. Corporations can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes. Advantages of a corporation is it is a limited liability that protects owners from losing more than they invest. The business can achieve large sizes due to marketability of stocks. It receives certain tax advantages. Has greater access to financial resources allows growth within the company. Attracts employees with specialized…

current economic environment the best option for the formation of her company is that of a Limited Liability Company, or LLC. This is because it offers the pass-through tax status and the safety of liability protection of a corporation. This would allow her to only be taxed once like a sole propriety or a partnership, which helps small-business owners keep their earnings. However, remove the personal liability as any action against the business can only act against the business and not Shania…

BCS/CD-700 Michigan Limited Liability Company Form Form BCS/CD-700 Michigan Limited Liability Company carries articles necessary for the formation of Limited Liability Company in the Michigan State. The form has 5 articles governing various features. Filing duly completed form with the Bureau of Commercial Services is necessary for its execution. However, it attracts filing fees of $50. Expedited review and filing facilities are available at higher filing fees. The document is stored…

1.0 Company Description 1.1 Legal Form of Business Power Hour Fitness will be a Limited Liability Company (LLC) consisting of three members, Nicole Bauman, Salena Kreitler, and Kelsey Schmidt. This form of business will provide a great advantage for Power Hour Fitness as it is a hybrid of certain features of a corporation and a partnership. As a Limited Liability Company, the three associates avoid major risks such as within a partnership where partners are responsible for all debts. Instead,…

However, in certain circumstances this corporate privilege is used as a mean of exploiting loopholes in the legal system, leaving the courts with the option of uncovering the corporate veil and imposing liability upon individuals within the corporation. Today, the courts will rather enforce the principle of separate legal entity to a company as in the case of Salomon v Salomon Co Ltd, than apply the doctrine of piercing the corporate veil. However, the courts…

Damage/Indemnification. The Student acknowledges and agrees that she is responsible and liable for her personal actions and those of her guests and invitees, including but not limited to negligent or intentional acts, errors or omissions. The Student agrees to release the Chapter, House Corporation and Fraternity from liability related to and to defend, hold harmless and indemnify the Chapter, the House Corporation and the Fraternity, and their respective officers, agents, employees and…

: Who accords for the liability? Who can be held responsible? The notion of corporate personality does not obviously create liability on artificial persons. Logically, a company cannot be put behind bars or prosecuted for its criminal acts. Thus, their arises a need for the identification of the persons who are guilty of the offence and are hiding behind the facade of…

Introduction and Statement of Facts The fundamental attribute of corporate personality, from which all other consequences flow if that the corporation is a legal entity distinct from its members. Hence, it is capable of enjoying rights and of being subjects to duties which are not the same as those enjoyed or borne by its members. In other words, it has a “legal personality” and is often described as an artificial person in contrast with a human being, a natural person. However, corporate…

corporate law: the first is, the ‘separate juridical personality’ of each company with rights and duties separate from its shareholders and the second is, politically based ‘limited liability’, shielding shareholders (originally ultimate investors), from personal liability for company’s obligations, by limiting their potential liability to the amount of their capital investment. The above principles, among others, facilitated the separation of ownership and control. 1.1 Separate Legal…

Starbucks does not have employees or associates, they have partners. That is the term of endearment used when discussing the individuals who work in their stores around the world. And the philosophy behind the moniker is that each partner contributes to the success of the company. Newly accepted partners complete 24 hours of indoctrination within the first two week of partnership. Areas covered during training sessions include covering the history of coffee history, drink preparation,…