...Australia, it gives Victoria Bank the licence to undertake ‘business of banking’ which is defined in the Banking Act 1959. This shows that Victoria bank has fulfilled the ADI application requirements including sufficient start-up capital, ownership, sufficient risk management and internal control system, information and accounting system, and fulfilment developments. Addition to APRA, according to corporation act 2001, Victoria Bank also needs to have an AFSL, Australian Financial Service License off ASIC. This license will give the bank the authority to provide different financial services, “provide financial product advice to clients”, “deal in a financial product”, “make a market for a financial product”, “operate a registered scheme”, “provide a custodial or depository service”, and to “provide traditional trustee company services.”. Having fulfilled APRA & AFSL, Victoria bank has accepted the laws controlled by a number of guiding bodies. On top of APRA and AFSL there is the Australian Consumer and competition commission (ACCC), and the Reserve Bank of Australia (RBA). APRA will keep a close eye on the operations that Victoria Bank exercises, to make sure they keep financial promises to their customers and continue been financially established. Under the Banking Act 1959, they could only commence ‘Banking Business’ when they are ‘Body Corporate’, meaning a incorporated company. Managing both retail and business banking, Victoria bank will need to fulfil the legislations...
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...A bank is a financial institution licensed by a government. Its primary activities include providing financial services to customers while enriching its investors. Many financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share holding entity known as the zaibatsu. In France, bancassurance is prevalent, as most banks offer insurance services to their clients. The name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Jewish Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth.[2] However, there are traces of banking activity even in ancient times..[3]The earliest evidence of money-changing activity is depicted on a silver drachm coin from ancient Hellenic colony Trapezus on the Black Sea, modern Trabzon, , presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with coins, a pun on the name of the city.In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank. Traditional banking activities Banks act as payment agents by conducting checking or current accounts...
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...help with the growth of a CPA firm is to start selling financial services and products. Insurance, derivative transactions, variable annuities, and private equity investments are among many financial products that are offered by licensed professionals. In order for firms to succeed and grow in this new venture, CPA firms must follow rules and regulations to minimize risk and study the financial products and services to maximize customer satisfaction. It is essential for a firm to obtain licensing before it can start selling financial services and products. State laws, securities laws, Government Accountability Office (GAO) regulations, and Public Company Accounting Oversight Board (PCAOB) regulations are among the governing bodies that impose such rules and regulations. As state insurance laws and SEC regulations differ, licensing requirements vary by product or service. In addition, licensing is also required for anyone who solicits to sale and receives commissions. Failure to comply puts firms at risk resulting in criticism or decertification. There are three common product categories: 1. Planning – Products that are designed to preserve wealth or income and includes life, disability and long-‐term insurance and annuities. 2. Service – Products that are designed to protect clients against ...
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...Contents Overview of Financial Market – – – – Present financial system in Cambodia Banking Sector Insurance Sector Fixed Income Securities and equity Capital Market Development in Cambodia guided by: - Financial Sector Blueprint 2001-2010 (FSB2001-2010) approved on August 24th, 2001 - Financial Sector Development Strategy 2006-2015 (Approved by the Royal Government of Cambodia on February 9th , 2007) Develop 4 I’s for Capital Market – – – – Infrastructure investor Issuers Intermediaries Way forward Overview of Financial Market Overview Present financial system in Cambodia Present Players in Financial Sector: ● Dominance of banking system: The central bank, that is the National Bank of Cambodia with its The 18 provincial branches, 15 commercial banks, 4 specialized bank, 15 A decentralized banking system, consisting of MFIs and a number decentralized of NGOs operating in the rural finance. ● 4 Insurance Co., ● No inter-bank/money market ● No equity & securities market, no securities company ● Active foreign exchange markets due to high degree of dollarisation (90% of banks transactions in US$, large volume of USD cash in circulation). Banking Sector Banking ≈ – Banks are very liquid (loans to deposits ratio 65%), but despite large resources they are still reluctant to take lending risks – Banks resources are mainly short-term: in fact almost all deposits and loans are short-term, less than 1 year, and...
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...Aspects of Contract Law and Negligence UNIT# 05 Table of Content | | Introduction | 3 | Loc: 01 Understanding Essential Elements Of A Valid Contract In A Business Context Task 11: Essential Elements of Business Contract 2: Three Different Types of Business Contracts and Their Advantages And Disadvantages 3: Terms in Contracts | 4-9 | Loc: 02 Application Of The Elements Of A Contract In Business Situations Task 21: Essential Elements Of Contract Leading In The Given Scenarios 2: Identification Of Valid Contracts And Discussion On The Rights And ObligationsOf The Parties In The Given Scenario 3: Identification And Evaluation Of The Terms Of Contract With ReferenceTo Contract Holder | 10-12 | Loc: 03 Understanding Principles Of Liability In Negligence In Business Context Task 31: Duty Of Care In The Tort Of Negligence. 2: Difference Between Liability In Tort And Contractual Liability. ...
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...of the Company’s and Bank’s operations. The Company and the Bank are also subject to capital guidelines established by regulators which require maintenance of adequate capital. Many of these regulations are intended to protect depositors, the public and the FDIC’s DIF rather than shareholders. The Sarbanes-Oxley Act of 2002 and the related rules and regulations issued by the SEC and NASDAQ, as well as numerous other regulations, including the Dodd-Frank Act and related amendments, have increased the scope, complexity and cost of corporate governance, reporting and disclosure practices, including the costs of completing the Company’s external audit and maintaining its internal controls. Government regulation greatly affects the business and financial results of all commercial banks and bank holding companies, and increases the cost to the Company of complying with regulatory requirements. Additionally, the failure to comply with these various rules and regulations could subject the Company or the Bank to monetary penalties or sanctions or otherwise expose the Company or Bank to reputational risk and could adversely affect its results of operations. Newly Enacted and Proposed Legislation and Regulations May Affect Our Operations...
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...1. International business environment Business mean to busy in an activity, which are related to money almost business have 50% chances of profit and losses.(Morrison, j. 2002)Business is operated in every part of the world. As the business grow. It is looking for new opportunities across the border. International business is the term use for the operation and objective of the organisation that have interest in other countries. For example Tesco, Ford, General Motor, McDonald, Disney, so many other companies. These companies have key interest to standardise their product for general acceptance. The international business becomes more complex. Tie between the different societies and organisations. (Meldrum, D.H) as businesses inter into new market it chances of 50% losses increases. Due to different in economic, political, cultural structure, policies, geography and currencies. These factor decreases profit ratio of international investment. There are no specific criteria to measure such in-stability. Every investor used their own method and measure. Uncertain condition of country make easy for international business to design their own stability criteria. (Considering risk in international business) Business has no idea about the local risk. It's difficult to operate and manage in such condition where the Culture, Social, Economic, Political, and legal structure are not stable. In such cause the international business need to take all the measurement either it`s Commercial...
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...Sprong Security Financial Services. Identify issues and/or opportunities of the company major issues, to generate a hypothesis for each issue, research questions to use for conducting analysis. Identify the circumstances surrounding each issue, classify the issue, attribute the importance of each classification, and test the accuracy of each classification. Legal is appointed, established, or authorized by law; deriving authority from law (Definitions- Legal, 2011). Regulatory is restricting according to rules or principles (Definitions - Regulatory, 2011). The laws and regulations for an accounting service and the insurance are the HIPAA Law, to have a lawyer on retainer for legal business, and keeping updates on the new tax laws for federal, state, and local. The federal trade commission is very big in any business because they regulate how an advertisement is being published to the public. The advertisement has to be honest, positive, and to be able to back up what the advertisement have to say. The HIPAA Law consists of the privacy of each client, for their information does not be leak out to anybody without their permission to do so. Economic is the study of how people choose to use resources. Sprong Security Financial Services economic services would be based on the commissions get from the policies that clients signs up for, and for other services that is being offer to them. The business reflects on the economy status on how the business...
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...ETHICAL BEHAVIOUR IN TODAY’S BUSINESS ENVIRONMENT Despite the presence of professional ethical codes designed to govern professional conduct in specific industries, there has been numerous cases of unethical conducts which have led to the collapse of great companies in the past such as Enron and Worldcom. In recent times however, many organisations have been taking practical steps to incorporate ethical principles in the daily operations of the business in. The importance of business ethics cannot be overemphasized in the role it plays for any organisations whose objective is to continue in business for the foreseeable future. In the bid to maximize profitability, several managers have failed in their responsibility to act ethically in the conduct of their business because they have given less consideration to the ethical issues, which will have long term impact on the organisations, while focusing on short term financial considerations. Unethical behaviours do not just affect the organisation itself but also negatively affects all stakeholders of the organization – for example, giving bribe to a customer representative does not only affects the company’s reputation but also promotes the societal ill of dishonesty and lack of integrity; when a company is declared insolvent as a result of a fraud perpetrated by senior management, there is a threat to the source of livelihood of the employees of the organisation. Therefore, in order for a business to remain sustainable and relevant...
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...Software License Agreement for Quicken Software and Services Thank you for selecting Quicken software. This Software License Agreement (the “Agreement”) gives you certain rights and responsibilities depending on the software product license you purchased as more fully described below (“Software”). Before using the Software, you must read and accept the terms and conditions contained in this Agreement. If you do not accept this Agreement, you will not be able to use the Software. If you are not completely satisfied with your purchase, promptly return the Software and accompanying items to the place of purchase within sixty (60) days of purchase with a dated receipt for a full refund. See Section 9. Satisfaction Guaranteed below for more details. 1. LICENSE GRANT AND RESTRICTIONS. Intuit Inc. (“Intuit”, “us”, “we”, “our”) grants you (“you” and “your” means an individual or single entity) the following rights provided that you comply with all of the terms and conditions of this Agreement. (i) Single User License. You may install and use a copy of the Software on up to three (3) computers used by a single household. If you purchased a valid license for the Software and received an Authentic Intuit CDROM, such CDROM is your backup copy of the Software. If you purchased a valid license and received the Software pre-installed on a new computer or through an electronic download, you may make one backup copy of the Software, but only for the purpose of reinstalling the...
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...payment methods for long term healthcare services which is making the United States Health Care system ever more complicated. Long term health care today is considered a reimbursement driven industry (Casto, 2006) . The term reimbursement refers to repayment or compensation of health care services (Bowman, 2007). Reimbursement is the process of being repaid for services that have already been given (Casto, 2006). In long term care, services are often provided prior to payment being made. Since patients have already received treatment, the facility, practitioners, and their staff seek reimbursement to cover those expenses such as medications, procedures, and supplies (Bowman, 2007). Generally a physician, health care organization, or practitioner will submit an itemization of services, products, equipment, and supplies that have been rendered (Casto, 2006). This is known as a claim (Casto, 2006). The claim lists the fundamental characteristics of reimbursement such as fees and charges (Casto, 2006). These claims are reimbursed by one of two ways. An institution can be paid by a fixed amount called capitation (Casto, 2006). A capitated amount is what is paid regardless of the number or costs of health care services provided (Bowman, 2007). This often gives providers incentive to lower costs and to focus more on preventive care (Bowman, 2007). Fee for Service is another method of reimbursement. This is paid based on a set fee for each service provided (Casto, 2006). ...
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...and physical resources As my business is starting up there are several legal statuses that I can have which are; Legal Aspects; * My legal status: Sole trader * Legal liability: Unlimited liability * Trading terms and conditions: Being owner of the business this means that I can do as I wish and go against the terms and conditions which I have set for my business, for example of a term would be the closure of the shop at 9pm A sole trader owned company is a business which is owned just by one person. There are several disadvantages and advantages when being a sole trader. Being a sole trader will mean that a lot of the businesses work will be on one person’s shoulders. This means there will be a lot of pressure and stress on the single person. Having privacy within a company is highly important, being a sole trader means that you have full control of the business and its financial incomes, this means that other companies don’t have access to your information. Also there are fewer legal restrictions so this will allow the business to be more flexible. However, hours are generally longer and working alone may mean that they will need more acquired skills for their business. Also there is no obligation when it comes to sharing profits. I have chosen to be a sole trader because as my business is small I feel like it would cause less complications then if I was to start as a partnership. Partnership A Partnership is where a business is generally owned by a minimum...
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...Doing Business in South Korea important disclaimer No person should act or rely upon any matter on information contained in or implied in this publication without first obtaining advice from a qualified adviser that relates specifically to their particular circumstances. This publication should not be regarded as offering a complete explanation of the taxation matters referred to. The publishers and the authors are not responsible for the results either of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, who acts or fails to act as a consequence of reliance upon the whole or any part of the contents of this publication. Contents Chapter 1 – Introduction • Geography • Climate • • • • • • • • • • • 6 6 6 6 7 7 8 8 9 9 10 10 11 ¡ ¢ Language and Currency Legal System Advantages of Investing in Korea Constitution Economy Import Controls Major Exports and Imports Communications Finance Government Policy on Foreign Investment in Korea Exchange Controls Chapter 2–Business Forms Available to Foreign Investment • • • • • • 13 £ ¢ £ ¢ Local Corporation Establishment Private Business Registration Establishment of a Foreign Company's Domestic Branch Directors Registration requirements and filing procedures for public securities Shareholdings by non-residents Chapter 3 – Accounting ...
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...suitable for my business: it is owned by one person, as the sole trader the owner is personally liable for the business debts, and may have to pay them personally. This is called Unlimited Liability. Advantages: * Not many legal restrictions on forming a business * Allows for a more personal service to the customer * Easier to maintain control, make decisions and implement changes quickly * No need to share profits * Financial information is kept private. Disadvantages * Risk of unlimited liability * Business growth is limited by the amount of capital one person can raise * Long hours and difficult in finding time off from holidays of illness * No one to share the responsibilities of the business with, which can be quite stressful and lonely Terms and Conditions When a company starts out, it is important that it clearly sets out the business traders. New business owners need to be aware of their legal obligations under the trading terms and conditions, which should include information on pricing, payment term, credit facilities, and delivery options and so on. It is always recommended that the trading terms and conditions which conditions should be put in writing and agreed in writing by the customer. This will help protect the business from any disputes with customers. The ordering hours for my business is 24/7 as it’s a website, but the delivery times are Monday to Saturday 9AM-7PM this important to state in the Term and conditions to...
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...Underpinnings of Business Law Anthony Bourdain BUS 670 Professor Pat Riley May 23, 2016 Business ownership is formed around the concept of what the business owner(s) have in mind with regard to personal benefits and limitations. As with any type of business venture or partnership, there are financial advantages and disadvantages of normal day-to-day operations that can lead to court actions as a result of specified liabilities involved. In the matrix provided below, comparisons and contrasts of personal liability exposure associated with sole proprietorship, general partnership, limited partnership (LP), corporations, and limited liability companies (LLC) in a lawsuit for breach of contract is shown using Tinker’s Home Security Service brand. This paper will identify the underpinnings of business law and how business owners can prevent and in most cases avoid the possibilities of litigation from coming to fruition. Tinker’s Home Security Service is set up as a sole proprietorship meaning that the business is owned and operated by a single business owner. Many owners looking to startup a business consider this approach because of its simplicity, independence and affordability. Authors Hopson and Hopson (2014) mentions how a sole proprietorship is least demanding to frame and upkeep. (Hopson & Hopson, 2014, p. 47). Less downtime and maintenance will only help improve productivity thus leading to positive financial gains. The downside to this business type is that along...
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