...Business Entities, Laws, and Regulation Danielle Carter BUS 415 March 19, 2012 Frank Poe Introduction For many companies to experience success, they should be able to come up with the experienced essential that will help them operate their businesses in the well-organized way as possible. Furthermore, there are ultimately three things that many companies need to pay attention of, for instance, taking control, liability and taxation issues. No business can ever be successful if they do not learn to stand by the rules or laws set that is exactly for their nature of business, and at the same time be understanding of the likely risks that are involved in their decisions. The construction company also needs to be aware of the laws governing employment and should also stand by them when beginning their business. Restaurant/Bar Scenario The investors of the restaurant/bar are Miriam along with Lou and Jose. Among the three, Miriam is known to be a wealthy investor and do not have time to participant in all the business transactions and would only choose to just receive his share from the percentage of ownership. Since this is the kind of business that is started by three owners, it should be created within a limited partnership. Cheeseman (2010) assertion is that the partnership should file a document stating their information return as well as their income information such as the amount they earn and lose from the partnership. Since Miriam is too busy, it is on the...
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...must not be removed from the examination hall The Association of Chartered Certified Accountants Paper 2.2(ZWE) Corporate and Business Law Section A – SIX questions ONLY to be attempted 1 Explain the distinction between binding and persuasive sources of law in Zimbabwe. (10 marks) 2 In relation to the law of contract: (a) Explain the interface between a voetstoots contract and aedilitian remedies for a latently defective article. (7 marks) (b) State whether the current law adequately caters for the present day demands of commerce in Zimbabwe. (3 marks) (10 marks) 3 In relation to the law of contract: (a) Explain the term breach of contract and the forms it usually assumes. (5 marks) (b) Briefly explain the major remedies available for breach of contract in Zimbabwe. (5 marks) (10 marks) 4 ‘The concept of estoppel is invoked to establish ostensible authority in cases of agency . . .’ Required: Explain the nature and function of estoppel in a contract of agency. (10 marks) 5 In relation to company law: (a) State the restrictions that are placed upon the right of a promoter to select a name for a company. (6 marks) (b) State the restrictions that are placed upon the right of a company to change or alter its articles. (4 marks) (10 marks) 6 In relation to company law, explain the duties and responsibilities of a director to the company. (10 marks) 7 In relation to insolvency: (a) Define the concept of insolvency and state instances where an act of insolvency is committed...
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...Code of Conduct Chipotle is committed to the highest standards of integrity in all of our activities and compliance with both the letter and spirit of the law. We expect that you will reflect these standards in your day-to-day dealings on our behalf. This Code of Conduct is for all employees, Officers, and all members of the Board of Directors. It is a guide to ethical behavior. Chipotle has an “open door” policy with respect to any concern relating to compliance with the Code of Conduct and other Company policies, and no person will be subject to disciplinary or other retaliatory action by raising any concern in good faith. Definition of the Code of Conduct The Code of Conduct includes this introductory section, "Integrity Statement," "Anti-Discrimination, Harassment and Sexual Harassment Policy," "It’s the Law,” and "Chipotle Confidential." Approval of any activity or matter not in compliance with this Code must be sought in advance and, unless otherwise provided for in the Code of Conduct, may be granted only by a Chief Executive Officer. In the case of members of the Board of Directors and Officers of Chipotle, approvals may be granted only by the Board of Directors or an appropriate Board committee. Compliance with the Code If you become aware of a breach or violation of this Code or any other Company policy, you should report the breach or violation in the manner described in this Code under “Chipotle Confidential.” Chipotle will do its best to protect the anonymity...
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...knowledge of all law and regulation of business before starting new business. If any organization does not meet the requirement or fails to fulfill the essentials of business law than, it becomes difficult for them to proceed in a successful manner (Aurther, 2013). The proper knowledge of business law would help the business to properly operate the business operations without having hindrance of ignorance. In this present report, there is discussion about the importance of business law and focus has been given on branches of businesses (Reed, 2008). Concept of Business Law In broad sense, business law is considered as a law, which regulates all the business activities, or which apply to business entities, for instance, partnership and corporations. It can be also understand as a set of rules for the business organizations whose violation is subject to various penalties or punishments (Lasprogata and Cotton, 2006). Importance of Business Law There is huge importance of business law in establishing business or to run business successfully. There is discussion about some important laws and accordance with its importance in business entity or in business organizations. Some of them are discuss below: Business structure law: It is observed that there are different laws for different businesses. In other words, Information technology based company contains different laws and regulations and banking sector involves different laws, pharmaceutical industry contains the law regarding...
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...INTRODUCTION Company law has now put on a broad scope as a result of global economic and technological advancement in this era thus touching on a number of disciplines. Issues pertaining to the company and its administration has been clearly spelled out in the Companies Act 1963 (Act 179) of Ghana. Company law (or the law of business associations) is the field of law concerning companies and other business organizations. This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity. The most prominent kind of company, usually referred to as a "corporation", is a "juristic person", i.e. it has separate legal personality, and those who invest money into the business have limited liability for any losses the company makes, governed by corporate law. The largest companies are usually publicly listed on stock exchanges around the world. Even single individuals, also known as sole traders may incorporate themselves and limit their liability in order to carry on a business. All different forms of companies depend on the particular law of the particular country in which they reside. MEMBERS MEETINGS AND RESOLUTIONS Members of a company are, according to section 30 of the Companies Act are; (1) The subscribers to the Regulations shall be deemed to be members of the company and on its registration shall be entered as members in the register of members referred to in section 32 of this Code (Section 30 (1)). ...
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...Kong Jianhui (MC1306BC3055) Company Law – Topic Review 1 The main issue here is what action should Bake Chef Sdn. Bhd. and Ramos take after Wonbin had solicit clients from Bake Chef Sdn. Bhd. and transfer the title of his house to his company, Cake Mart Sdn. Bhd. to evade the contract of selling his house to Ramos. In Sec 16(5) of Companies Act 1965, a company may sue and be sued in its own name. However, under the rule in “Foss vs. Harbottle”, a company should sue the other party under its own name if the company has a right under contract against the party. On the other hand, under the rule of “Jones vs. Lipman”, a court can set aside the separate legal entity of a company and look to the members of the company which is known as lifting the veil. This can be applied if a person is using his company to evade legal obligation. Looking at the facts of the case, Wonbin had signed a contract with Bake Chef Sdn. Bhd. to avoid soliciting of clients which means Wonbin had breached the contract. Therefore, Bake Chef Sdn. Bhd. can sue Wonbin under its own name because the company has the right under the rule of “Foss vs. Harbottle”. In the case of Ramos, Wonbin had also signed a contract with him to sell him the house. Even if Wonbin transfer the title to his company, under the rule of “Jones vs. Lipman”, the court can set aside the legal entity of Cake Mart Sdn. Bhd. to look after Wonbin after lifting the veil of the company. In conclusion, it is advisable for Bake Chef Sdn. Bhd...
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...CPA SECTION IV COMPANY LAW QUESTION ONE a. Identify the preliminary matters to be settled prior to the registration of companies (8mks) b. Outline the various circumstances under which the corporate personality of the company may be ignored under the statute (12mks) QUESTION TWO a. Identify the circumstances under which a company is considered a subsidiary of another (6mks) b. Highlight the various reasons that may necessitate a company to amend its object clause (6mks) c. Outline the various ways in which the promoters of a company may be remunerated (8mks) QUESTION THREE a. In what ways may companies raise capital from the members of the public (6mks) b. Write short notes on the following: i. Conversion issue (3mks) ii. Script issue (3mks) c. Outline the various restrictions on allotment of shares (8mks) QUESTION FOUR a. To what purposes may a share premium realized in the issue of shares at a premium be applied to (8mks) b. Identify the various rules relating to call on shares (12mks) QUESTION FIVE a. Generally companies do not grant loans to its directors; identify the exceptional circumstances under which companies are allowed to grant such loans (8mks) b. Outline the procedure followed in removing a director from office (12mks) QUESTION SIX a. Identify the routine duties of the company secretary (6mks) b. Identify the various circumstances under which directors are exempt from preparing group accounts...
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...Assessment Two- Business Organisations | Business One-Public Company | Business Two- Sole Trader | Business Three- Partnership | Number of Owners | Public- 5- InfinitePrivate 1-20 | Owned and operated by 1 person | 2-20(There are exceptions to this however such as accounting practices and medical practices) | Profit Sharing | Reinvested in the company or paid out to shareholders as dividends based on their share. | Owner retains profits | Profits and Losses are shared between partners depending on their share | Advantages | 1) Limited liability for shareholders and owners 2) Company can carry forward losses indefinitely to offset against future profits 3) Company structure is commercially well understood and accepted | 1) Easy and inexpensive to set up 2) Owner retains complete control 3) Easy to change legal structure | 1) Cost effective with partners specialising is different aspects 2) Relatively easy to establish 3) More capital is available | Disadvantages | 1) Limited or no control of company affairs 2) Complex reporting requirements 3) Difficult to initially set up | 1) Difficult to take time off 2) Unlimited liability 3) Little opportunity for tax planning | 1) One partner can act of behalf of everyone 2) Limited life- Death or withdrawal of partner 3) Limited capacity to expand | Ease of Raising capitol | Easy to raise capitol | Limited capacity to raise capitol | Easy to raise capitol as there are more partners...
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...Name: Business Law Course Number: BUS/415 Group Number: SWFOUN86 Course Start Date: 5/14/2012 Course End Date: 6/18/2012 Day & Time: Monday, 6:00pm PST Course Schedule________________________________________________________ Workshop 1 – May 14, 2012 Workshop 2 – May 21, 2012 Workshop 3 – June 4, 2012 Workshop 4 – June 11, 2012 Workshop 5 – June 18, 2012 Course Description This course examines, analyzes, and applies to the morn business environment the nature, formation and system of law in the United States. Course Topics & Objectives 1. Legal Environment Explain the relationship between business and the legal environment. Evaluate the social responsibility of business practices. Describe the stages of a civil case. 2. Torts Assess business situations for tort liability and defenses. 3. Contracts and Commerce Describe the elements of a valid contract. Explain the application of the Uniform Commercial Code to commercial transactions. Differentiate between types of interests in property. 4. Business Organizations Differentiate business entities by their advantages and disadvantages. Explain the actions which may result in the piercing of the corporate veil. Describe the formation and dissolution of a corporation. 5. Employment Law Government Regulation Describe the evolution of employment law. Explain government regulation of employer-employee relationships. Describe laws protecting intellectual...
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...submitted to Turnitin.com It is recommended that you submit your exam to Turnitin.com at least 24 hours before the deadline to allow you sufficient time to address any issues identified in the Originality Report prior to posting your exam in your Assignment Folder. Please note: The exam questions are already included on the Answer Sheet. If the exam content is recognized as non-original by Turnitin, it will be ignored in analyzing your Turnitin report. Do not include any repeat of the exam case content on your Answer Sheet. Only place your answers and references on the Answer Sheet. 2) No extensions may be granted on this assignment; be sure to submit it on time and check to make sure that the document you submitted is readable and what you intended to submit. NOTE: This is an individual assignment. Any discussion or collaboration regarding the assignment constitutes a violation of UMUC's Academic Dishonesty and Plagiarism Policy. If you have any questions about the assignment, you should direct them to your instructor. Don't wait until the last minute to read the assignment and clarify any questions you might have. If you wait until the night before the exam is due, your instructor might not be available to answer your questions at that exact moment. 3) Be sure to base your discussion of these issues on the theories and principles in...
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...R. Ravi THE SPATE of nidhi companies failing to repay their depositors on time compounded the woes of the investor community. These depositors, unlike those in unincorporated bodies and collective investment companies, cannot be accused of ignorance or greed in choosing the avenue to invest in as the nidhi companies are recognised under Section 620A of the Companies Act, regulated under its provisions and further registered with the Reserve Bank of India as per the provisions of Section 45IA of the RBI Act 1997 . It is surprising that the nidhi companies, despite being allowed to borrow from and lend only to members against security such as jewels or immovable property, face a liquidity crunch. Some acts of commission and omission by the companies which have become sick are: AAcceptance of deposits without any limit or determination of the deployment of the funds (deposits were accepted even for 280 months in some cases); AInvestment in immovable property to house branch offices that were started arbitrarily; AChange in management; AAdvertisements inviting deposits that violated the provisions contained in the July 6, 1996 government notification. The Government, vide November 1, 1999 notification, directed that nidhi companies, recognised as such under Section 620 A of the Companies Act, shall not carry on any business other than borrowing and lending in its own name. It also listed the other thi ngs nidhi companies are prohibited from doing: Open new branches; open current accounts...
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...Small and Medium Enterprises Business Guide SMALL AND MEDIUM ENTERPRISES (SME) BUSINESS GUIDE SUPPORTED BY MARCH 2008 1 Uganda Investment Authority © 2008 Small and Medium Enterprises Business Guide Foreword The Uganda Investment Authority (UIA) is proud to introduce this first Small and Medium Enterprises Business Guide. Small and Medium Enterprises (SME) are the backbone of the Ugandan economy. They contribute to job creation and poverty reduction. SMEs need to be supported to grow from small enterprises to medium and large businesses. This guide provides information and contacts on business licensing, access to finance, entrepreneurship skills training, business development services, and taxation/incentives. I wish to especially thank the Icelandic International Development Agency (ICEIDA) which has funded not only this guide but also entrepreneurship skills training and business development support for SMEs. Uganda Investment Authority has partnered with Makerere University Business School, Management Training and Advisory Centre and Uganda Women Entrepreneurs Association Limited to deliver these services. To my fellow entrepreneurs, I encourage you to use this Small and Medium Enterprises Business Guide to increase the profitability of your business. Patrick Bitature Chairman Uganda Investment Authority 2 Uganda Investment Authority © 2008 Small and Medium Enterprises Business Guide Table of Content I. INTRODUCTION ............
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...calcium. Ampalaya is also rich in antioxidants that protect the cells of the body from damage of free radicals (metabolic by-products usually waste). And it prevents from diabetic. Even if the ingredient is Ampalaya we prevent the tastes of bitterness of it to encourage the people to eat our product. Other services are being supplied also to the Market Industries. * Location * SWOT Analysis Strengths: * Affordable price * Quality product * Accept whole/retail orders * Healthy products Weaknesses: * Other people don’t recognize the product made by Ampalaya * Competitors Opportunities: * School days * Celebrations * Wholesale Threats * Calamities II. Management Aspect * Company Logo Our logo contains printer with document and stethoscope. Printer with document tells our service offered while the stethoscope express our service of editing, lay-outing, restoring and beautifying images, documents, and other form of media. * Business Signage This signage means a lot. Green...
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...calcium. Ampalaya is also rich in antioxidants that protect the cells of the body from damage of free radicals (metabolic by-products usually waste). And it prevents from diabetic. Even if the ingredient is Ampalaya we prevent the tastes of bitterness of it to encourage the people to eat our product. Other services are being supplied also to the Market Industries. * Location * SWOT Analysis Strengths: * Affordable price * Quality product * Accept whole/retail orders * Healthy products Weaknesses: * Other people don’t recognize the product made by Ampalaya * Competitors Opportunities: * School days * Celebrations * Wholesale Threats * Calamities II. Management Aspect * Company Logo Our logo contains printer with document and stethoscope. Printer with document tells our service offered while the stethoscope express our service of editing, lay-outing, restoring and beautifying images, documents, and other form of media. * Business Signage This signage means a lot. Green...
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...Questions B.Com. (III) Company Law Session 2012-13 (Short Answer Type Questions) (i) What do you mean by ‘Lifting of Corporate veil’? (ii) What is the difference between a Private company and Public company? (iii) Explain the procedure for converting a Private Ltd. company into a Public Ltd. company. (iv)Distinguish between transfer and transmission of shares. (v) What do you mean by the term ‘Charge’? (vi) Define Minutes. (vii) Explain the statutory provisions relating to quorum for different kinds of company meetings. (Long Answer Type Questions) Unit-I 1. Define the term ‘Company’. What are its characteristics? 2. Who is a Promoter? Discuss his legal position in relation to a company which he promotes. Also discuss the rights and liabilities of promoters. 3. What is Memorandum of Assoiation ? Set out various clauses which must be incorporated in the company’s memorandum. Also discuss the procedure for changing the object clause. 4. What is Prospectus? What are its contents? Also discuss the consequences of mis-statement in prospectus. Unit-II 5. What is a Share? Describe the various types of shares that can be issued by a company. 6. Define a Member. How can membership be acquired? Discuss the rights and liabilities of a member. 7. How are the Shares in a company transferred? Can the board of directors refuse to register transfer of shares? Whar is the remedy open to the transferee in such a case? 8. The Companies Act has prescribed limitation...
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