"Legal Entities" Essays and Research Papers

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Legal Entities

LEGAL ISSUES INVOLVED IN VARIOUS FORMS OF BUSINESS ORGANISATIONS:- * SOLE PROPRIETORSHIP In India to establish a sole proprietorship there is no need of filing any legal documents with the Indian state government.  There are four simple steps that should be taken: 1. Choose a business name. 2. File an assumed business name with the county recorder. 3. Obtain licenses, permits, and zoning clearance. 4. Obtain an Employer Identification Number. To establish a sole proprietorship...

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The doctrine of separate legal entity

Unit 5.5: The Separate Entity Doctrine “It is a basic doctrine of company law: that for certain purposes a company is a legal entity separate from the legal persons who became associated for its formation or who are now its members and directors. For certain purposes, there is a corporate screen around the members and directors. This is often referred as to the ‘Veil of Incorporation.’ The authority for that proposition is the leading case of Salomon v Salomon & Co Ltd [1897] AC 22. ...

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company a separate legal entity

Analysis Salomon v. Salomon & Co. 1897 Human Beings are generally legal person but humanity is a state of nature and legal personality is an artificial construct, which may or may not be conferred. The origin of corporation lies in a logical extension of this separation of humanity from legal personality as the group of humans who are engaged in a common activity could attempt to simplify their joint activity by gaining legal personality from the venture. Introduction: Solomon was leather Merchant...

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Advantages of the Corporate Structure

Advantages of the Corporate Structure A company is a legal entity created separately from those who own and operate it. As a separate entity, the company's debts and taxes are separate from its owners (shareholders), thereby, offering the greatest personal liability protection of all business structures. A company is an artificial "legal" person. It is owned by shareholders who have limited liability (i.e., they are not personally responsible for the company’s debts). A company is run by directors...

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Salomon vs Salomon

The main issue relates to corporate entity or personality, a company being a legal entity independent of its members, can enter into contracts and own property in its own right, can sue and be sued and also taxed in its own name. The principle of corporate entity was established in the case of Salomon v A. Salomon , now referred to as the ‘Salomon’ principle. The facts of this case were that the owner of a business sold it to a company he had formed, in return for fully paid-up shares to himself...

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Company Law Case Study: Computers Pty Ltd.

His employment contract stipulated (clause 9) not to solicit customers of the company if he were to leave employment of Gilford Motor Co. Mr. Horne was fired, thereafter he set up his own business and undercut Gilford Motor Co's prices. He received legal advice saying that he was probably acting in breach of contract. So he set up a company, JM Horne & Co Ltd, in which his wife and a friend called Mr Howard were the sole shareholders and directors. The High Court held that Mr Horne would not break...

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Companies Act 1965 or obey to any corresponding previous enactment. Section 16(5) of the Companies Act 1965 states. Company also is a legal entity, allowed by legislation, which permits a group of people, as shareholders, to apply to the government for an independent organization to be created, which can then focus on pursuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money...

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business ownership

taxed like a sole proprietorship or partnership. Nonprofit Corporation: legal entities that make money for reasons other than the owner’s profit. Limited Liability Company (LLC): A new form of ...

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The title of the essay is "Business Ownership" The question was: Name the three different types of Business ownership and name the advantages and disadvantages of each form.

will remain unresolved which could end up being the cause of their partnership, and business, failing. Communication is essential in a partnership, as it is in any form of business. Finally, there is the corporation. A corporation is a separate legal entity apart from its owners, in which receives the right to exist from the state in which it is incorporated. It is the most complex of the three major forms of business ownership. Some of the advantages are, its limited liability, its capital requirements...

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Important Business Terms to Know

binding legal document which states the formal rights of partners. • Flotation – the process of a company ‘going public'. • Franchise – an agreement where a business (the franchisor) sells the rights to other businesses (the franchisees) allowing them to sell products or use the company name. • Holding company – a public limited company which owns enough shares in a number of other companies to exert control over them. • Limited company – a business organization which has a separate legal entity...

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