The limited liability partnership; A hybrid of two different forms of business organizations – the partnership and the company. The Limited Liability Partnership (LLP) was introduced as a new business entity in Singapore in 2005. Its definition under S14 of the Limited Liability Partnership Act (LLPA) shares a resemblance to S1 of the Partnership Act (PA): it comprises of two or more persons carrying on a lawful business in view of profit upon registration with the Accounting and Corporate Regulatory
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TRESPASS TO LAND BUKIT LENANG DEVELOPMENT SDN BHD v. TELEKOM MALAYSIA BHD & ORS [2012] 1 CLJ FACTS The plaintiff purchased a land from Oakfield Enterprises Sdn Bhd through a sale and purchase agreement dated 15 May 1996. The plaintiff was aware at that time of the presence of squatters on the land. Following the said purchase‚ the plaintiff commenced eviction proceedings against the squatters and succeeded in obtaining judgment where the court ordered that the squatters surrender vacant possession
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ETHNO RELIGIOUS CRISIS IN NIGERIA: CAUSES AND REMEDY. BY MUHAMMAD GAMBO ISGOGO HASSAN ADAMU MAKUKU UMAR HAMIDU ALIYU ABSTRACT Introduction Nigeria is no doubt a populous nation of over 88 million (1991 population census) but as at now Nigeria’s population is estimated to be above 120 million people of diverse ethnic groups and many religions. Its people are differently distributed in the 36 states that made up the nation. In addition to this‚ the nation is blessed with many economic potentialities
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Classification of Assets and Liabilities in a Balance Sheet We all know that Balance sheet tells us the financial position of a business at a particular point of time. The accounting equation i.e. Assets = Liabilities + Capital forms lays the foundation for the preparation of Balance Sheet. Everything that the business owns are its assets. Alternatively‚ whatever amounts a business owes to outsiders become its liabilities. First let us see how these assets are to be classified. Current
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CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations expected to be refinanced. 4. Deposits and advance payments. 5. Compensated absences. 6. Collections for third parties. 7. Contingent liabilities (General). 8. Guaranties and warranties. 9. Premiums and awards offered to customers. Questions
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texting a friend‚ talking on the phone or face to face conversation‚ this type of communication is in general on a one to one basis or involves only a few people‚ in the twentieth century technology has advanced considerably leading to an increase in mass communication medium‚ in addition these advances make it relatively straight forward to communicate with a vast audience. Mass communication is the term given when different types of medium that are capable of engaging a large portion of the public
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does the law justify imposing strict liability for some criminal offences? ‘actus non facit nise men sit rea’ means an act alone cannot constitute guilt without the proof of a guilty mind‚ for most criminal cases. Strict Liability is the legal responsibility for injury or damages even if the person was not at fault or negligent; this contradicts the above Latin maxim as it places sole responsibility upon a defendant without the proof of ‘mens rea.’ Strict liability is a topic that has both its pros
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2. THE FEATURES OF THE LIMITED LIABILITY COMPANY Limited Liability Company‚ along with other types of business entities‚ as well as business partnerships‚ cooperatives‚ state and municipal unitary enterprise is a commercial organization‚ namely organizations that pursue profit as the main goal of their activities and distributing the profits among the participants. This limited liability is characterized by the fact that the current (operational) management in the company (as opposed to partnerships)
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Product Liability Theories of Recovery and Defense In my opinion Wood would most likely win the law suit against either the peanut or the jar manufacturer on the basis of strict liability or negligence‚ which allows a person injured by an unreasonably dangerous product to recover damages from the manufacturer or seller of the product even in the absence of a contract or negligent conduct on the part of the manufacturer or seller (Bagley‚ 2013). Therefore‚ Wood should recover damages even if the
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Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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