This paper examines the type of corporation which meets James’s best
interest.
Abstract
This paper examines the type of corporation which meets James’s best
interest. A company can be set up with or without shares available to
the public, divided into the public company which is expensive to
obtain and maintain, and the private company which is appreciated by
most businesses to begin with. Also, there are limited and unlimited
companies. In addition, a company can be classified as limited by
guarantee or limited by capital shares which are in most companies’
favour. These are governed in the main by the Companies Act 1985 and
relevant case law.
Introduction
There are several types of company. The most common company is a
limited company, the liability of the members being limited to the
amount they have previously agreed. According to Denis Keenan (1996),
a corporation is a succession or collection of persons having at law
an existence, rights and duties, separate and distinct from those of
the persons who are from time to time its members.
This paper explains the reasons to form a company, and the reasons why
a private company is more preferable than the public one, together
with the discussion of the company limited by guarantee and unlimited
company. Finally, the cases in Salomon v. Salomon Co. (1897) and
Marcaura v Northern Assurance Co. Ltd help to evaluate the principle
of personal succession which is the unique feature of being a
company. Across the paper, James is given recommendations to the type
of company which best suits his needs.
a) Advantages of Incorporation
Incorporating a company offers James many advantages, even if he is
doing one-person business. Some of these advantages are:
- Separate legal personality. A corporation is by law recognized as a
separate legal person. Since a partner in a general partnership
represents an agent of the business, when a change happens about
partners, it in most times differentiates the partnership. On the
other hand, a corporation is not dependent on the life of
shareholders, directors, and officers, and will not be affected by
changes in, deaths and retirement of its members since it is by law
recognized as a separate ‘person’.
Furthermore, the day-to-day business is running unaffected. As a
separate person, a company can enter into transaction i...
... middle of paper ...
... states that a shareholder is permitted to change the contents of the
article and memorandum by special resolutions. A quick company may be
born and improved to best meet James’s needs. It should be mentioned
that the company is better to be limited by a capital share, as the
limited by guarantee is not very keen on the profit-generating
process.
Bibliographies
Books
Andrew Hicks & S.H.Goo (2001) Cases & Materials on Company Law (4th
ed.). London, Blackstone Press Limited.
Denis Keenan (1996) Smith & Keenan’s Company Law for Students (10th
ed.). London, Pitman Publishing
Geoffrey Morse (1999) Charlesworth &Morse Company Law (16th ed.)
London: Sweet & Maxwell.
Janet Dine (2001) Janet Dine Company Law (4th ed.). Palgrave Law
Masters
Paul L. Davies (2003) Gower and Davies Principles of Modern Company
Law (7th ed.). London: Sweet & Maxwell.
S. Kunalen & Susan Mckenzie (2001). Blackstone’s Law Questions &
Answers- Company Law (2nd ed.). London, Blackstone Press Limited.
Stephen Mayson, Dereck French & Christopher Ryan (2000) Mayson French
& Ryan on Company Law (17th ed.). London: Blackstone Press Limited.
Web materials
www.businesslink.gov.uk
In conclusion the 1918 Representation of the People Act was a huge turning point in women's rights and allowed brand new opportunities to come forward as well as that it showed the rewards from the campaigns that had previously been performed. This Act would have encouraged the suffrage movement to continue what they were doing in order to achieve even more results and changes to the system to give women even more chances than they had already been given.
Bratton, W.W. & Wachter, M.L. (2008). Shareholder primacy's corporist origins: Adolf Berle and the modern corporation. Journal of Corporation Law, 34 (1): 99-152.
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Our daily lives are affected by race whether we are aware of it or not. How we live different aspects of our lives depend on the colour of our skin. From the types of jobs we have, the income we earn, where we live etc. In societies fundamentally structured by race, it is important that we do not abandon the notion of race, but instead pioneer a revolution in the way that races are understood. In this paper, I will examine how the dominant groups in society define race in terms of biology, which leads to the notion of white privilege, which is their advantaged position in society, at the expense of other racial groups.
Today, it is generally perceived by the public that the single and sole objective of corporations is to maximize profits (Bartlett, 2015), reflected in President Bill Clinton’s radio address in 1996 during which he stated “the most fundamental responsibility for any business is to make a profit”. This belief could be substantiated by the statistic that the profit margins of American corporations have risen from the 1980s to 2008 (Blodget, 2012), shown by the increase in nominal GDP of the United States over the period (Yardeni, Johnson, 2016). Given the above, it could be deduced that most businesses do indeed have a single objective of profit maximization and therefore tend to pursue short-term gains at the expense of all other considerations.
Moran, J. J. (2008). Employment law: New challenges in the business environment. New Jersey: Pearson Prentice Hall.
Currently, directors have no prima facie entitlement to be remunerated for their work (Hutton v West Cork Railway Co 1883), but Article 23 of the Companies (Model Articles) Regulations 2008 establishes that it is for directors to decide the lev...
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Bibliography: Turnbull, S. (1997). Corporate governance: its scope, concerns and theories. Corporate Governance: An International Review, 5 (4), pp. 180--205.
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