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Free Legal entities Essays and Papers

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    1a) Separate legal entity refers to the type of legal entity that is detached from its accountability. A company is considered an artificial person, when it’s incorporated by complying with the prescribed procedure, that’s when it comes into being a separate legal entity from its members and officers. The importance of separate legal entity was first established in the landmark case of Salomon v Salomon & Co Ltd (1897), and it was well accepted as part of Malaysian law. In section 169 of the Companies

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    What does the case tell us about the nature of the separate legal entity doctrine? How useful do you think this case will be in Australia? The doctrine of separate legal personality is central to corporate law and the functioning of companies in the modern world. This doctrine allows for a company, separate from its shareholders and members, to own its own property, have its own rights and responsibilities, and sue and be sued as its own entity. This means that the rights enjoyed by the company are

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    Legal Entity Case Study

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    enterprises, also the legal person, so companies are business entity. It’s also as the business entity, different with other non-business legal person in sociality, for example: Swansea University and Morrison Hospital. Company as business entity, the distinction with non-business legal person is business is profitable legal person; A company is an artificial person. Once it is incorporated by complying with the prescribed procedure, its come into being and is a separate legal entity from its members

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    The Albazero Case Study

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    LJ observed in The Albazero [1977] AC774 held plenty of arguments in modern world today. To reach an extent of agree or disagree the judicial statement, it should be critically analysed from a legal perspective: a) “…each company in a group of companies…” b) “…separate legal entity possessed of separate legal rights and liabilities so that the rights of one company in a group cannot be exercised by another company in that group …” c) “…it is perhaps permissible under commercial conditions to regret

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    Eastfield Ltd and Capital Pty Ltd

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    from the Commissioner of Tax that claimed Capital is just an extension of Eastfield and thus is exclude for the allowance to claim a tax deduction. The underlying issues of this case are the separate legal entity of Capital, individual to its parent company Eastfield. If it was a separate legal entity, the commissioner of tax need to consider whether if it is possible to pierce the corporate veil through agent relationship or by labelling Capital as a sham. In consideration to these issues, some other

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    The Principle of Separate Corporate Personality The principle of separate corporate personality has been firmly established in the common law since the decision in the case of Salomon v Salomon & Co Ltd[1], whereby a corporation has a separate legal personality, rights and obligations totally distinct from those of its shareholders. Legislation and courts nevertheless sometimes "pierce the corporate veil" so as to hold the shareholders personally liable for the liabilities of the corporation

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    owned and operated by a single person (Astrachan, & Shanker, 2003). Betty can choose to be a sole trader and the individual owner of the coffeehouse. The business will be unincorporated and Betty will be personally liable for any debts, losses or legal action. On the other hand she will keep all the profits and will also be the boss and can propagate her Christian values in the business model. Limited Liability Company This is a flexible form of business that is considered to be a blend between a

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    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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    A company is a corporate body of a corporation. A corporation is an artificial legal person. The law sees it as separate and independent of the persons who are members of that corporate body. The legal recognition given to the company is provided in Section 26 Separate Legal Personality of the Companies’ Act 2001 which states that: “A company incorporated under this Act shall be a body corporate with the name by which it is registered and continues in existence until it is removed from the register

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    that is registered under the Companies Act 1965[1], this legislation means that the organisation created is subject to different rules. If James incorporates his business into a company it will have two legal effects. The two legal effects are; the company becomes a separate entity or a legal person and secondly the company has perpetual succession which means the company will last until it is liquidated by an order of court. The law treats the persons who own and control the company as separate

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