Company as a Separate Legal Entity Essay Example for Free

Company as a Separate Legal Entity Essay A legal entity, typically a business, that is defined as detached from another business or individual with respect to accountability. A separate legal entity may be set up in the case of a corporation or a limited liability company, to separate the actions of the entity from those of the individual or other company. Meaning: If a business is a separate legal entity, it means it has some of the same rights in law as a person. It is, for example, able to enter contracts. In New Zealand, a company is a separate legal entity from its owners (shareholders) and can, for example, be sued, and enter into contracts in the name of the company, not the shareholders. Sole traders and partnerships are not separate legal, entities from the owners. Some Business entities like corporation, LLC can exist separately from its owners. In a common language that a corporation is a separate entity of its owners and corporation itself is an entity like human being created through legal or official process. Corporation lives and does its activities at its own existences and is treated in its own capacity. It does the business, it generates the revenue, it can incur losses, it hires the employees and it pays its own taxes. It is a better form of existence for the reason it takes its responsibilities itself, owners are free from their personal liabilities and owners enjoy limited personal liability (risk) only up to their investments in stocks, though there may be certain situations where their personal responsibilities can exceed from limited liability concept. Separate Entity Concept is better choice and it has better features because corporation enjoys separate entity concept, has indefinite life (perpetual). Management and ownership may change but corporation will exist indefinitely at its own existence, unless it is officially dissolved or merged. Corporation has a better scope for large amp; multiple businesses, expending business, securing debts, attracting investors, retaining professional setup and engaging professional management, promoting amp; achieving new ideal, expanding its activities at local to global level. Under Separate Entity Concept, Corporation is treated in its own capacity, but it is not a human being, it is an artificial being, therefore, it has to be managed by people in different capacities such as owners, The shareholders were Mr. Salomon,his wife, daughter and four sons. Two of his sons became directors; Mr. Salomon himself was managing director. Mr. Salomon owned 20,001 of the company’s 20,007 shares – the remaining six were shared individually between the other six shareholders. Mr. Salomon sold his business to the new corporation for almost ? 39,000, of which ? 10,000 was a debt to him. He was thus simultaneously the company’s principal shareholder and its principal creditor. Transfer of the business took place on June 1, 1892. The purchase money the company paid to Mr. Salomon for the business was ? 20,000. The company also gave Mr. Salomon ? 10,000 in debentures: that is, Salomon gave the company a ? 10,000 loan, secured by a charge over the assets of the company. The balance paid went to extinguish the businesss debts (? 1,000 of which was cash to Salomon). Soon after Mr. Salomon incorporated his business a series of strikes in the shoe industry led the government, Salomons main customer, to split its contracts among more firms. The government wanted to diversify its supply base to avoid the risk of its few suppliers being crippled by strikes. His warehouse, as a consequence, was full of unsold stock. He and his wife lent the company money, and he cancelled his debentures, but the company needed more money, so they sought ? 5,000 from a Mr. Edmund Broderip. Mr. Salomon assigned Broderip his debenture, the loan with ten per cent interest and secured by a floating charge. But Salomons business still failed, and he could not keep up with the interest payments. In October 1893, Broderip sued to enforce his security. The company was put into liquidation. Broderip was repaid his ? ,000, and the debenture was reassigned to Salomon, who retained the floating charge over the company JUDGMENT High Court: When the company went into liquidation, the liquidator argued that the debentures used by Mr. Salomon as security for the debt were invalid, on the grounds of fraud. The judge, Vaughan Williams J. accepted this argument, ruling that since Mr. Salomon had created the company solely to transfer his business to it, the company was in r eality his agent and he as principal was liable for debts to unsecured creditors. Court Of Appeal: The Court of Appeal also ruled against Mr. Salomon, though on the grounds that Mr. Salomon had abused the privileges of incorporation and limited liability, which the Legislature had intended only to confer on â€Å"independent bona fide shareholders, who had a mind and will of their own and were not mere puppets†. The Lords: The House of Lords unanimously overturned this decision, rejecting the arguments from agency and fraud. They held that there was nothing in the Act about whether the subscribers (i. e. he shareholders) should be independent of the majority shareholder. The company was duly constituted in law and it was not the function of judges to read into the statute limitations they themselves considered expedient. The 1862 Act created limited liability companies as legal persons separate and distinct from the shareholders. Lord Halsbury stated that the statute â€Å"enacts nothing as to the extent or degree of interest which may be held by each of t he seven [shareholders] or as to the proportion of interest or influence possessed by one or the majority over the others. Lord Halsbury remarked that – even if he were to accept the proposition that judges were at liberty to insert words to manifest the intention they wished to impute to the Legislature – he was unable to discover what affirmative proposition the Court of Appeal’s logic suggested. He considered that identifying such an affirmative proposition represented an â€Å"insuperable difficulty† for anyone putting forward the argument propounded by the lord justices of appeal. Lord Herschell noted the potentially â€Å"far reaching† implications of the Court of Appeal’s logic and that in recent years many companies had been set up in which one or more of the seven shareholders were â€Å"disinterested persons† who did not wield any influence over the management of the company. Anyone dealing with such a company was aware of its nature as such, and could by consulting the register of shareholders become aware of the breakdown of share ownership among the shareholders. Lord Macnaghten asked what was wrong with Mr. Salomon taking advantage of the provisions set out in the statute, as he was perfectly legitimately entitled to do. It was not the function of judges to read limitations into a statute on the basis of their own personal view that, if the laws of the land allowed such a thing, they were â€Å"in a most lamentable state†, as Malins V-C had stated in an earlier case in point, In Re Baglan Hall Colliery Co. , which had likewise been overturned by the House of Lords.

What is Courage? Essay -- Definition Courage Corageous Essays

What is Courage? What is courage? Is it the ability to prove yourself in war? Or the strength it takes to decide you will not fight? Is courage being yourself when you’re different from everyone else? Is it doing something that even your own father thinks you can’t do? Is courage synonymous with honor? Is it speaking up, even if doing so puts you in danger? Risking death for the person most precious to you? Or risking death for strangers? Is courage facing your fears, no matter how big or small they might be? Is it forging forward into a new life when you still miss the old one? Is courage all of these things? None of them? The following text set is designed to help ninth grade students create and examine their own definitions of courage. In addition to asking, â€Å"What is courage?† it also lends itself to the question, â€Å"Where do our conceptions of courage come from?† Courage is the focus of this text set because it is a theme that is prevalent in American society. To be courageous is considered a positive quality, but the examples of courage most often seen in the news and in history books are often narrowly defined. Students need to think more deeply about what courage really is, and to get inside the minds of so-called â€Å"courageous† people and learn about their motivations and their fears. Students will be asked to consider a wide variety of characters and situations, all of them potentially courageous, but more in depth focus will be placed on three specific categories. The first is courage during war or revolution, beyond the stereotypical portrayal of th e one-dimensional â€Å"war hero.† The second is the courage to be different from your peers or to voice your opinion even if it’s not a popular one. T... ...are designed to help them with this difficult task. By reading and thinking about a variety of possibilities of what courage is, students can both expand and come to a better understanding of their own beliefs on the subject. Through class discussions and writing activities, they can also share these beliefs with others. Works Cited Brozo, William G. and Ronald V. Schmelzer. â€Å"Wildmen, warriors, and lovers: Reaching boys through archetypal literature.† Journal of Adolescent and Adult Literacy 41 (1997): 4-12). Feinberg, Barbara. â€Å"Reflections on the ‘Problem Novel.’† American Educator Winter 2004-2005. 13 Apr. 2005. . Wolf, Shelby A. Interpreting Literature with Children. Mahwah: Lawrence Erlbaum Associates, Publishers: 2004.

Buddhism, Confucianism, and Shintoism

The three of the most common religions in Asia are Buddhism, Shintoism, and Confucianism. In many ways, these religions share a number of common traits although they do possess a certain number of distinct differences as well. As such, a clear examination of the similarities and differences will be provided herein. Buddhism originated in India where it later traveled to China and to Japan. The Chinese version of Zen Buddhism is probably the most prevalently practiced form of the religion in the world.Mainly, this is because this form of Buddhism is mostly concerned with philosophical and practical approaches to Buddhist theory and study, Mainly, Buddhism is concerned no with an afterlife or a heaven as much as it is concerned with achieving enlightenment on earth. A simple definition of enlightenment would be a free and clear mind that does not prescribe to any attachments or suffering. This is clearly not an easy state of mind to attain. However, by following Buddhism’s 8 Fol d Path and 4 Noble Truths throughout one’s life, it may be possible to attain enlightenment.Both the 8 Fold Path and the 4 Noble Truths are designed as a means of approaching life is a safe and sane manner that leads to eventual enlightenment. As the name would imply, Confucianism derives from the life, philosophy, and teaching of Confucius. Although Confucius and Confucianism originated in China, the religion has universal appeal. That is why it spread throughout East Asia and, to a certain, degree, into the western world. The basic premise of Confucianism seems more akin to traditional logic than any type of spiritual religion.(This is where it possesses many Page – 2 similarities to Buddhism) The central tenants of Confucianism stress the importance of educating the populace in order to create a moral order. From this moral order, a government will emerge that prescribes to logical, moral tenants. As a result, the government will seek to serve its people as opposed to ruling over them with an iron fist. This connects to the notion that a moral order breeds compassion. This ties into Confucius’ belief that relationships and ritual behavior were critical to maintaining societal order.Shintoism is quite removed from Confucianism and Buddhism in a number of ways. Shintoism is far more localized to Japan that the other two religions. Additionally, it is a religion that places great emphasis on the worship of spirits. This is far removed from the more secular approach of the other two religions. Shintoism seeks to create a harmony between humans and the natural world. So, in a way, it combines secular logic with the natural world and the corporal world of the spirits.Ultimately, the goal of Shinto is to follow the path of the Four Affirmations. These Four Affirmations involve combining adherence to tradition and family; the natural world; physical cleanliness; and the spirit. Through this, an attainment similar to Buddhist enlightenment might be acquired. Again, there are similarities and differences between all three religions. The main similarity would be the desire to attain a more perfect and moral life. That is a common thread that is quite valuable.

Understanding Javas Cannot Find Symbol Error Message

When a Java program is being compiled, the compiler creates a list of all the identifiers in use. If it cant find what an identifier refers to (e.g., there is no declaration statement for a variable) it cannot complete the compilation. This is what the cannot find symbol error message is saying—the compiler  doesnt have enough information to piece together what the Java code is intended to execute. Possible Causes For the  Cannot Find Symbol Error Although the Java source code contains other things like keywords, comments, and operators, the Cannot Find Symbol error references the name of a specific package, interface, class, method or variable. The compiler needs to know what every identifier references. If it doesnt, the code is basically looking for something that the compiler doesnt yet comprehend. Some possible causes for the Cannot Find Symbol Java error include: Trying to use a variable without declaring it.Misspelling a class or method name.  Remember that  Java is case sensitive  and spelling errors are not  corrected for you. Also, underscores may or may not be necessary, so watch out for code that use them when they shouldnt be used or vice versa.The parameters used do not match a methods signature.The packaged class has not been referenced correctly using an import declaration.Identifiers  look  the same but are actually different. This problem can be hard to spot, but in this case, if the source files use UTF-8 encoding, you may be using some identifiers as if theyre identical but really theyre not because they simply appear to be spelled the same.Youre looking at the wrong source code. It may seem hard to believe that youre reading a different source code than the one producing the error, but its definitely possible, and especially for new Java programmers. Check file names and version histories carefully.You forgot a new, like this:  String s String();, which should be  String s new String(); Sometimes, the error arises from a combination of problems. Therefore, if you fix one thing, and the error persists, check for different problems still affecting your code. For example, its possible that you are trying to use an undeclared variable and when you fix it, the code still contains spelling errors. Example of a Cannot Find Symbol Java Error Lets use this code as an example: This code will cause a cannot find symbol error because the System.out class does not have a method called â€Å"prontln†: The two lines below the message will explain exactly what part of the code is confusing the compiler. Mistakes like capitalization mismatches are often flagged in a dedicated integrated development environment. Although you can write your Java code in any text editor, using IDEs and their associated linting tools reduces typos and mismatches. Common Java IDEs include Eclipse and NetBeans.