Business Law Group Project FINAL
Lifting the Corporate Veil
Business Law Assignment
MGMT 2021
28th October, 2013
Prepared By:
BRIGGETTE BRATHWAITE(412000034)
JULICA CAVE(412000690)
RICHARD COGGIN(412000063)
CHARLENE CORBIN(412000064)
JOSHUA GAY(412000100)
Introduction Business Law is a branch of law that institutes the framework of economic transactions and activities, and their legal implications within a business context. As a result, it provides governance over the manner in which business activities can legitimately and justifiably operate within a legal environment and creates an established legal structure that constitutes all business entities within the context of the law. One example of such governance is the allowance of business entities to form companies or corporations to conduct business transactions. This allowance has been upheld throughout the history of Common Law as well as firmly adopted within the statute of almost every nation worldwide as Company Act legislature.
Companies & Corporations A company, otherwise considered as a corporation, is a business entity that is required by statute of a Company Act to undergo the process of incorporation. Through this process, a company is registered and made a separate personality in which it may act in its own capacity under a name of its own and, usually assumes Ltd. liability over its operation. Therefore, the most common model of a company requires the issuance of shares of common stock or the allocation of capital investments to individuals as entitlements to ownership into the company. These entitlements represent the maximum fixed amount any owner is liable to risk once obligations are outstanding and can be traded or exchanged publicly or privately at its nominal value.
Companies as Separate Legal Personalities According to (Kelly, et al. 2011)1 companies “have a legal existence in their own right, apart from and independent of, their members.” This means that companies are seen as artificial entities that
Business Law Assignment
MGMT 2021
28th October, 2013
Prepared By:
BRIGGETTE BRATHWAITE(412000034)
JULICA CAVE(412000690)
RICHARD COGGIN(412000063)
CHARLENE CORBIN(412000064)
JOSHUA GAY(412000100)
Introduction Business Law is a branch of law that institutes the framework of economic transactions and activities, and their legal implications within a business context. As a result, it provides governance over the manner in which business activities can legitimately and justifiably operate within a legal environment and creates an established legal structure that constitutes all business entities within the context of the law. One example of such governance is the allowance of business entities to form companies or corporations to conduct business transactions. This allowance has been upheld throughout the history of Common Law as well as firmly adopted within the statute of almost every nation worldwide as Company Act legislature.
Companies & Corporations A company, otherwise considered as a corporation, is a business entity that is required by statute of a Company Act to undergo the process of incorporation. Through this process, a company is registered and made a separate personality in which it may act in its own capacity under a name of its own and, usually assumes Ltd. liability over its operation. Therefore, the most common model of a company requires the issuance of shares of common stock or the allocation of capital investments to individuals as entitlements to ownership into the company. These entitlements represent the maximum fixed amount any owner is liable to risk once obligations are outstanding and can be traded or exchanged publicly or privately at its nominal value.
Companies as Separate Legal Personalities According to (Kelly, et al. 2011)1 companies “have a legal existence in their own right, apart from and independent of, their members.” This means that companies are seen as artificial entities that
Bibliography: Kelly, David, Ruth Hayward, Ruby Hammer, and John Hendy. Business Law. Sixth. London: Routledge, 2011. Hannigan, Brenda, Company Law, Third, London: Oxford University Press, 2012 http://dictionary.reference.com/browse/public+policy