company is recognised as a legal person with its own rights and obligations. Though, a company is a legal entity, it cannot operate without its organ namely, the Board of directors. The principle of limited liability flows from the concept of separate legal personality in that the assets and liabilities of the company belong to the company and not to its shareholders and directors . 1.2 Directors owe fiduciary duties to the company and are empowered to manage the company in good faith, diligence and
have happened sometime in the past, is happening now or is highly likely to happen in the future: • Any type of criminal offence • Any miscarriage of justice • Any breaches of a legal obligation •
1993, tax evasion charges were documented against a prominent business with an estimated tax liability of P25 billion. This tax evasion case, the Fortune Tobacco case had a complex lawful life which is 13 years in all between BIR, DOJ, trial courts, the Court of Appeals, and the Supreme Court. Against the Fortune Tobacco's corporate officers and the suspected dummy corporations, the BIR documented criminal complaints together with the DOJ. The BIR introduced this tac evasion charges against the Fortune
characteristics of modern corporations as identified in most legal systems. The purpose of this paper is to offer a brief overview of the Corporation Law in both the United States and the European Union, in general, and more specifically regarding their corporate governance models. Then, to draw some conclusions based on the provided information on the subject. Definition Corporations are generally recognised by all modern systems of law as 'legal persons', which means that they may acquire rights and duties
Limitation of Liability and Exemption Clauses Sponsors should include a limitation of liability clause in the sponsorship agreements. The sponsor should be indemnified for breach of the contract arising out of professional acts, errors or omissions by the organisation’s management. 2.6. Strong Ethical Practice
essential to the company decision making processes and the proper financial, legal and reporting obligations. • Falsification of financial or any other records or misrepresentation of information may constitute fraud and can result in civil and criminal liabilities for Directors,
RELEVANCE OF INDEPENDENCE IN CORPORATE GOVERNANCE: THE ROLE OF INDEPENDENT DIRECTORS – ISSUES AND CHALLENGES AKSHAT PARASKUMAR GANDHI SYMBIOSIS INSTITUTE OF TECHNOLOGY, PUNE 411042-LAVALE, PUNE E-mail: akshat.gandhi@sitpune.edu.in Contact: +91 88888 20195 ABSTRACT- The concept of Independent director has been originated to drive companies towards inculcating the concept of corporate governance in their management. Independent director of the firm plays a vital
financial crime which is leaving to stand negative impacts on the fiscal position of the countries. It’s essentially the unlawful and unlawful move of money to ones mother country. The Money transferred has no record and is with no trouble used for criminal activities. Now days our country is facing the problem and lots of our resources are tired here for this regard. QUESTION NO 01 What is Money laundering? 71 % of the people may inquire term Money Laundering as the illegal transfer of Money from
Why is it important to pay taxes? In England people pay taxes on television it is called "t.v license". The color t.v is taxed higher than the black and white t.v. Not paying the tax is considered a criminal offense. In different countries there are different taxes however, there are such that are required for every country like income tax, payroll tax, property, consumption etc. Taxes are an amount of money that are demanded by a government, to support services, collected by incomes, property
QUESTION ONE PART ONE. Both the public and private business corporation within Australia are always being governed by the Corporation Act 2001. This Act precisely indicates the procedures that should be used in running this various business, it further explains the role that should be played by every personnel within the business. The Act also states the person who should be responsible for negotiating the contractual terms on the companies’ behalf (Corporation Act 20001). Issues Involved in this