Discuss the importance of the separate legal identity of juridical entities in business
What will be an ideal response?
Corporations and certain other companies are juridical entities that have legal identities separate from those of their owners. This separate legal identity has several important consequences. First, it means that the liability of the owners is limited to their investment in their company. Thus, a company's owners are usually not required to pay the company's obligations from their personal estates. Second, it means that rights and benefits accruing to the company belong to the company, not to its owners. In other words, only a company may lay claim to its own property. Additionally, for some
companies (i.e., most kinds of corporations), the owners are neither managers nor agents nor representatives of the company; they may not, on their own, make decisions on behalf of the company, or commit the company to perform contractually, or commit crimes, torts, or delicts that would impose liability on the company.
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a. higher income and assets. b. higher income but lower assets. c. lower income but higher assets. d. lower income and assets.
Persons from many cultures are moving to countries promising to fulfill their dreams. For generations the two most popular destinations have been
A) the United States and Japan. B) the United States and Canada. C) France and Great Britain. D) Italy and France.
_____ is asimple method incorporated into a production process designed to eliminate or greatly reduce errors.
A. A poka-yoke B. Six Sigma C. Just-in-time production D. The critical path method
Money __________ involves the knowing and willful participation in a financial transaction involving unlawful proceeds when the transaction is designed to conceal or disguise the source of the funds
A) ironing B) vacuuming C) laundering D) cooking