Australian Corporation Law-Sample Solution
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ROCRASTINATION
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Today’s Economic ChallengesBitcoinMinimum WageCapital Gains TaxOffshore BankingCorporate TaxOnline Sales TaxEconomic StimulusOvertime PayEqual PayPaid Sick LeaveEstate TaxPension ReformFarm SubsidiesProperty TaxesFederal ReservePuerto Rico BailoutGovernment PensionsWall Street AccountabilityGovernment SpendingWelfareLabor UnionsWelfare Drug Testing
Oh, the morality: why ethics matters in economics is because “Economic Challenges” are ethical Issues
5
The U.S. trade deficit: America today imports almost twice as much merchandise as it exports.
Our relentlessly growing trade deficit is now over $700 billion annually, translates to almost 300,000 lost American jobs.
With this deficit the country’s reliance on foreign borrowing has increased, and foreign creditors now provide two-thirds of America’s net domestic investment.
Today we owe the rest of the world about $4 trillion—over twice what we owed in 2000.
Today’s Economic Challenges
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Changing attitudes toward work: Americans now work 20 percent more than in 1970.
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People are less interested in work than in looking out for themselves.
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People want meaningful and challenging work that offers us autonomy and self-development.
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Chapter Five: Corporations
8
8
The Corporation
A corporation is a three-part organization made up of:
Stockholders, who provide the capital, own the corporation, and enjoy liability limited to the amount of their investments
Managers, who run the business operations
Employees, who produce the goods and services
9
The Corporation
A corporation is an independent legal entity, separate from the people who own, control, and manage it. In other words, corporation and tax laws view the corporation as a legal "person" that can enter into contracts, incur debts, and pay taxes apart from its owners.
A corporation does not dissolve when its owners (shareholders) change or die, and the owners of a corporation have limited liability -- that is, they are not personally responsible for the corporation's debts.
10
The Limited Liability Company
The concept of limited liability: Members of a corporation are financially responsible for the debts of the organization only up to the extent of their investments.
11
Kinds of corporations: For-profit, nonprofit; privately owned or owned wholly or in part by the government; privately or publicly held.
Evolution of the corporation:
The corporate form developed during the Middle Ages.
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This document discusses forms of business ownership like sole proprietorships and partnerships. It then focuses on corporations, describing them as legal entities that are separate from their owners and managers. Corporations can raise capital through issuing stock and have limited liability for shareholders. The document discusses debates around corporate social responsibility, with some arguing corporations only have economic responsibilities while others believe they should also have social responsibilities. It outlines different levels of social responsibility and responsiveness corporations can take, from reactive to proactive. The impacts of corporate social responsibility on business and society are also summarized.
ROCRASTINATIONLAGIERISM&Plagiarism.docx
ROCRASTINATION
LAGIERISM
&
Plagiarism
Today’s Economic Challenges 2017
Today’s Economic ChallengesBitcoinMinimum WageCapital Gains TaxOffshore BankingCorporate TaxOnline Sales TaxEconomic StimulusOvertime PayEqual PayPaid Sick LeaveEstate TaxPension ReformFarm SubsidiesProperty TaxesFederal ReservePuerto Rico BailoutGovernment PensionsWall Street AccountabilityGovernment SpendingWelfareLabor UnionsWelfare Drug Testing
Oh, the morality: why ethics matters in economics is because “Economic Challenges” are ethical Issues
5
The U.S. trade deficit: America today imports almost twice as much merchandise as it exports.
Our relentlessly growing trade deficit is now over $700 billion annually, translates to almost 300,000 lost American jobs.
With this deficit the country’s reliance on foreign borrowing has increased, and foreign creditors now provide two-thirds of America’s net domestic investment.
Today we owe the rest of the world about $4 trillion—over twice what we owed in 2000.
Today’s Economic Challenges
6
Changing attitudes toward work: Americans now work 20 percent more than in 1970.
But the American work ethic is disappearing:
Only one in three persons believes that hard work pays off in the end.
People are less interested in work than in looking out for themselves.
With increased education, we are rearranging our ideas about what we want from life.
People want meaningful and challenging work that offers us autonomy and self-development.
Today’s Economic Challenges
7
Chapter Five: Corporations
8
8
The Corporation
A corporation is a three-part organization made up of:
Stockholders, who provide the capital, own the corporation, and enjoy liability limited to the amount of their investments
Managers, who run the business operations
Employees, who produce the goods and services
9
The Corporation
A corporation is an independent legal entity, separate from the people who own, control, and manage it. In other words, corporation and tax laws view the corporation as a legal "person" that can enter into contracts, incur debts, and pay taxes apart from its owners.
A corporation does not dissolve when its owners (shareholders) change or die, and the owners of a corporation have limited liability -- that is, they are not personally responsible for the corporation's debts.
10
The Limited Liability Company
The concept of limited liability: Members of a corporation are financially responsible for the debts of the organization only up to the extent of their investments.
11
Kinds of corporations: For-profit, nonprofit; privately owned or owned wholly or in part by the government; privately or publicly held.
Evolution of the corporation:
The corporate form developed during the Middle Ages.
The first corporations were towns, universities and religious orders, chartered by government and regulated by public statute.
The Limite ...
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Australian Corporation Law-Sample Solution
- 1. 1 Copyright © 2012 HelpWithAssignment.com. All rights reserved. | www.HelpWithAssignment.com Law Sample Solution Short Answer Questions – Australian Corporation Law i. Do directors have duties to individual shareholders? The fiduciary and statuary duties of directors will generally be owed to the company as a whole. Only rarely will directors have such duties towards shareholders. In the 1902 case of Percival vs. Wright, the court held in a case where the directors acquired shares from the shareholders without disclosing to them that they intended to sell it for a higher sum. The same directors were under no obligation to disclose the same to the shareholders The directors have a duty to act in the bonafide interest of the company as a whole however; these interests vary from time to time depending upon circumstances. There's also been increasing pressure to broaden the range of legal and social obligations which a corporation has
- 2. 2 Copyright © 2012 HelpWithAssignment.com. All rights reserved. | www.HelpWithAssignment.com to its stakeholders. This is again reiterated in the case of Walker vs. Wimborne where the court decided that it was the duty of directors to consult the interest of the country alone. Corporations law in Australia by Roman Tomasic, Stephen Bottomly and Rob McQueen 2nd edition the federation press 2002. In relation to large companies the directors’ duties to the shareholder may arise in the advent of a takeover but it is minimal in the sense that it may be restricted merely to a duty to not mislead the shareholders. Authors believe that in present times, since companies operate in social environments, there is a greater expectation placed upon them today; companies must adhere to environmental law, health and safety regulations etc, as well as the socio economic environment in which they operate. . ASX guidelines published in 2003 are one such device which tries to ensure that companies keep with principles of good corporate governance. And though the primary duty of a director is towards the company as a whole, the mere fact that the shareholders are the primary force ensuring that the business is a going concern and that they are responsible for electing the very directors themselves ensures some part of care on the part of the same.