Legal Entity College Essays Samples For Students

I. Introduction
A corporation is a common type of business organization in which its owners have the ability to use it as a separate, and distinct legal entity. One of the primary differences between a corporation and other types of business organizations, such as a sole proprietorship or general partnership, is that a duly formed corporation is, legally a person. Moreover, under the law, a corporation is a legal person who the owners, in essence, can control and direct to carry out a range of activities. To be sure, corporations are deemed to have a personality or personhood, including ...

Contribution of entity theory to accounting practice

Entity theory was developed as a result of the inadequateness of the proprietary theory before it in explaining the treatment of a businesses assets and liabilities in relation to ownership. The proprietary theory had been developed at a time when the size of businesses was relatively small and the ownership was mainly sole proprietorship or partnerships with small number of partners. In this situation, the ownership of the business and its relationship with its creditors could not be adequately explained in accounting terms since the fact that a company is an entity separate from its owners could not be effectively disclosed under the ...

Introduction

Sole proprietorship, partnership, and corporation are the three of the four main forms of business organizations. One is required to understand first all the features of these business organizations before establishing one. Regarding the ease of formation, the sole proprietorship and partnership business organizations are easier to form than a corporation. The management of these two forms of business is also easier than the management of a corporation. Consequently, the present paper delves into the characteristics, benefits, and drawbacks of each of these business organizations.

Sole Proprietorship

A sole proprietorship is essentially a form of business organization, which is typically owned, ...

Mission Statement

Strategic planning in an organization is an important management function. It seeks to define the evolution of an organization in order to make its structure and management more suitable to the market needs which ultimately help it achieve its objectives (Hill and Jones, 2008). Mission statements play a key role in the success of such strategic plans as it helps to communicate the purpose of the organization to employees and other stakeholders. An organization’s purpose as defined in the mission statement consists of the target market and the contribution a product will make to the society. By communicating ...

JONES &TREVOR MARKETING INC. V. JONATHAN L. LOWRY, ET. AL.
In Jones & Trevor Marketing, Inc. v. Jonathan L., Lowry, et. al., 2012 UT 39; 284 P.3d 630 (2012), Jones & Trevor Marketing entered into a contract with Jonathan Lowery and Nathan Kinsella. The contractual relationship did not flourish and Lowery and Kinsella sought to cancel the contract. In response. Jones & Trevor Marketing filed suit. During the pending lawsuit, the defendants dissolved the company and Jones & Trevor sought instead to hold Lowery and Kinsella personally liable by piercing the corporate veil under the alter ego theory. Jones & Trevor Marketing alleged that ...

Introduction

Modern global economic system is a considerably distinct from the dogmatic frameworks of political economy (Mankiw, 2014). Professor Blanchard contests that extreme increase in production and substantial automation of the business processes have seriously changed the global economic landscape (2011). In order to stay competitive the companies have to develop and implement new business solutions, as well as they have to stay socially and environmentally responsible (Goldin, 2014). In addition, Gartner wrote that there is an increasingly important need to stay in line with the perpetually evolving customers’ preferences (2006), and the smallest disharmony with their predilections may result ...

Introduction

Many companies engage in corporate social responsibility engaging in charitable acts. There has been focused attention on this topic. Milton Friedman suggested that corporate social responsibility applies only to the shareholders of the company. Other parties should not be considered. The managers should only concentrate on maximising shareholder’s wealth and ensure the firm constantly makes profits. This concept goes against the widely held view that a company should practice social responsibility to several stakeholders such as the customers, employees, suppliers and the local communities. The concept proposed by Milton is known as the Shareholder Concept of social responsibility while ...