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Latest liability video

Thursday, August 21, 2008

Overall, liability simply describes some form of obligation or responsibility. Strict liability often applies to vehicular traffic offenses. The balance sheet lists the liabilities. Additionally, claims involving real estate may also take the form of an implied warranty of habitability.

Currentliabilities are debts payable within one year, while longterm liabilities are debts payable over a longer period. Under the theory of strict liability, a manufacturer is held liable regardless of whether it acted negligently. Kip Viscusi Until recently, property and liability insurance was a small cost of doing business. It is noteworthy that in the Agent Orange case, legal doctrine Feres v. One is that it may have been caused by the socalled insurance underwriting cycle. The legal criteria for such compensation are not well articulated. Robins, and entire industries, such as the asbestos industry, have been shut down by the rising liability burden.

Payment of damages usually resolved the liability. The policy also includes standard exclusions including claims for war, nuclear, auto, aircraft, watercraft and professional liability. When you have an accident, you may have many things on your mind besides legal representation. Wright, an English case about a driver who suffered injuries from an accident involving a defective mail coach. The plaintiff needs to prove only that the tort happened and that the defendant was responsible. Something, such as money, owed by one person to another arrearage, arrears, debt, due, indebtedness, obligation. Jur responsabilit, handicap, charge, fig poids mort, passif npl, dette npl idiomslimited liability companynbspnbspnbspnbspsocit responsabilit limiteDeutsch Germann. The state of being liable liability to disease.

Cardholder must notify issuer promptly of any unauthorized use. An employees pension, as well as any other savings or retirement fund, is also considered a liability for a company. There is no cost to the homeowner for this coverage. The Act expressly mentions threeThe presentation of the product. Also, any item appearing on the right hand side of a doubleentry accounting system or balance sheet. Investopedia Cite This Source Share A legal debt or obligation estimated via accrual accounting. Please direct questions or comments about the website towebmastereconlib. He is attentive to clients needs and offers free consultation.

Strict liability is important in torts especially product liability, corporations law, and criminal law. As a result of strict liability for their products, manufacturers may not produce the socially optimal level of goods. Post a question or answer questions.

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Thursday, August 21, 2008

Corps Compared to Limited Liability Companies
By: Richard Chapo

If you start a business, you should strongly consider forming an entity to protect you from liability. Corporations and limited liability companies are two of the more popular choices.

The first thing to understand is a corporation is a different business structure than a limited liability company. Many people get them confused. The terms used in relation to a corporation are often also used for limited liability companies, which is incorrect and creates all kind of confusion. Let’s take a closer look at both entities.

A corporation is just about the oldest business entity we have that is still in use today. The corporation comes to us from English law. It is based on a legal fiction, to wit, the corp is an “independent person”. As a result, the incorporation of your business is a way to shield yourself from personal liability for any business problems such as lawsuits. The corporate entity, however, does not shield you from criminal liability as the folks at Enron can tell you.

A corporation is formed by filing articles of incorporation with the relevant secretary of state. All business entities are controlled by the states. There is no federal system. Regardless, the owners of a corporation are known as shareholders. If you buy shares of Google on the stock market, you are a shareholder and owner although probably of a small percentage. The corporation is controlled overall by a Board of Directors. When they meet, the general direction of the business is discussed and any resulting decisions are recorded in the minutes of the corporation. The day to day running of the corporation is controlled by the officers, of which the CEO is the top dog. The officers report to the Board. From a tax perspective, the corporation can be taxed as a stand alone entity, known as a C-corp, or on a pass through basis, known as an S-corp.

A limited liability company is similar to a corporation in that it provides a shield of protection from business problems. The “LLC” is a relatively new entity. The first law authorizing its use as an entity was put on the books in the late 1970s in Wyoming. In the late 80s, the IRS issued a favorable tax ruling on the LLC and other states rushed to create their own LLC laws.

You do not incorporate an LLC. Instead, you organize it by filing Articles of Organization with the Secretary of State. The owners of an LLC are not shareholders, they are “members.” The real advantage to an LLC is it does not require the formalities of a corporation. It is a technical subject, but just understand that things are much easier to run. Another big advantage of an LLC is you can elect to be taxed as a partnership by the IRS. With such an election, the business losses and debts pass through to your personal returns. It is comparable to an S-corporation, but usually occurs in a more favorable result when it comes time to file your taxes.

So, what entity should you choose for your particular business? Well, there is no general correct answer. Instead, one needs to look at the particulars of the business and make a decision.

Richard A. Chapo is with SanDiegoBusinessLawFirm.com - providing incorporation services in California.

About The Author:

Source: http://www.articlealley.com/article_125433_18.html Occupation: Attorney Richard A. Chapo is a San Diego business lawyer with San Diego Business Law Firm providing legal services and legal advice for businesses. Visit SanDiegoBusinessLawFirm.com to read business law articles. http://www.sandiegobusinesslawfirm.com