Liability Issues - Limited Liability Company Essay

Liability Issues - Limited Liability Company - Essay Example In this case, though, it appears that the â€Å"sole trader† concept is not appropriate for these three individuals. This is because the sole trader is an individual who sets up an entity. Thus, whatever entity they set up will not be a sole trader. Thus, it could either be a limited liability company or a business partnership. A limited liability company is one in which the three individuals can form by pooling their resources in the form of acquiring shares in the company to be formed. The acquisition of shares creates a separate entity that will have a limited liability. On the other hand, if the three individuals in question decide to form a partnership, they will be a collection of individual sole traders who will contribute their resources according to a ratio. Based on the ratio of contributions, they will bear responsibility for issues that come up and also get to split profits on the basis of the ratio. However, partnerships often do not have a limited liability. The concept of â€Å"limited liability† is steeped in the idea that a firm is separated from its owners. This is steeped in the case of Salomon V Salomon (1897) in which a man created an entity with 20,007 shares. He took 20,001 shares and sold one share each to six of his family members. The business went into liquidation and the creditor sued for the recovery of money from the owner with 20,001 shares. The court held that once it was incorporated as a company, the liability was limited and the liability for issues and matters was only limited to the assets and shares owned by the business itself. Based on this, it is deduced that a business that has a limited liability is separate and different from its owners (James and Tilley, 2009). In doing this business, there are risks and there is a possibility that the computers of the firm could encounter some forms of risks.  In that case, there is the need to protect the entity from having its liability spread from the organisation they will form to the owners of the business.  Ã‚  

Ryle on Monism Essay Example | Topics and Well Written Essays - 250 words

Ryle on Monism - Essay Example The body has physical existence and consists of matter. Evidences adduced by Freud suggest that some of the thoughts of a person differ from the thoughts which he really acknowledges. However, the common understanding is that a person is aware of his own thoughts. Regarding others, a person can only make inferences from the observed behaviour of the other person. But Ryle argues that this common sense understanding based on Descartes’ theory is unsound and conflict with whole body of knowledge that we know about mind. According to Ryle, the source of such double life theory is because of category mistakes. It is like somebody asking where the university is after seeing, various departments, libraries and research facilities. The university is in fact just the way everything is organised. The same is the mistake when a child after witnessing the march past of batteries, squadrons, etc .asks when the division is going to appear. He must be explained that battalions, batteries an d squadrons constitute a division. Descartes regards human body as a complex organised unit and mind as just another complex unit. Like body, minds are also things. Mental processes are causes and effects. The mind governs the bodily engine although nothing is known of how it governs the bodily engine. Ryle points out that such explanation given by Decartes rests on a batch of category mistakes.