Legal Research Paper Example | Topics and Well Written Essays - 2000 words

Legal - Research Paper employmentTheir operations and agate line may be similar to that of companies, but the in-depth details differ with a great degree (Derek).The first regulation in the operation is the separation between the corporation and its owners. Unlike different forms of business operations, companies are separate legal entities from their owners (Franklin). The limited liability clause covers this. This entails the extent to which a soul may be called upon to pay to the assets and liabilities of the telephoner during winding up of the company operations. The clause stipulates that the owners of the business cannot be accountable for any action of the business therefore, companies operate as legal persons. This means that they can fulfill or be litigated in a court of law (Derek).During formation of companies, the law stipulates that the company should cast off a minimum of 2 members and a maximum of 50 members. The members of the company are the owners who contr ibute the start-up peachy or share capital. Members do not own the company property individually or correctively. The members of the company have no duty in the daily operations of the company. The day-to-day operations of the company are overseen by the companys board of directors. Once the company is incorporated, the ultra vires limits the companys powers and prevents it from ever-changing the objects under the memorandum (Franklin).Company law regulates the way a company chooses it business public figure. Businesses are mandated by law to select a name that does not contradicts its business or misleading as per to the business it operates in. The companys name should not suggest illegitimacy or should not contain out(p) clauses. For instance, companies in the United States are not allowed to contain the word Federal in their company name (James &Thomas). Those wishing to start a company are required to check with the registrar of companies