Questions Question 1 The shares of ABC Limited‚ a private company are held by Ann and Andy Anderson and Bev and Bob Brown. The Andersons who together hold 90% of the company shares are concerned that the company is in need of further capital but because of family difference‚ the Andersons are not willing to inject additional funds so long as the Browns are shareholders in the company. They have therefore decided to pass a resolution which will enable the majority acquire compulsorily at full value
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meets the definition of promoters. She is a sole proprietor who selling cupcakes‚ promoted the company to take over her business. Besides‚ she also obtained shareholders by approaching Molly and Polly. Promoters’ duties Thus‚ Rolly is under a fiduciary relationship with the company. She has an obligation to act in good faith for the best interest of the company and must avoid conflict of interest which will affect her behavior. Under the duty of promoter‚ promoter should not make secret profit
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1. We can assume that by reference to Bentley Physiotherapy’s partnership agreement that Tim‚ Kathy and Martin are partners and that Bentley Physiotherapy is operating as a partnership so no further analysis into the essential elements of a partnership is necessary. It is stated that Adam made it clear that he didn’t want to be a partner. This does not give us any reason to believe that Adam is not a partner of the business. Whether a partnership exists is a mixed question of fact and law. WA
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of treating directors as trustees which means in the performance of their assigned legal and corporate duties‚ they stand in a fiduciary relation to the shareholders of the company. A director as a trustee shall act in the best of his ability to benefit the company and not in furtherance of his own interest. Each of the four directors of the company stand in a fiduciary position to the company and thus liable for their acts of omission and commission to the shareholders of the company. They did
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Question 1: provide a definition/ description of strategic planning process‚ addressing the critical issues/questions the process takes into account. Answers (a) Strategic planning process is an organization’s process‚ which is designed to identify a long-term goal or direction to develop the organization‚ and put into practice. Strategic planning guides conversations about an organization’s purpose‚ helps integrate perspectives from multiple stakeholders‚ and provides the steps to develop goals
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claim‚ Nocton was found guilty of breach of his fiduciary duties towards his client. RATIO DECIDENDI Wide Liability for breach of fiduciary duty is not dependant on proof of deceit or negligence. Equity imposes duties in special relationships above and beyond the minimal duties to be honest and to be careful. Fiduciary duties rest on the ideas of trust and of conducts offensive to conscience. The equitable remedies available for breach of fiduciary duty are more elastic than the sanction of damages
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Project Background Providian trust head quartered in New York‚ delivered financial and fiduciary services through a network of 216 branches. In 1994‚ this company managed $49.4 billion in trust asset with a staff of 840 full time employees. Sixty percent of company’s fee income and 9% of gross earnings generated by its fiduciary business that year. Though they had a huge team working on the front and back office handling and record keeping and settling activities‚ there was always a chance for
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partnership’s contracts with the independent-contractor auditors and signed many of these auditors with his new firm. The partnership terminated about 11 months after Fial wrote the letter to Steeby. Steeby brought an action against Fial‚ alleging breach of fiduciary duty and seeking a final accounting. Who wins? Steeby v. Fial‚ 765 P.2d 1081‚ Web 1988 Colo.App. Lexis 409 (Court of Appeals of Colorado) PARTIES In the Steeby vs. Fial case Roger Steeby is the plaintiff and Charles Fial is the defendant. Steeby
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business efficiency. However‚ in terms of business ethics‚ the sole purpose of the use of trust is to promote business efficiency. Customers and the community put trust in businesses and their methods by buying their products. Businesses trust fiduciaries that act for them by working with them to acquire their expertise. Even within a business there is trust in the form of employee-employer relationships. For example‚ employees trust that they will receive compensation for their work after certain
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activities in the government-wide financial statements‚ but quite different from the current financial resources measurement focus and modified accrual basis of accounting used in the governmental funds. 3. Fiduciary activities of a government involve the government’s discharge of its fiduciary responsibilities‚ either as an agent or trustee‚
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