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The Law of Business Organization

   

Added on  2020-03-23

4 Pages640 Words47 Views
Running Head: LAW OF BUSINESS ORGANIZATIONLaw of Business organization

LAW OF BUSINESS ORGANIZATION 1Directing mind and will The law considers the company as an artificial person which has distinct rights and duties from its stakeholders and directors. It is the important rule of the law that a company will have separate lawful existence but on the other hand the company does all activities through its stakeholder as, the company cannot do all its activities or dealings by itself. It can take all the actions by its members thus the company is introduced in corporate field by the work of its members. All important persons of the company who regulate the activities and who have control over all the dealings related to company are considered as the key personnels in the company. These are the directors and the senior persons of the company hence due to huge influence over the company’s activities, the law considered all the director and senior persons as the directing mind and will of the company.Further, the theory of identification came from the very famous case where the court laid down that the company is known for its worker’s activities (Lennard's Carrying Co Ltd v AsiaticPetroleum Co Ltd (1915) AC 705).In the current case, the Supreme Court held liable all the stakeholders of the company as the client of the company suffered loss due to the investment scheme of the company (Sugarloaf Hill Nominees Pty Ltd v Rewards Projects Ltd(2011)WASC).

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