Who Benefits From Having Limited Liability Status? This creates a significant advantage over corporations, whose shareholders do not receive any personal financial relief from their company’s losses. Limited liability organization owners receive tax deductions and lower reported income for business losses. Who benefits from limited liability? Benefits of an LLP Limited liability protects the member’s
Who Is Responsible For The Crime? A person is liable or responsible for a crime when he or she has acted with criminal intent, as opposed to acting accidentally or lacking the ability to act deliberately. In the U.S. legal system, people may be punished for a crime only if they’ve been convicted of a
Who Among The Following Is An Expert Under Section 11 Of The Securities Act Of 1933? Under Section 11 of the Securities Act of 1933, an auditor who issues an opinion regarding financial statements of a company making a public distribution of securities can be held liable for errors in the expertised portions of the:
Which Of The Following Security Control Design Types Does Not Prevent Incidents Or Breaches Immediately And Relies On A Human To Decide What Action To Take? One of the classifications that can be applied to security controls is physical control, which is also known as a “procedural control.” This control relies on a human to
Who Can Be Bound To A Contract When The Principal’s Identity Is Disclosed To The Third Party And The Agent Had Authority To Enter The Contract? Who can be bound to a contract when the principal’s identity is disclosed to the third party and the agent had authority to enter the contract? A Both the
Who Is Responsible For Loss In Sale Of Goods? In a shipment contract for a sale of goods, the buyer is responsible for any damages to the goods while the merchandise is in transit from the seller to the buyer. This means that the buyer cannot demand that the seller reimburse the buyer for the
What Elements Must A Client Prove To Maintain An Action Against An Auditor For Negligence? Under common law, in general, the client must prove the following to establish CPA liability: • Duty—the CPA accepted a duty to exercise skill, prudence, and diligence. Breach of duty—the CPA breached that duty. Loss—the client suffered a loss. Causation—the
What Are The 3 Characteristics That Cause Abnormal Dangerous Activities To Have Strict Liability? Abnormally Dangerous Activities In determining whether an activity is abnormally dangerous, the following factors are to be considered: (a) existence of a high degree of risk of some harm to the person, land or chattels of others; (b) likelihood that the
Who Is Liable For Environmental Clean Up? Historically, under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, commonly known as Superfund), the owner or operator of a contaminated property could be held responsible for the property’s cleanup, based solely on their current ownership of the property. Who is responsible by law for the costs
What Does PI Stand For In Court? Π (Greek letter Pi) or P — Plaintiff. Δ (Greek letter delta) or D — Defendant. What does pi stand for in legal terms? PI. Personal Injury (legal) Whats pi stands for? The abbreviation “P.I.” stands for “Principal Investigator” and is routinely used in the United States to