Law of Business Organizations Mind and Will †MyAssignmenthelp.com

Question: Discuss about the Law of Business Organizations Mind and Will. Answer: Research and explain the phrase Directing Mind and Will Human beings have a mind, this is the base of the doctrine that has intention or knowledge. Human being has hand to take out his purpose and living person can be careless. While in the case of corporation, things are different corporation act through the human beings. The person is performing as the corporation itself who is not acting and talking for the company. The person is not performing as representative, delegate, servant and agent. If that persons mind is guilty, in that case that fault is the fault of the business. This kind of persons are only be the managing director, additional superior executives and the member of board of directors of the business who guide and works for the benefit of the company, perform, and talk for the business. The law must ask this question that after analyzing all the facts, an individual should perform as a company or he should be acting like servant, executive or agent of the company (Olendzki, 2011). At that point, any legal responsibility of the business can only be a vicarious or legal liability. Like the case of Tesco supermarkets, appellant was selling the washing powder at lower price compare to market price but their competitors failed to find that lower price packet of washing powder in the market and decide to filed case under the trade Description act, 1968. Now court decides whether the company is guilty or living person. Because company is running by the living person and company only known by the name (Nwafor, 2013). Research and explain the phrase Piercing the Corporate Veil Piercing the corporate veils is a legal term in which decisions to delight the privileges or company responsibility as the constitutional rights or accountability of its shareholders. Circumstances in which judicial body keep asides the restricted liability and companys directors or shareholders those are individually liable for the companys debt or actions. Piercing the corporate veil is mainly regular in close companies. Normally a company plays a separate legal entity, which is exclusively liable for all the debts it earn and the only recipient of the credit that is earned by the company. In spite of the term used, that formulates it become visible as through a shareholders responsibility go out from the vision that a business is an individual legal entity. The actuality is that the separate legal entity of the organization has nothing to do with the liability of shareholders. Like, it is presents by the English law that individual status on organization extensive earlier than sha reholders be pay for restricted liability (Matheson, 2010). Likewise, the revised uniform partnership act presents the separate status on joint venture, but gives that associates are separately responsible for all the obligations of partnerships. Hence, this investor limited liability goes out primarily from statue. Companies survive in part to defend the individual resources of shareholders from personal accountability for the actions or debts of a business. However, a sole proprietorship or common partnership in which the proprietor can be treated accountable for the entire amount overdue of the organizations (Kryvoi, 2010). References Kryvoi, Y. (2010) Piercing the Corporate Veil in International Arbitration.Global Bus. L. Rev.,1, pp. 169. Matheson, J. H. (2010) Why Courts Pierce: An Empirical Study of Piercing the Corporate Veil.Berkeley Bus. LJ,7, pp. 1 Nwafor, A. O. (2013) Corporate Criminal Responsibility: A Comparative Analysis.Journal of African Law,57(1), pp. 81-107. Olendzki, A. (2011) the construction of mindfulness.Contemporary Buddhism,12(01), pp. 55-70.