Auditor Liability Recently, the question of liability has become more prevalent in the practice of public accounting. The AICPA has been lobbying for liability reform in cases involving negligence or malpractice by public accountants. Opposition to this lobbying has come from consumer advocacy organizations, trial lawyers' associations, and state public interest groups to name a few. (Bolinger p. 53) The key to success for the AICPA, according to Gary M. Bolinger is creating an image as a
... ... Strict Liability Strict liability is different from a negligence theory in that the injured plaintiff need not show knowledge or fault on the manufacturer's part. The plaintiff must show only that the product was sold or distributed by a defendant, and that the product was unreasonably dangerous at the time it left the defendant's hands in order to prove liability on the part of such defendant. The behavior or knowledge (or lack of knowledge) of a products liability defendant regarding
Aircraft Law: Liability The problems regarding aircraft liability in the international realm primarily relate to resolving issues of legal status of international airline passengers and cargo. The issues are defined as follows: sovereignty over airspace, the impact of aerospace craft on the environment, the role of aerospace technology in the international system, weather modification, air safety and international aviation relations. Remarkable growth and development in the range of air transport
lawsuits and litigation from everyone suing everyone else, one must ask the question “where does product liability end and consumer responsibility begin?” This question has been further complicated by occurrences that stretch to the most far-reaching ends of this spectrum, the spectrum ranging from strict product liability of the company to complete consumer responsibility. On the strict product liability of the company side, we have the cigarette industry where the CEOs of the largest cigarette companies
Legal Liability 0f Parents Parents should and should not be held legally responsible for their children’s actions. Parents who are incompetent and parents who are in the system themselves should be held responsible for their children’s actions. Parents who are handicapped and parents who are competent should not be held responsible for their children’s actions. Parents that do not rear their children should be held responsible. There are parents who do not care what the child does as long as they
Principles of Criminal Liability "Law, with all its weaknesses, is all that stands between civilization and barbarism" (John Derbyshire) Criminal Liability is what unlocks the logical structure of the Criminal Law. Each element of a crime that the prosecutor needs to prove (beyond a reasonable doubt) is a principle of criminal liability. There are some crimes that only involve a subset of all the principles of liability, and these are called "crimes of criminal conduct". Burglary, for example
Liability in Homebuilt Aircraft Homebuilt aircraft are considered to be the fastest growing segment of aviation during the last two decades. Naturally with the increase in these aircraft will also come an increase in accidents. Accidents like the 1997 Long E-Z crash that killed John Denver have raised questions about who is legally liable: the kit manufacturer, amateur builder, or pilot? (Kolczynski, 1) Homebuilt aircraft liability litigation is expected to develop into a booming new industry
Lender Liability and the Duty of Good Faith I. Introduction From time to time, lenders and their attorneys announce that lender liability is no longer an issue with which the lending community needs to be concerned. What usually prompts this proclamation of the death of lender liability is a recent case in which a court has summarily rejected a borrower’s claim that the lender violated the duty of good faith and fair dealing. Many courts have rejected borrowers’ lawsuits which are based on
Vicariouis Liability and Article 21 I take this opportunity to express my gratitude and personal regards to Mrs. Stelina jolly for inspiring and guiding me during the course of this project work. I also owe my sincere thanks to the library staff, National Law University for the cooperation and facility extended from time to time during the progress of my project work. And last but not the least I must give my humblest gratitude to my parents and my friends for their support and encouragement
Vicarious Liability This article thoroughly covers topics related to corporate liability and vicarious liability, in particular. This article refers to the legal details concerned with vicarious liability and especially those concerning today’s medical professionals and nursing staff (Ghillyer, 2014). Vicarious liability is the act of holding a governing party responsible for the actions of organizational employees and acting associates Ghillyer, 2014). This type of liability is highly litigated
Cyber Liability Some of the largest brand names on the Internet have fallen victim to cyber attacks, which led to the personal information of millions of users being exposed. There are thousands of companies all over the world making online transactions every day. This means that the number of potential risks is steadily on the rise. You cannot rely on your company’s general liability insurance policy to be adequate to cover the damages if a data breach ever occurs within your system. Most of the
this essay to discuss whether the implementation of strict liability within criminal law system is a necessary means for combating crime, and if there is any justification for its use. Strict liability is the placing of liability upon the defendant(s), regardless of whether or not mens rea is present. This can include instances of negligence, carelessness or accident. There are a number of arguments for and against strict liability, and this essay will identify and explore these arguments
Law on Vicarious Liability An employer is responsible for damage caused by the torts of his employees acting in the course of employment. This is known as ‘vicarious liability’[1]. Essentially, vicarious liability is where the employer is generally substituted in terms of liability for the employee, the employee also has liability but the resources of the employer such as insurance makes them more financially attractive to the claimant. The mechanism of vicarious liability is arguably the
background, or social status you may have because everyone is entitled to have a liability insurance, in which they will be able to promulgate their part of the risk of profitable loss to others that also work within the same professional field. For almost all health care-related careers will be responsible for providing their medical professions with a special provisional insurance called the professional liability insurance policy, at which point the medical professionals will automatically be
restaurant should be set up as a limited liability partnership or a private company limited by shares: Limited Liability Partnership vs. Private Company Limited by Shares In deciding on whether to set up a limited liability partnership or a private limited company, it is important to know how they compare to each other. Similarities between Limited Liability Partnerships and Private Limited Companies There are several similarities between limited liability partnerships and private limited companies
with a lawyer before they start a company to make sure that all of their forms are in order. Business owners can choose from common business structures like sole proprietorships, C corporations, partnerships, limited liability companies (LLC) and S corporations. Limited Liability Companies An LLC is considered an entirely separate entity from the business owner. This means that the corporation is responsible for the debts and keeps the profits. If the business fails, the owner is not liable for
Limited Liability Partnership (LLP): It is a new corporate structure that combines the advantages of limited liability of a company at a low compliance cost and the flexibility of a partnership and. It is an alternative corporate business vehicle that provides the benefits of limited liability of a company, but it also allows its members to flexibly organize their internal management on the basis of a mutually arrived agreement just like in a partnership firm. It would be generally useful for small
Limited Liability Partnership and limited liability company Limited Liability Partnership(LLP) Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. Partnerships are the most common business structure for businesses that have more than one owner. Many businesses, ranging from retail stores to accounting firms, are structured as partnerships. A business partnership is a for-profit business established
Pros of Limited Liability • Limited liability: This means that the owners and shareholders personal property are protected when the LLC is bankrupt or sued. Also, in some cases of fraud and illegal acts the courts will pierce the corporate veil that protects the member or members so that they become personally liable for such acts. However, it was said that since there are little to no precedent in this area of such law it is difficult to determine under which circumstance the veil would be removed
without the consent of all the owners (Aronsohn, 1957 p 100). Limited liability Company (LLC). This is an amalgam form of business that borrows from a combination of principles from partnership and corporation. LLC can be owned and managed by one or more individuals who are referred to as the members of the LLC. LLC's do not have shareholder investors and they do not issue stocks. An LLC protects the members from private liability for the business obligations and activities of the professional handling