Understanding Business Liability and Legal Obligations

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Explore the concepts of liability in business partnerships, from limited liability for sleeping partners to full personal liability for general partners. Learn about legal requirements and obligations under the Companies Act and other regulations in business structures. Understand the significance of capital requirements and reporting changes in company structures to comply with governing bodies like the CNMV.

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Unit 3: Vocabulary p. 75-76, Advice, Not only.. but also

liable / liability Sleeping partners have limited liability. Sleeping partners benefit

liable / liability Sleeping partners have limited liability. Sleeping partners benefit from limited liability.

liable / liability Sleeping partners have limited liability. Sleeping partners benefit from limited liability. General partners have unlimited liability. General partners are ..

liable / liability Sleeping partners have limited liability. Sleeping partners benefit from limited liability. General partners have unlimited liability. General partners are fully and personally liable.

Using Require Require = need

Using Require Active 1 The companies act requires that 25% of the issued share capital be paid up.

Using Require Active 1 The companies act requires that 25% of the issued share capital be paid up. be = subjunctive

Using Require Active 1 The companies act requires that 25% of the issued share capital be paid up. The CNMV requires that a company report any change to its structure.

Using Require Active 2 Our firm requires all new members to have an LLM.

Using Require Active 2 Our firm requires all new members to have an LLM. The CNMV requires companies to report any changes in its structure.

Using Require Passive 1 A minimum capital of $50,000 is required.

Using Require Passive 1 A minimum capital of $50,000 is required. A law degree is required for that position.

Using Require Passive 2 A PLC is required to have a minimum share capital of $50,000.

Using Require Passive 2 A PLC is required to have a minimum share capital of $50,000. All applicants are required to submit a CV.

Using Require It is required to have a degree.

Using Require 1. PLCs / publish / annual report.

Using Require 1. PLCs / publish / annual report. PLCs are required to publish an annual report.

Using Require 2. The SEC / companies / file an annual report. 1. 2.

Using Require 2. The SEC / companies / file an annual report. 1.The SEC requires that companies file an annual report. 2.

Using Require 2. The SEC / companies / file an annual report. 1.The SEC requires that companies file an annual report. 2. The SEC requires companies to file an annual report.

Using Require 3. The law firm / every lawyer / have a good level of English. 1. 2.

Using Require 3. The law firm / every lawyer / have a good level of English. 1. The law firm requires every lawyer to have a good level of English. 2.

Using Require 3. The law firm / every lawyer / have a good level of English. 1. The law firm requires every lawyer to have a good level of English. 2. The law firm requires that every lawyer have a good level of English. (subjunctive)

Using Require 4. A partnership agreement / to set up a general partnership.

Using Require 4. A partnership agreement / to set up a general partnership. A partnership agreement is required to set up a general partnership.

Submit vs File

Submit vs File to submit to someone for approval The accounts are submitted to the shareholders at the AGM.

Submit vs File to submit to someone for approval The accounts are submitted to the shareholders at the AGM. to file with an office/court etc The Bylaws must be filed with the SEC.

By / through The company has raised money by issuing shares.

By / through The company has raised money by issuing shares. The company has raised money through a share issue.

By / through The CNMV controls fraud by regulating company operations.

By / through The CNMV controls fraud by regulating company operations. The CNMV controls fraud through the regulation of company operations.

Upon/On = when Upon / On + noun When + subject / verb e.g. Upon/On incorporation, the company can commence trading. OR The company can commence trading upon incorporation.

Upon/On = when Upon / On + noun When + subject / verb e.g. Upon/On incorporation, the company can commence trading. The company can start tradingwhen it is incorporated.

Upon/On = when Whenwe receive your payment, the materials will be sent.

Upon/On = when Whenwe receive your payment, the materials will be sent. Upon receipt of your payment, the materials will be sent. OR The materials will be sent onreceipt of payment.

Upon/On = when Whenthe materials have been removed from the office, the money will be returned.

Upon/On = when Whenthe materials have been removed from the office, the money will be returned. Upon removal of the materials from the office, the money will be returned.

Upon/On = when Whenthe certificate is issued, the company can begin to trade.

Upon/On = when When the certificate is issued, the company can begin to trade. Upon issuance of the certificate, the company can begin to trade.

Upon/On = when When the payment has been authorised, the transfer will be made.

Upon/On = when When the payment has been authorised, the transfer will be made. Upon authorisation of the payment, the transfer will be made.

Upon/On = when When the company is dissolved, it will cease to exist.

Upon/On = when When the company is dissolved, it will cease to exist. Upon dissolution, the company will cease to exist.

Regardless of Regardless of = no matter/ even if Regardless of + noun We ll goeven if the weather is bad.

Regardless of Regardless of = no matter/ even if Regardless of + noun We ll goeven if the weather is bad. We ll go regardless of the weather.

Regardless of Regardless of = no matter/ even if Regardless of + noun The Board decided not to declare a dividend even if the company makes a profit.