Take a look at the problem type question that came up on the March 08 Paper. i sat it and didnt end up doing that question cos wasnt sure how to apply the consequences of incorporation to it because of lack of consideration of the practicalities behind the consequences. in hindsight it wasnt a hard question and also it was very strange to put the consequences of incorporation in a problem question format but if you feel u could tackle it I wouldnt worry about what context the consequences come in, if you can discuss them in any oul' way with some practical examples you'll be fine. Look over the papers there are 3 or 4 ways the examiner asks the consequences of incorporation questions,-the problem question being an outside chance - give them a few minutes and think how you would tweak the information you have to suit the question.
On Mar 25, 2:29 am, tiger <[email protected]> wrote: > Thanks for that John. > > On Mar 24, 2:48 pm, "Westland Law" <[email protected]> wrote: > > > > > I would say the best approach is to set out as many of the consequences as > > you can think of and then identify in simple terms what are the effects. > > > So legal actions might be along the lines: > > > Legal actions > > Once formed the company has the ability to sue and be sued in its own name. > > There are two sides to this: one is that the company alone is the proper > > plaintiff for wrongs done to the company. This is the rule in Foss v > > Harbottle. The other side is that the proper defendant for wrongs done by > > the company is the company. A director or member should not in general terms > > be liable for the wrongs of the company (although of course there are > > circumstances in which each may be liable. For instance, directors may be > > liable for reckless or fraudulent trading; members may be liable to > > contribute to the debts of the company in the amount of the unpaid share > > capital in a winding up). > > > The advantage for the corporators is that they ought not generally be liable > > for the debts of the company. This allows an element of entrepreneurial risk > > without personal liability: of course this is not available to partners in a > > partnership or sole traders. > > > John Freeman > > > Westland Law > > >www.lawgrinds.ie > > > -----Original Message----- > > From: [email protected] > > > [mailto:[email protected]] On Behalf Of tiger > > Sent: 24 March 2009 14:25 > > To: FE-1 Study Group > > Subject: Company law - Consequences of Incorporation > > > Hi all > > > Just wondering if anyone else is confused about the questions on > > consequences of incorporation. In the examiner's reports, answers > > discussing separate legal personality in too much detail were > > criticised. > > > I do not have much in my notes on the other consequences- limited > > liability, transferability of shares, perpetual succession, large > > membership, taxation, legal actions and statutory obligations. I would > > only be able to write one line or two for each of them. Anyone else > > finding the same problem? > > > Thanks- Hide quoted text - > > > - Show quoted text -- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "FE-1 Study Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.ie/group/FE-1-Study-Group?hl=en-GB -~----------~----~----~----~------~----~------~--~---
