College acceptance essays
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Thursday, September 3, 2020
Henry Ford Was Born On July 30, 1863 And Died On April 7, 1947. Henry
Henry Ford was conceived on July 30, 1863 and kicked the bucket on April 7, 1947. Henry Ford was the child of William Ford, who had emigrated from Ireland in 1847 and chose a homestead in Dearborn, Michigan. Henry detested ranch life and had a characteristic inclination for apparatus. At the point when he was 15 he went to Detroit and prepared as a mechanical engineer. Henry Ford started to explore different avenues regarding a horseless carriage in 1890 and finished his first vehicle, the quadricycle, in around 1896. During the next years he attempted fruitlessly to get it into creation. In 1903 he propelled the Ford Motor Company with a capital of $100,000 of which $28,000 was in real money. When he had figured his optimal of creation: The best approach to make autos is to make one car like another vehicle, to make them all similar. He made terrific progress with the Model T Ford, presented in 1809 and in the end created in 1903 on the moving sequential construction system. Henry Ford was a significant figure on the planet's car industry for the following 15 years. His creation techniques were seriously contemplated and he likewise alarmed the world establishing (1914) the then high pay size of $5 every day. Passage along these lines turned into a figure of legend, the local virtuoso that could work supernatural occurrences. He had impressive mechanical capacity yet his decisions were reached instinctively instead of coherently. He ran as a Democratic contender for the U.S. Senate in 1918 and was barely crushed. In 1936 he and his child Edsel set up the Ford Foundation, to which they handed down a great part of the organization's stock. Henry Ford turned into his very own casualty achievement in that he clung to the Model T excessively long, declining to perceive that its fame was blurring, and thusly lost ahead of everyone else in the vehicle business to General Motors in 1926. He had turned the administration of the Ford Motor Company over to Edsel in 1919 however never gave Edsel viable power. Edsel battled vainly against this circumstance, and the dissatisfactions of his position without a doubt added to his demise at 50 years old. Edsel's most seasoned child was discharged from the naval force and made an official VP. In contrast to his dad, who had not been permitted to set off for college, Henry II went to Yale University. Henry Ford II selected ability from outside the organization and affected a general revamping. The organization made sure about firm control of second spot in the American car industry. During the 1960s it ventured into hardware and astronautics by buying the Philco Corporation, and Henry Ford II was viewed as a mechanical legislator. He resigned from his top organization posts in 1979 and 1980.
Saturday, August 22, 2020
International Marketing Strategy Essays
Universal Marketing Strategy Essays Universal Marketing Strategy Essay Universal Marketing Strategy Essay BA (Hons) Marketing â⬠third year Mathieu Chomarat: 06110827Portobello College Year 2006-2007 International Marketing Strategy Assignment 2: Ikea Case Study Lecturer: Carmel GernonRoom: F6 Table of Contents A Brief Introduction to the essay:1 Macro-condition of Ikea in Brazil:1 Politic and legitimate environment:1 Economical environment:2 Social environment:3 Technological environment:4 Environmental factors:4 Market procedure entries:4 Wholly possessed stores:4 Joint venture:5 Strategy suggested: franchising6 Success factors in Brazil7 Skill to draw in new customers7 Be ready to sell great quality items at a low price7 Adapt the involvement with the retailing to another market8 Understand the reasons that make Ingvar Kamprad hesitant to enter another market:8 Bibligraphy9 Appendix 1: Brazil maps10 Appendix 2: Diary11 Number of words: 3,324 A Brief Introduction to the paper: With 237 stores the world over and a turnover of â⠬ 17. 6 billion, the Swedish organization Ikea is the world head in home furnishings[ Ikeaââ¬â¢s Fact and Figures 2006, from Ikeaââ¬â¢s site at http://franchisor. ikea. om/] on account of a DIY idea that empowers them to sell very much planned great quality items at low costs. The Ikea Group intends to advance their universal venture into the South American Market. Brazil is the biggest nation in South America and fifth biggest nation on the planet after Russian, Canada, China and USA. It evidently speaks to the most appealing nation to target. The accompanying examination means to fea ture dangers and openings with respect to the Brazilian market, just as giving arrangements and suggestions to a fruitful implantation around there. Full scale condition of Ikea in Brazil: Politic and lawful condition: Even if the political strength in South America isnââ¬â¢t as secure as nations from the European Union for instance, the circumstance remains very consistent as the previous president Luiz Inacio Lula da Silva won a second term in an avalanche triumph toward the finish of October 2006. Silva who used to show solid liberal talk before acquiescing to control in 2002, is more observed by spectators as a moderate with a traditionalist monetary arrangement in his first term[ ââ¬Å"Brazilââ¬â¢s president wins avalanche victoryâ⬠, Associated Press, 29th of October 2006]. As he is viewed as more moderate than other South American liberal pioneers like Venezuelaââ¬â¢s Hugo Chavez and Boliviaââ¬â¢s Evo Morales, his re-appointment is very greeting for large organizations ready to enter the Brazilian market, for example, Ikea. Hence, the nation doesnââ¬â¢t appear to introduce a major political hazard, as the president vowed to help development to arrive at the positions of created countries. Truth be told, the credit insurance agency Durcroire had practical experience in worldwide exchanges surveys a danger of two dependent on a seven levels scale, giving the nation a relative poor political risk[ ducroiredelcredere. e, data from the 02/11/2006]. The legislature is additionally very dynamic for helping its populace to have better ways of life. Various projects, for example, the ââ¬Å"Programa Carta de Credito Individual e Associativaâ⬠, ââ¬Å"Habitar Brasil-BID (HBB)â⬠, or the ââ¬Å"Programa de Subsidio a Habitacao de Interesse Socia l (PSH)â⬠help individuals to secure legitimate homes, by giving awards and credits to individuals who are the most in the need. It along these lines causes them to leave their ghettos. Such projects can be viewed as a chance, since, while moving into new houses, individuals are bound to be happy to obtain furniture too. Other social projects are productive for the populace and for Ikea too. For instance, the ââ¬Å"Credito Solidarioâ⬠, helping destitute individuals to send their youngsters to class prompts an expansion in the quantity of instructed individuals who can be viewed as the objective of Ikea. For example, they can peruse the promotions, comprehend Ikeaââ¬â¢s purchasing procedure, and manufacture their own furniture with composed clarifications for instructions[ bresil. organization/file. php? option=com_contenttask=viewid=663Itemid=51cataff=116cataffb=116]. Moreover, the legislature is happy to make the nation progressively liberal. In this purpose, Brazil is a piece of the Common Market of the South, Mercosur which has established Common External Tariffs (CET) for Argentina, Brazil, Paraguay and Uruguay, concerning a developing number of items. In the geographic region of Mercosur, the taxes are likewise disposed of, and elements of creation (work or capital for instance) can move uninhibitedly. These CET apply for gear products at rates included somewhere in the range of 0% and 14%[ septimanie-trade. com/fr/fiches-pays/bresil/acces-au-marche] (numbers given for the levies applied on the CIF[ Cost Insurance Freight] cost of merchandise). This is a major open door for Ikea, on the grounds that marked down duties would diminish costs on their imports to Brazil in the event that they set up at least one outlets there. There doesnââ¬â¢t appear to have an uncommon law constraining the size for large stores, which very goes in the correct route for Ikea. Prudent condition: With developing markets catching investorsââ¬â¢ eye, many are turning their concentration towards South American markets. Solid fares, high item costs and expanded ventures have been contributing components to development inside a significant number of the Latin American markets[ Ann-Marie Fleming, nineteenth of Jan 2007, seekingalpha. om, securities exchange assessments and examination website]. The complete Gross Domestic Product (GDP) of Brazil for the second from last quarter of 2006 was about Real 542 billion ($ 253. 5 billion), which speaks to an expansion of 6. 55% contrasted with the past quarter[ SDDS, from the International Monetary Fund, January 2007]. Whenever taken on a for every capita premise, Brazil is positioned in 68th situation out of 181 nations with income of $ 8,561 per year, giving the populace a normal buying power[ International Monetary Fund, World Economic Outlook Database for the year 2005, September 2006]. Along these lines, the economy appears to be more than fitting to the passageway of Ikea, particularly since the worldwide imports in the nation have encountered a development of 16. 27% during the second from last quarter of 2006, arriving at Real 72 billion ($ 33. 7 billion), which could be productive for the importation of furniture. Brazil has in reality all around recouped from the 1999ââ¬â¢s crisis[ SDDS, from the International Monetary Fund, January 2007]. Be that as it may, the development of the economy of Brazil, contrasted from one year with another shows numbers very littler, as it developed roughly from 2. 3% in 2005 and 4. 9% in 2004[ state. gov/r/dad/ei/bgn/35640. htm#econ]. With respect to explicitly the furniture advertise, numbers show that in the earlier years, Brazilian imports diminished from $ 111 million out of 2000 to $ 96 of every 2001 (- 3%), which doesnââ¬â¢t appear to be very appealing for Ikea, thinking about its worldwide system of having one just provider for every item. The imports of furniture are commanded by the United States with 39%, trailed by Germany with 36% and Italy with 10%[ ABIMOVEL, Brazilian Association of Furniture Manufacturer, numbers from the case study]. The market of furniture in Brazil can be separated in three fundamental fragments: private (60%), office (25%) and institutional associations (15%). Investigation show that this keep going section is on the development and imports should increment extensively for the following 3 or 4 years, primarily imports from the United States. That could be fascinating if Ikea would support the institutional fragment, and on the off chance that they would have providers situated in the United States. The market is additionally controlled by high financing costs (18. 3% every year in 2001) which keep individuals from requesting bank advances, and in this way keep up their buying influence at lower levels than if they could acquire cash simpler. It at that point badly affects house buying and in arrangement, brings down the purchasing of house goods as well. An efficient hazard in regards to the imports of furniture is carried with Brazilian high government obligation staying at 51% of the GDP, in spit of a relative decrease in 2004. This obligation could prompt the solidifying of import charges and other item burdens or even money devaluation which could be appalling for Ikea and its low costs procedure dependent on high volume deals. A potential answer for focus on a market which spoke to roughly $ 3. 6 billion out of 2000 could be to utilize one of the 13,500 Brazilian furniture makers. The issue there is that the vast majority of these organizations are little, family claimed organizations not really adjusted for large scale manufacturing at a global scale. The focal points to have plan of action in neighborhood creation are that: The normal compensation for November 2006 is of Real 1 139. 8: $ 533. 2; The creation of particleboard which is utilized for 80% by the furniture business has expanded from 13% per year from 1990 to 1998, arriving at 1. 3 million m3. Social condition: Brazil establishes from the outset sight a mind boggling opportunity. On one hand, it speaks to a developing populace of 186 million individuals. Then again, it is additionally a market which can be contrasted with European ones: the populace is fundamentally Roman Catholic (74%), the greater part of the populace communicates in Portuguese, 86% of the Brazilian grown-ups are educated and the workforce is of 90. 4 million individuals with just 8. 4% unemployed[ Information from the USA government, state. gov/r/dad/ei/bgn/35640. htm#econ, 2005]. Be that as it may, as a large portion of the creating nations, polarization is a huge issue in the Brazilian culture. There are immense salary holes between the rich individuals and the destitute individuals. The 10% most extravagant individuals procure half of the absolutely pay and the 10% least fortunate individuals just get under 1%. Socia
Friday, August 21, 2020
Rule of St. Benedict and the Prayer of St. Francis Essay
Rule of St. Benedict and the Prayer of St. Francis - Essay Example Fundamentally, an assortment of devout conventions have added to the development of the strict life inside the Catholic Church. The guideline of devotion was predominantly completed by the different strict standards, for example, the Rule of St Basil and the Rule of St Benedict in the early times of asceticism and these principles were carefully seen by the priests. In any case, the Church laws of various categories started to manage devotion in the later periods and there was an extraordinary change in the mentality towards these strict standards. The determinations from the Rule of St. Benedict and the Prayer of St. Francis as given in the reading material give a significant outline of the devout conventions of various periods in the Church history. Regardless of their evident contrasts, both of these writings bode well with regards to the ascetic customs of the various periods. A relative examination of these two writings clarifies how asceticism fits into the Christian custom by and large and these writings give the best exhibitions of the strict principles of various religious conventions. In an examination of the choice from the Rule of St. Benedict, one comes to perceive the case of the ascetic custom of the beginning periods of devotion.
Sunday, June 7, 2020
Memo Addressing The Characteristics Of Sucessful Interviews - 275 Words
Memo Addressing The Characteristics Of Sucessful Interviews (Coursework Sample) Content: Tech Comm MEMOto:Tech Comm studentsfrom:xxxxyyyyzzzsubject:CHARACTERISTICS PRESENT IN WINNING INTERVIEWSDATE:January 31, 2018With this memo, I will present the characteristics of successful interviews based on my experiences attending a couple of sessions as an interviewee in the recent past. The employment interviews came around the same time and in this memo, I will summarize what I learnt from several different sessions. * Firstly, the primary characteristic that makes an interview a success is engagement and attentiveness from you and the panel. I had the sad experience of watching some panel members in two of my interviews looking absent-minded and asking unrelated questions. * Secondly, as an interviewee you must be honest with your interviewers about what you can and cannot do. In the job I eventually got, the panelists said my honesty about my limitations was a sign of integrity and would help the company train me once hired. * Lastly, a good interview is orde rly. As a job hunter, you must show up well prepared with all the requirements indicated in the job advert. I hope that you will meet organized interviewers who are also prepared, with distinct question roles and a deep familiarity with your rsum.
Sunday, May 17, 2020
Wednesday, May 6, 2020
Importance Of Cell Phones In The Classroom - 1719 Words
The idea of cell phones in the classroom is an immensely debated topic. Researchers and professors have done research and conducted experiments to decide if having technology in the classroom is beneficial or simply a distraction. Many schoolââ¬â¢s policies on the use of technology vary depending on the type of education system. The statistics given based on whether cell phone use is permitted at school is oftentimes used to support one side of the argument. People tend to lean towards a specific side of the argument based on the evidence given. Ramesh Sharmaââ¬â¢s ââ¬Å"Cell phones in the classroomâ⬠supports the idea of cell phones in the classroom while Sylvia McDonaldââ¬â¢s ââ¬Å"The effects and predictor value of in-class texting behavior on final courseâ⬠¦show more contentâ⬠¦McDonald uses a credible institution as a base for her research. McDonald does not completely disagree with the use of cellphones in the classroom. Cell phones can be an excellent f orm of communication, but often times become a distraction. As McDonald states, ââ¬Å"The more a student participated in in-class texting behavior, the lower their final gradeâ⬠(2013). This piece of evidence shows that cell phone use directly hurts the overall learning environment. The reader can interpret that a classroom that is cell phone based will have a harder time learning and getting the information. Cell phones distract the students from retaining the information. McDonald continues her argument by discussing the job of the teacher in this issue: ââ¬Å"While a professor certainly cannot control for individual behavior such as daydreaming or doodling, this study presents the necessity of some type of effective texting policyâ⬠(2013). McDonald explains that the teacher cannot control a student that refuses to pay attention However, a teacher can prevent distractions such as technology from entering the classroom with policies and rules. Overall, the author expla ins the relevance of cell phone use and how much of a distraction it can actually be by giving a reliable research tool that shows how theShow MoreRelatedThe Importance Of Cell Phones In The Classroom1194 Words à |à 5 Pagestechnology, even with the growing trend of cell phones being brought to school and used during class, our board of education must stick to the status quo, which is that cell phones should not be allowed in class. We need to disallow cell phones in class for three main reasons: they provide a temptation and distraction to students, studies have proven that cell phones correlate with lower test scores, and finally students can develop addictions to cell phones which can detrimentally affect the livesRead MoreThe Importance Of Cell Phone Bans In The Classroom773 Words à |à 4 Pagesfrom using phones in the classroom or from bringing them to school. But we do know that bans like these are common-and for good reasons. It helps both students and teachers. Why, the n, are cellphone bans still controversial? All schools, cellphones should not belong in the classroom because it is the action that makes the students stay away from studying. This issue should be put to rest once and for all. Cellphones keep students from concentrating and cyberbullying-kids who use phone will increaseRead MoreThe Misuse Of Cell Phones In School?1312 Words à |à 6 PagesCell Phones In School Do cell phones belong in school? Many think they can be a learning revolution while others think it is a learning deficit. In November 2017, the students of Deer Path Middle School were in the middle of LA class when suddenly a studentââ¬â¢s phone blared disrupting the whole class. He was trying to play a mobile game in class. Many could not overcome the shock but the teacher took swift action and punished the student according to his crime. Misuse of Phones Phones. They are somethingRead MoreCell Phones And Their Possession At School Essay1593 Words à |à 7 PagesCell phones in schools Researchers show in todayââ¬â¢s society that there is a higher rate of students having cell phones at school than in prior years. There are many pros and cons to children having cell phones in their possession at school. According to Maya Cohen, a 2010 Pew Research Center found that 65 percent of cell owning teens bring their phones to school despite any bans that may be in place. It is up to the child to know the rules and regulations when carrying a phone at school, and it isRead MoreCell Phones in School: Nuisance or Learning Tool Essay673 Words à |à 3 PagesCell phones over the past few years have become essential to teens. Attributable to this increase in cellphones teens bring them everywhere including school. Consequently though, students who bring them into school often use them without the teacherââ¬â¢s consent and get distracted. On the other hand, if teachers allowed the use of these devices, they could work as an aid. Although some believe that phones distract st udents in class, implementing them in the classroom could help learning, and may helpRead MoreRestricted Cell Phone Areas896 Words à |à 4 PagesIn the article From Stone Age To Phone Age , author Barbara Ehrereich argues that all cell phones serve as a status symbol, thus presenting mankind s selfish attempt to showboat their level of importance. By publicly engaging in meaningless conversations individuals are able to obtain admirer s jealously; thus portraying that the on-lookers are lonely because of their absence of a cellular phone or lack of received calls. In fact since primal times it has been a tendency of humans to competeRead MoreTechnology in the American Classroom1154 Words à |à 5 Pagesour homework, and even communication are all examples of how technology has evolved simple tasks. Even furthermore, technology has changed the way education has been taught and received in American classrooms. However, technology was not always so highly advanced in American school s. In fact, a classroom in the 1950ââ¬â¢s had little to no technology; one would find blackboards, chalk, handouts, and quite possibly a film-strip projector. However, even the ââ¬Å"advancementâ⬠of a film-strip projector requiredRead MoreMy First Phone At The Age Of 10865 Words à |à 4 Pages I remember my first phone at the age of 10, it was a small Nokia that lit up different colors each time I received a call. I thought it was the best phone I ever had till this day because it was so different from the others despite that it was a pain trying to add on a ringtone from my favorite song because I had to use the voice recorder to record the songs on the radio and set them as my ringtone. I can tell you I was surrounded by technology every second during my youth. To computers, downloadingRead MoreThe Internet Is The Most Popular Medium For Data Sharing, And Communication1586 Words à |à 7 Pagesthese same prospects in hopes of a more efficient/engaged classroom. To kee p up with changing times, classrooms (K-12, and higher education) are undergoing dramatic changes in structure, curriculum, and classroom setting. The post computer generation is being thrown into an experimental learning and social environment without understanding the possible contingencies. Not only are college students being exposed to internet inside classrooms, but use it even more frequently outside of class. It is relevantRead MoreThe Importance Of Cell Phones And Driving1053 Words à |à 5 Pagesuse of cell phones that they are no more conscious of what is going on around them. ââ¬Å"Studies found out that more than 90 percent of students admit to using their devices for non-class activities during class times.â⬠During class hours, students are busy texting on their phones while the class is going on. This has led to lack of concentration towards students therefore leading to poor academic performance. Also, ââ¬Å"Sextingâ⬠- the act of sending or receiving explicit pictures by cell phones is more
Corporations and Business Structures Business Clients
Question: Describe about the Corporations and Business Structures for Business Clients. Answer: Part 1: Questions with clients Answers In this part of the assignment, it is required that certain questions that should be asked to the client before providing the advice. The answers to these questions will provide the necessary information on instructions. But some of this information is essential for providing the advice, other information will also be helpful as background. For this purpose, and interview has been conducted with Mr. ___________, who runs an Indian restaurant, which was rising in Indian street food. At present he is running the business as a proprietary limited company but as he is owing to expand business, he wants advice regarding the most appropriate business structure for him. For this purpose, the following questions were asked to him. Q1: what business plan was adopted by you? Ans: the business plan adopted was to start an Indian business specializing in Indian street food., I had started a small restaurant that was being done as a private limited company. Q2: have you conducted market research before starting the business? Ans: I had done extensive market research before starting the business and realized that a good demand this prison for Indian street food. Q3: what were the main strategies adopted by you? Ans 4: In order to run the business successfully, I had always tried and tested new cuisines and products for our customers. Our strength lies in the case of our products. Moreover, we have also that the strategies to remain focused on our products, service and consumer centric. Q 5: You're running your business as a private company, are you the only main officer of the company? Ans: there are two other shareholders in the company but I am independent director of the company. Q 6: How do you divide the property losses of the company? Ans: The profits and losses of the company as well as all the investments are equally shared by all the members of the company. Q 7: In the beginning, how much capital was invested in the company? how these funds were raised and did you opt for a business loan? Ans: The business was started in 2012. In the beginning it was only a 25 seats restaurant. The initial investment in the business was made with the capital of $200,000. Out of these funds, a part came from retained earnings and for the rest of the amount, a business loan was taken. Q 8: what were the factors that have an impact on your choice of location for the restaurant? Ans: As the restaurant was going to serve Indian street food, the main target customers were the Indian community. Therefore, the area with a sizable Indian population was the most appropriate location for the restaurant. Q 9: What licenses and permissions were required for the business? Ans: a number of licenses and permissions were required. For example, the food premises license and the approval of the Council for the kitchen were necessary. Q 10: What were the resources that you had, that helped in running your business successfully? as I am a trained chef, it helped a lot in running the restaurant business successfully. Apart from these skills, my retained earnings also help in establishing the business. Part 2 Relevant law In order to decide the most appropriate structure for the clients, it is required that research should be conducted regarding the laws related with companies. The term company or a corporation includes all the legal entities that enjoy a separate legal identity. In the eyes of law, a company has its own identity and it is considered as being separate from the shareholders of the company. The law allows a company to own property in its own name. In this regard, the Corporations Act, 2001 (Cth) provides that a company has all the powers enjoyed by an individual and he does the legal capacity to issue and cancel shares. The doctrine of separate legal identity of the company was provided by the court for the first time in Saloman v Saloman Co Ltd.[1] According to section 45 A of the Corporations Act, a proprietary company has been described as the company that involves shares or share capital and it can have a maximum number of 50 shareholders. The proprietary companies are not required to make any disclosures to the investors.[2] A proprietary company is allowed to have more than one director. In this regard, section 113[3] of the Act provides that the person should do apply to the ASIC for the registration of a new company and there should be at least one shareholder. According to section 119, a company is considered as a corporate body on the same day when it has been registered. Therefore in this case, the company requires the status of separate legal entity.[4] The law provides that a proprietary company is not allowed to raise funds by inviting people. Only the shareholders or the employees of the corporation can lend money by acquiring more shares in the corporation. According to section 136,[5] a company should adopt a co nstitution where all the members of the company have agreed to it in writing at the time of registration of the company.[6] It has been provided by section 198A that the directors of the company have the responsibility to manage the affairs of the corporation and to exercise the powers that have been conferred by the long the directors. Another important provision in section 128 of the which provides that while dealing with a corporation, the outsiders can make certain assumptions regarding the appointment of the directors and officers of the corporation and also regarding the fact that all the internal procedures of the company have been followed while entering into a transaction.[7] Changing Company Type Section 162 of the Corporations Act provides that the nature of proprietary limited company can be changed into a public limited company. In this regard, section 163 provides that the existing company has to file an application with the ASIC to change the type of the company. Such application is required to accompany documents like a special resolution and a consolidated document containing the constitution of the corporation. According to section 165,[8] if the ASIC is satisfied with the application, it may allow the conversion of the existing proprietary company into a public limited company and issue a new registration certificate. Under the relevant provision is present in section 166[9] according to which the conversion of a proprietary company into a public limited company will not result in the creation of a new legal entity. In this way, the rights and obligations and the property of the company will not be affected by this change. According to section 124 of the Act, a company can issue shares, debentures or options and all legal capacity and powers have been provided to the company in this regard.[10] Similarly, it has been mentioned by section 254A that bonds and preference shares can also be issued by company. Certain duties have been imposed on the directors of the companies by the law. For example, according to section 180, it is the responsibility of the directors of the corporation to excise due care and diligence. Therefore the directors and the officers should perform their duties by exercising due care and diligence.[11] Section 181[12] is also related with the directors duties and provides that the powers should be exercised by the directors in good faith and further benefit of the corporation.[13] Similarly, section 182 mentions that the powers that be exercised by the directors and other officers of the corporation properly and for the benefit of the company.[14] According to section 286, it has been provided that the company is a disclosing entity and it is the obligation of the company to maintain the financial records efficiently that should be capable of revealing the actual financial position and performance of the corporation. In this context, section 292[15] provides that a public company is required to provide a financial report and the directors report regarding each financial year. It has also been mentioned by section 295 that the annual report of the company should contain financial statements an along with a declaration by the directors of the corporation. The directors are also required to prepare a report in accordance with section 300[16] and this report should mention the distribution of dividend to the members of the company. Section 307A is also relevant provision as it provides that audit should be performed in the company in accordance with the relevant accounting standards. The auditing firm should audit of the financial reports of the corporation regarding the financial year in accordance with the relevant standards.[17] Similarly it has been mentioned in section 308 that the auditors should inform the members of the corporation whether it complies with the relevant accounting standards or not. It has been mentioned in section 250N that a public company is under an obligation to hold an annual general meeting of the company within 18 months after the registration of the company.[18] Similarly the law provides that a public company should hold an annual general meeting of the company at least once in a financially year. All the records related to the company, like the financial records, director's report or the auditors' report should be presented in this meeting. According to section 516,[19] the members of the public limited company are not required to contribute anything more than the amount that has been paid by them on the shares of the company regarding the liabilities of the company. In this context, section 519 provides that the past members of the corporation, before the conversion of the company, will still be held liable for contributory to the debts and liabilities of the corporation. A very significant duty has been placed on the directors of the company by section 588G. this duty requires that the directors should not allow the company to involve in insolvent trading. This duty is applicable only person who is a director of the company when the company is going to incur a debt and as a result of such debt, the company may become insolvent. In such a case, the directors of the corporation will be held liable for the breach of this duty. On the other hand, if the failure to prevent the company from trading while these insolvent is dishonest, the director may be held criminally liable. Part 4: Advice After considering all the information that has been provided to me in this case, and keeping in view the aim of the business to expand in future, it can be suggested that there is an option available according to which, the proprietary limited company can be converted into a public limited company. In this case, the restaurant business is doing well and therefore in order to expand the business of the company to the desired level, a large amount of capital will be needed in future. Therefore, by changing the company into a public limited company, it will be easy to raise this large amount of funds that will be required for the expansion of the business in future. In this regard, section 162 of the Corporations Act provides that the existing proprietary limited company can be changed into a public limited company. For this purpose, an application has to be filed with the ASIC under section 163 for the purpose of changing the company into a public limited company. Along with this resolution, a special resolution passed by all the members of the board should be attached according to which, the board should have passed the decision of converting into a public limited company. Similarly, a copy of the constitution of the company should also be attached with this application as required by section 136 of the Act. In the same way, the copies of all the documents that are required to decide the rights and the obligations of the company should also be attached. In accordance with section 165, the ASIC may direct the company to fulfill all the necessary changes that has to be made in order to transform the company into a public limited company and ther efore, a new registration certificate will be provided to the company by the ASIC. After the proprietary limited company has been transformed into a public limited company, there will be a number of benefits available to the company. In this regard it has been mentioned in section 166 that the conversion of the proprietary company into a public limited company does not result in the creation of a new legal entity. Therefore the existing property and the rights and obligations of the corporation will not be affected by such transformation. However in this case, at least three directors will be required for the new public limited company and out of these, at least two directors of the company should be residing in Australia. After becoming a public limited company, the corporation of the client will have the power to issue shares, debentures, securities and options in accordance with s124. Therefore, shares can be issued by the company to the public for the purpose of raising capital for the expansion of the business of the company. The success of the business plans related with expansion required that appropriate capital structure should be decided for the company that can involve borrowings and issue of shares to the investors. Therefore, in the present case it is advisable that the nature of the company is changing to a public limited company. Bibliography Andrew Gibson Douglas Fraser, commercial law, (Lawbook Co: 1st ed,2003) Andy Gibson, Douglas Fraser, business law , 3th ed, 2007 Parker, Box, Business Law for Business Students (Lawbook Co: 2008 ed, 2008) R B Vermeesch, K E Lindgren, Business Law of Australia, 10th ed, 2001. Roger Gamble, et al, Principles of Business Law ( LawBook Co: 2008 ed, 2008) Stephen Graw, An Introduction to the Law of Contract (Lawbook Co: 6th ed, 2008) Case Law ASIC v Adler (No 3) (2002) 168 FLR 253 ASIC v Hellicar (2012) 86 ALJR 522 Brick Pipe industries Ltd v Occidental Life Nominees Pty Ltd (1992) 2 VR 279 Daniels v AWA Ltd (1995) 37 NSWLR 438 Saloman v Saloman Co Ltd (1897) AC 22 Legislature Section 113, Corporations Act, 2001 Section 136, Corporations Act, 2001 Section 165, Corporations Act, 2001 Section 166, Corporations Act, 2001 Section 180, Corporations Act, 2001 Section 292, Corporations Act, 2001 Section 300, Corporations Act, 2001 Section 516, Corporations Act, 2001
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