Corporate Publishing - Eigenschaften, Formen, Bedeutung (German Edition)
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Resources in your library Resources in other libraries. Coetzee and Jean-Paul Sartre. In many developed countries outside the English speaking world, company boards are appointed as representatives of both shareholders and employees to " codetermine " company strategy. Musil originally opposed publishing only sections of his still unfinished work and later regretted submitting to his publisher's insistence, because what was already printed could not be subjected to further amendments. William Burroughs claims that such work is centred on the concepts of struggle, pain, solitude, and the need for relationships. Fischer Verlag republished them.
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Contact for all enquiries concerning the document server is the IT department at the University Library in Frankfurt am Main. Placing an article on the document server only takes a few minutes. Check with your publishing company whether this type of self archiving is permissible. More information about publishers and their reaction to a parallel online production are in this Sherpa-Romeo list under: Open Access published articles reach a greater audience than those articles published in expensive journals and increase the desirable Impact Factor of your academic scientific work.
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Help Using this publication server Hints for searching Help for authors I have some more questions - whom shall I contact? Single elements of the application form How do I publish my work here? Legal aspects What's to regard if I plan to publish my work by a professional publisher or have done that already? What about licenses for my publication? The law will set out which rules are mandatory, and which rules can be derogated from. Examples of important rules which cannot be derogated from would usually include how to fire the board of directors , what duties directors owe to the company or when a company must be dissolved as it approaches bankruptcy.
Examples of rules that members of a company would be allowed to change and choose could include, what kind of procedure general meetings should follow, when dividends get paid out, or how many members beyond a minimum set out in the law can amend the constitution.
Usually, the statute will set out model articles , which the corporation's constitution will be assumed to have if it is silent on a bit of particular procedure. The United States, and a few other common law countries, split the corporate constitution into two separate documents the UK got rid of this in The memorandum of Association or articles of incorporation is the primary document, and will generally regulate the company's activities with the outside world.
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It states which objects the company is meant to follow e. The articles of association or by-laws is the secondary document, and will generally regulate the company's internal affairs and management, such as procedures for board meetings, dividend entitlements etc. In the event of any inconsistency, the memorandum prevails [17] and in the United States only the memorandum is publicised.
In civil law jurisdictions, the company's constitution is normally consolidated into a single document, often called the charter. It is quite common for members of a company to supplement the corporate constitution with additional arrangements, such as shareholders' agreements , whereby they agree to exercise their membership rights in a certain way. Conceptually a shareholders' agreement fulfills many of the same functions as the corporate constitution, but because it is a contract, it will not normally bind new members of the company unless they accede to it somehow. Another common method of supplementing the corporate constitution is by means of voting trusts , although these are relatively uncommon outside the United States and certain offshore jurisdictions.
Some jurisdictions consider the company seal to be a part of the "constitution" in the loose sense of the word of the company, but the requirement for a seal has been abrogated by legislation in most countries. The most important rules for corporate governance are those concerning the balance of power between the board of directors and the members of the company.
Authority is given or "delegated" to the board to manage the company for the success of the investors. Certain specific decision rights are often reserved for shareholders, where their interests could be fundamentally affected. There are necessarily rules on when directors can be removed from office and replaced. To do that, meetings need to be called to vote on the issues.
How easily the constitution can be amended and by whom necessarily affects the relations of power. It is a principle of corporate law that the directors of a company have the right to manage.
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In the United Kingdom , the right to manage is not laid down in law, but is found in Part. This means it is a default rule, which companies can opt out of s. UK law specifically reserves shareholders right and duty to approve "substantial non cash asset transactions" s.
Probably the most fundamental guarantee that directors will act in the members' interests is that they can easily be sacked. During the Great Depression , two Harvard scholars, Adolf Berle and Gardiner Means wrote The Modern Corporation and Private Property , an attack on American law which failed to hold directors to account, and linked the growing power and autonomy of directors to the economic crisis. In the UK, the right of members to remove directors by a simple majority is assured under s. In the US, Delaware lets directors enjoy considerable autonomy. If the board is classified, then directors cannot be removed unless there is gross misconduct.
In most jurisdictions, directors owe strict duties of good faith , as well as duties of care and skill, to safeguard the interests of the company and the members. In many developed countries outside the English speaking world, company boards are appointed as representatives of both shareholders and employees to " codetermine " company strategy. Directors also owe strict duties not to permit any conflict of interest or conflict with their duty to act in the best interests of the company. This rule is so strictly enforced that, even where the conflict of interest or conflict of duty is purely hypothetical, the directors can be forced to disgorge all personal gains arising from it.
In Aberdeen Ry v. However, in many jurisdictions the members of the company are permitted to ratify transactions which would otherwise fall foul of this principle. The standard of skill and care that a director owes is usually described as acquiring and maintaining sufficient knowledge and understanding of the company's business to enable him to properly discharge his duties. This duty enables the company to seek compensation from its director if it can be proved that a director has not shown reasonable skill or care which in turn has caused the company to incur a loss.
Directors are also strictly charged to exercise their powers only for a proper purpose. For instance, were a director to issue a large number of new shares, not for the purposes of raising capital but in order to defeat a potential takeover bid, that would be an improper purpose. Ronald Coase has pointed out, all business organizations represent an attempt to avoid certain costs associated with doing business. Each is meant to facilitate the contribution of specific resources - investment capital, knowledge, relationships, and so forth - towards a venture which will prove profitable to all contributors.
Except for the partnership, all business forms are designed to provide limited liability to both members of the organization and external investors.
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Business organizations originated with agency law , which permits an agent to act on behalf of a principal, in exchange for the principal assuming equal liability for the wrongful acts committed by the agent. For this reason, all partners in a typical general partnership may be held liable for the wrongs committed by one partner.
Those forms that provide limited liability are able to do so because the state provides a mechanism by which businesses that follow certain guidelines will be able to escape the full liability imposed under agency law. The state provides these forms because it has an interest in the strength of the companies that provide jobs and services therein, but also has an interest in monitoring and regulating their behaviour.
Members of a company generally have rights against each other and against the company, as framed under the company's constitution. However, members cannot generally claim against third parties who cause damage to the company which results in a diminution in the value of their shares or others membership interests because this is treated as " reflective loss " and the law normally regards the company as the proper claimant in such cases.
In relation to the exercise of their rights, minority shareholders usually have to accept that, because of the limits of their voting rights, they cannot direct the overall control of the company and must accept the will of the majority often expressed as majority rule. However, majority rule can be iniquitous, particularly where there is one controlling shareholder. Accordingly, a number of exceptions have developed in law in relation to the general principle of majority rule.
voice into German including words, grammatical structures, the needs of the These reference editions should be used until a new edition is released. . There are only some occasions that allow shortened form of words. Trademarked names and the name Microsoft Corporation shouldn't be .. der Eigenschaften. The Man Without Qualities is an unfinished modernist novel in three volumes and various drafts Original title, Der Mann ohne Eigenschaften In the German edition, there is even a CD-ROM available that holds thousands of pages of . Musil originally opposed publishing only sections of his still unfinished work and later.
Through the operational life of the corporation, perhaps the most crucial aspect of corporate law relates to raising capital for the business to operate. The law, as it relates to corporate finance, not only provides the framework for which a business raises funds - but also provides a forum for principles and policies which drive the fundraising, to be taken seriously.
Two primary methods of financing exists with regard to corporate financing, these are:. Each has relative advantages and disadvantages, both at law and economically. Additional methods of raising capital necessary to finance its operations is that of retained profits [31] Various combinations of financing structures have the capacity to produce fine-tuned transactions which, using the advantages of each form of financing, support the limitations of the corporate form, its industry, or economic sector.
A mix of both debt and equity is crucial to the sustained health of the company, and its overall market value is independent of its capital structure. One notable difference is that interest payments to debt is tax deductible whilst payment of dividends are not, this will incentivise a company to issue debt financing rather than preferred shares in order to reduce their tax exposure. A company limited by shares, whether public or private, must have at least one issued share; however, depending on the corporate structure, the formatting may differ.
If a company wishes to raise capital through equity, it will usually be done by issuing shares. In the common law, whilst a shareholder is often colloquially referred to as the owner of the company - it is clear that the shareholder is not an owner of the company but makes the shareholder a member of the company and entitles them to enforce the provisions of the company's constitution against the company and against other members. Shares also normally have a nominal or par value, which is the limit of the shareholder's liability to contribute to the debts of the company on an insolvent liquidation.
Shares usually confer a number of rights on the holder. These will normally include:. Companies may issue different types of shares, called "classes" of shares, offering different rights to the shareholders depending on the underlying regulatory rules pertaining to corporate structures, taxation, and capital market rules.
It might provide that preference shareholders shall each receive a cumulative preferred dividend of a certain amount per annum, but the ordinary shareholders shall receive everything else. Corporations will structure capital raising in this way in order to appeal to different lenders in the market by providing different incentives for investment. Most jurisdictions regulate the minimum amount of capital which a company may have, [ citation needed ] although some jurisdictions prescribe minimum amounts of capital for companies engaging in certain types of business e.
Often this extends to prohibiting a company from providing financial assistance for the purchase of its own shares. Events such as mergers, acquisitions, insolvency, or the commission of a crime will adversely affect the corporation in its current form. At the end of the corporate lifecycle, a corporation may be "wound up" and enter into bankruptcy liquidation. This often arises when the corporation is unable to discharge its debts in a timely manner.
Comparatively, a merger or acquisition can often mean the altering or extinguishing of the corporation. In addition to the creation of the corporation, and its financing, these events serve as a transition phase into either dissolution, or some other material shift. Liquidation is the normal means by which a company's existence is brought to an end. It is also referred to either alternatively or concurrently in some jurisdictions as winding up or dissolution. Liquidations generally come in two forms — either compulsory liquidations sometimes called creditors' liquidations and voluntary liquidations sometimes called members' liquidations , although a voluntary liquidation where the company is insolvent will also be controlled by the creditors, and is properly referred to as a creditors' voluntary liquidation.
Where a company goes into liquidation, normally a liquidator is appointed to gather in all the company's assets and settle all claims against the company. If there is any surplus after paying off all the creditors of the company, this surplus is then distributed to the members. As its names imply, applications for compulsory liquidation are normally made by creditors of the company when the company is unable to pay its debts. However, in some jurisdictions, regulators have the power to apply for the liquidation of the company on the grounds of public good, i.
Voluntary liquidations occur when the company's members decide voluntarily to wind up the affairs of the company. This may be because they believe that the company will soon become insolvent , or it may be on economic grounds if they believe that the purpose for which the company was formed is now at an end, or that the company is not providing an adequate return on assets and should be broken up and sold off.
Some jurisdictions also permit companies to be wound up on "just and equitable" grounds. For obvious reasons, in most countries, the courts have been reluctant to wind up a company solely on the basis of the disappointment of one member, regardless of how well-founded that member's complaints are. Accordingly, most jurisdictions that permit just and equitable winding up also permit the court to impose other remedies, such as requiring the majority shareholder s to buy out the disappointed minority shareholder at a fair value.
Insider trading is the trading of a corporation 's stock or other securities e. In most countries, trading by corporate insiders such as officers, key employees, directors, and large shareholders may be legal if this trading is done in a way that does not take advantage of non-public information.
However, the term is frequently used to refer to a practice in which an insider or a related party trades based on material non-public information obtained during the performance of the insider's duties at the corporation, or otherwise in breach of a fiduciary or other relationship of trust and confidence or where the non-public information was misappropriated from the company. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders in the United States, defined as beneficial owners of ten percent or more of the firm's equity securities must be reported to the regulator or publicly disclosed, usually within a few business days of the trade.
Many investors follow the summaries of these insider trades in the hope that mimicking these trades will be profitable. While "legal" insider trading cannot be based on material non-public information , some investors believe corporate insiders nonetheless may have better insights into the health of a corporation broadly speaking and that their trades otherwise convey important information e. In the United States , most corporations are incorporated , or organized, under the laws of a particular state. The laws of the state of incorporation normally governs a corporation's internal operations, even if the corporation's operations take place outside that state.
Corporate law differs from state to state. Business entities may also be regulated by federal laws [39] and in some cases by local laws and ordinances. A majority of publicly traded companies in the U. From Wikipedia, the free encyclopedia. For types of business entities, see List of business entities. Corporate forms by jurisdiction.
Business judgment rule Corporate governance De facto and estoppel corporations Internal affairs doctrine Limited liability Piercing the corporate veil Rochdale Principles Ultra vires. Civil procedure Contract Corporate registers. Management accounting Financial accounting Financial audit. Cooperative Corporation Limited liability company Partnership Sole proprietorship State-owned enterprise.
Annual general meeting Board of directors Supervisory board Advisory board Audit committee. Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions. Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics.
Marketing Marketing research Public relations Sales. Business analysis Business ethics Business plan Business judgment rule Consumer behaviour Business operations International business Business model International trade Business process Business statistics.
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Preferential trading area Free trade area Customs union Single market Economic union Monetary union Fiscal union Customs and monetary union Economic and monetary union. Imports Exports Tariffs Largest consumer markets Leading trade partners. Comparative advantage Competitive advantage Heckscher—Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa—Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade.
Types of business entity. Piercing the corporate veil.
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Corporate liability and Corporate crime. Board of directors and Directors' duties. Such agents have duties to discharge of a fiduciary nature towards their principal. And it is a rule of universal application that no one, having such duties to discharge, shall be allowed to enter into engagements in which he has, or can have , a personal interest conflicting or which possibly may conflict , with the interests of those whom he is bound to protect So strictly is this principle adhered to that no question is allowed to be raised as to the fairness or unfairness of the contract entered into