How often do you meet people who admit that they are truly excited about life? Most likely, rarely. The perfect life, it appears when I ask around, is elusive for many. In fact, less than 20% of people existing today were exposed to the right circumstances that enabled them to make the right choices early in life. There are therefore very few who stand a high chance to get the life that matches their aspirations if these statistics were to be interpreted literally.
The rest are likely to make regrettable decisions, influence mainly influenced by stereotypes and parents. This may explain the reason why many people I meet always wish they were living a different life or were not born in their respective families. Given this reality; that the perfect life escaped from our hands many years ago, the wise option is, finding ways of making our current status work for us. It simply means making things work out on your side, at least in the meantime, instead of constantly looking elsewhere and getting increasingly frustrated and hoping you were somebody else.
The first step is, to establish the fine details of the things you hate about your current status. List them down. The next step is to take the necessary and possible measures to reverse the negative aspects of the life you are living currently. You must take time to know where your problem really lies and analyze the possible ways of making things good. Remember that the best way to appreciate life is to imagine yourself without one.
Tuesday, October 6, 2009
The law on the duty to prepare, lay and deliver accounts.
At one time, the keeping of accounts by a company was considered merely as the domestic concern or an in-house affair of the company and its stakeholders. But that is no more because the modern legislation has been secured to expose the financial affairs of a company. Publications of the accounts sis now insisted upon to provide shareholders with all the necessarily information of the financial position of the business in a form that they can understand and also due to the fact that it is a matter of public importance for large companies.
The author of this article therefore tries to expose the accounting records that must be kept by a company. Under the companies Act, records must be sufficient to show and explain the company’s transactions. This means that such kind of accounts must disclose with reasonable accuracy, at any time, the financial position of the business. They must also enable the directors to ensure that any balance sheet or profit and loss account prepared by them complies with the requirements of the companies Act.
Accounting records must be kept by the company’s registered office or at such other place as the directors may think fit, and must at all times be open to inspection by company officers. In respect of each accounting reference period of a company, the directors must lay before the company in the general meeting a copy of the profit and loss account, the balance sheet, auditors’ report and the directors’ report. These are expected give a fair view of the business transactions.
The author of this article therefore tries to expose the accounting records that must be kept by a company. Under the companies Act, records must be sufficient to show and explain the company’s transactions. This means that such kind of accounts must disclose with reasonable accuracy, at any time, the financial position of the business. They must also enable the directors to ensure that any balance sheet or profit and loss account prepared by them complies with the requirements of the companies Act.
Accounting records must be kept by the company’s registered office or at such other place as the directors may think fit, and must at all times be open to inspection by company officers. In respect of each accounting reference period of a company, the directors must lay before the company in the general meeting a copy of the profit and loss account, the balance sheet, auditors’ report and the directors’ report. These are expected give a fair view of the business transactions.
The law relating to transfer of shares
The stock market has become the backbone of many economies in the world. Unfortunately, those who are engaged in such markets know little or nothing on the law that regulate their trading. One of the very critical areas that every investor must know is the laws that govern the transfer of shares by a company and also individuals. There is a distinction between a transfer of shares and the transmission of shares. A transfer is by the act of the member of a company, while transmission occurs by operation of the law on the death or the bankruptcy of a member.
Every shareholder has a right to transfer his or her shares unless otherwise provided in the articles. As per the companies Act, “it is provided that the shares in a company under these Acts shall be capable of being transferred in a manner provided by the regulations of the company. Such regulations of the company may impose restraints upon the right of transfer….”
However, the directors of a company may, in their absolute discretion and without assigning any reason therefore, refuse to register any transfer of share. In such a case, the court may not interfere with the transfer unless one shows that the directors are exercising their discretion improperly.
A forged transfer of shares is a nullity and cannot affect the title of the shareholder whose signature is forged. If the company therefore has registered the forged transfer and removed the true owner of the rights from the register, it can be compelled to replace him.
Every shareholder has a right to transfer his or her shares unless otherwise provided in the articles. As per the companies Act, “it is provided that the shares in a company under these Acts shall be capable of being transferred in a manner provided by the regulations of the company. Such regulations of the company may impose restraints upon the right of transfer….”
However, the directors of a company may, in their absolute discretion and without assigning any reason therefore, refuse to register any transfer of share. In such a case, the court may not interfere with the transfer unless one shows that the directors are exercising their discretion improperly.
A forged transfer of shares is a nullity and cannot affect the title of the shareholder whose signature is forged. If the company therefore has registered the forged transfer and removed the true owner of the rights from the register, it can be compelled to replace him.
Law and company registration
Are you in a business where you and other partners are unsettled whether to register the business or not? You may also have begun a business that you are not sure whether to turn it to an officially registered entity. The truth is that you do not need to hesitate any more. Business registration will bring you many advantages that you may not be seeing at the moment, build your business confidence and improve your public image.
To begin, understand that a registered company is a corporation, that is, a separate legal entity distinct from its members. To be more precise, the debts and the contracts of a listed company are those of the business and not of the members. This benefit extends to the fact that unless the business is wound up, it has perpetual succession. This is simply means that it is not affected by death, bankruptcy, mental disorder or retirement of any of its members.
The property of a registered company belongs to and vested in the company, so that there is no change in the ownership of, or in the formal title to, the property on a change in the ownership of shares in the company. A listed business can therefore contract with its members and can sue and be sued on such contracts.
One of the most important things to note is that the number of people in a private registered company cannot exceed fifty persons but there is no limit on the number in a public one, but, except in cases such as certain partners are practicing professional men as accountants, solicitors, stockbrokers, agents, surveyors, actuaries and so on.
To begin, understand that a registered company is a corporation, that is, a separate legal entity distinct from its members. To be more precise, the debts and the contracts of a listed company are those of the business and not of the members. This benefit extends to the fact that unless the business is wound up, it has perpetual succession. This is simply means that it is not affected by death, bankruptcy, mental disorder or retirement of any of its members.
The property of a registered company belongs to and vested in the company, so that there is no change in the ownership of, or in the formal title to, the property on a change in the ownership of shares in the company. A listed business can therefore contract with its members and can sue and be sued on such contracts.
One of the most important things to note is that the number of people in a private registered company cannot exceed fifty persons but there is no limit on the number in a public one, but, except in cases such as certain partners are practicing professional men as accountants, solicitors, stockbrokers, agents, surveyors, actuaries and so on.
Company registration- procedure and law implications
The business world today is more sophisticated with many factors dictating whether you will be or even fail to appear in the list of successful business people. Unfortunately, many people want to engage in business without necessarily observing the law requirements. This puts you at a danger of loosing a lot of money in future if there is anything that has some law implications. In fact, so long as you are living in a land where there is law that governs behavior, know that all that you do, including business has some law.
Are you thinking of registering your company, and do you know the procedure involved? Business registration is one of the fundamental pre-requisites that define a serious business person. This shows that you are serious about business achievements. Know that you must build a strong foundation as it dictates how far you will go. Registration is an investment. It may appear costly in terms of time and the lengthy processes involved, but in the long run, it is very beneficial. No matter how carefully you do you finishing, if you do not lay the best foundation for you house, it will collapse at the most critical moment. This also applies to business.
If you are involved in a business where there are many partners, you need to forward you application for registration with several documents. First, a memorandum of association which states the objects of the company must be produced. Objects of the company is a word used to describe the main items in he company. These include the name, capital, official office, the directors and any other relevant divisions.
Are you thinking of registering your company, and do you know the procedure involved? Business registration is one of the fundamental pre-requisites that define a serious business person. This shows that you are serious about business achievements. Know that you must build a strong foundation as it dictates how far you will go. Registration is an investment. It may appear costly in terms of time and the lengthy processes involved, but in the long run, it is very beneficial. No matter how carefully you do you finishing, if you do not lay the best foundation for you house, it will collapse at the most critical moment. This also applies to business.
If you are involved in a business where there are many partners, you need to forward you application for registration with several documents. First, a memorandum of association which states the objects of the company must be produced. Objects of the company is a word used to describe the main items in he company. These include the name, capital, official office, the directors and any other relevant divisions.
Establishing values that guarantee your destiny
While your own mission statements announces where you want to be ten years from now, it is the description of your own values that communicates the behaviors that will get you there. People always overlook this important step which they should be using as matching orders towards a successful life. Developing the values that will support your mission requires the involvement of all the faculties of your life and commitment from your own self.
You must begin by coming up with the first version of the principles that will enable you get there. But you should make sure that you repeatedly look over them to establish their authenticity. The description of your principles must be very specific. You should look at developing ethics that are not self centered. Never let your self centeredness be the stumbling block in the way of doing well to others. In fact, treat others the way you would want to be treated. Further, never try to get into relationships in order to maximize short term gains at the expense of building enduring relationships.
Look for ways to make you follow the values that you have laid down for yourself. To make such principles really mean something, you must be accountable to yourself and to another trustworthy person. This may sometimes call for reward to yourself for exhibiting them consistently. Remember that the mission statements for your life and the values must be mutually reinforcing in order for them to work as a winning preposition. In most common scenarios, a mission and values rapture due to the little life crises.
You must begin by coming up with the first version of the principles that will enable you get there. But you should make sure that you repeatedly look over them to establish their authenticity. The description of your principles must be very specific. You should look at developing ethics that are not self centered. Never let your self centeredness be the stumbling block in the way of doing well to others. In fact, treat others the way you would want to be treated. Further, never try to get into relationships in order to maximize short term gains at the expense of building enduring relationships.
Look for ways to make you follow the values that you have laid down for yourself. To make such principles really mean something, you must be accountable to yourself and to another trustworthy person. This may sometimes call for reward to yourself for exhibiting them consistently. Remember that the mission statements for your life and the values must be mutually reinforcing in order for them to work as a winning preposition. In most common scenarios, a mission and values rapture due to the little life crises.
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