2. Devious and Liability under Computer Misuse Act 1990 Devious, the employee of Human Resources, who gained the access to the verified account detailed information of their customer, without authority, contravened the regulation protected by the Section 1 Computer Misuse Act 1990 (CMA 1990). Words in Section 1(1) define a person’s offence with acting unauthorized access to computer materials. The relevant activities what Devious had done are unauthorized access into the organization’s system and
Limited Liability Companies (LLCs) Rationale. The advent of the limited liability company in the 1990’s came about primarily to promote small business start-ups by providing substantial asset protection, simpler rules, and favorable state and local tax treatments (Millon, 2007; Riles & Whitlock, 2003: Vandervoort, 2004). LLCs are also typically easier and less expensive to form and manage than a corporation and quickly became the entity of choice (Hopson & Hopson, 2014). Similarities to corporations
obligations completely divergent from those of its shareholders (Tweedale and Flynn, 2007, p.270). Courts and legislation nevertheless sometimes “pierce the corporate veil” in a bid to hold the shareholders personally accountable for the corporation’s liabilities. Courts
Corporation origin from the Latin word Corpus which means body. It is formed by a group of people and has separate rights and liability from those individual. In any means, corporation exists independently from its owner and this principle is called the doctrine of separate personality. Doctrine of separate personality is the basic and fundamental principle in a Company Law. This principle outline the legal relationship between company and its members. Company’s assets belong to the company not the
There are two reasons entrepreneurs form business entities: to protect personal assets and to reduce taxes, limited liability companies (LLCs) do both. Since their widespread application in the 1990’s, LLCs have become the most popular U.S. entity formation (Garcia-Gallont & Kilpinen, 2015). As is the case of corporations, limited liability provides “a mythical ‘corporate veil’” (p. 411) that protects the members’ personal assets from creditors (Albert, 2015). One remedy creditors and other
criminal liability on corporations. Criminal liability, was earlier not associated with corporates due to the absence of mens rea and Indian Courts were of the view that corporations could not be criminally prosecuted. However the case of Standard Chartered Bank and Ors. vs Directorate of Enforcement [(2005) 4 SCC 530] held that corporations are liable for criminal offenses and can be prosecuted and punished, at least with fines and settled the position of law regarding the criminal liability of a corporation
Internet Fraud: An Overview of Classifications, Government Actions, and Consumer Protection December 14, 2006 Internet Fraud: An Overview of Classifications, Governmental Actions, and Consumer Protection Internet fraud is an increasing threat to our technological society, which thrives on the advances and benefits of the Internet and e-commerce. With the increased growth and dependence of the Internet, creative individuals have found ways of conveying fraudulent schemes as legitimate goods
Limited liability companies Generally, the liability of company’s members is limited. Where the company is limited by shares, the liability of a member is limited to the extent of the nominal value of the shares held by him in so far as this has not already been paid by him. If the shares are fully paid up in such case the liability of members of company is nothing. However, in case of company limited by guarantee each member is liable to contribute a specified amount to the assets of the company
The Fraud Act 2006 was introduced for the purpose of broadening the fraud offences that resided under the Theft Act 1968 and 1978. The implications of the offences within the Theft Act and Fraud Act will be critically discussed throughout the essay with the addition on how the changes in the law has made prosecuting offenders simpler. It is imperative to compare the two Acts, to allow a greater understanding from an investigators perspective if the enactment has had a positive impact. To support
A sole proprietor is one individual business that is not, like a corporation or limited liability company (LLCs). It does not have to be registered with the participating states in order to be existent; conferring to the Internal Revenue Service (IRS); in 2008, more than 22.6 million sole proprietors existed in the United States (Staff I., N.d.). A sole proprietorship type of business is the easiest to form, however, it is also the easiest to forget to register with the local government which is