Saturday, December 02, 2006
everyone looks the same ...with two eyes, one nose, two ears, one mouth
BUT
there is always some things that show the differences btw human...
person divide into natural and artificial
a natural person should be 21 yrs and above and sound mind
an artificial person can be a company
(this is wad i learn from law..=p)
yi zhong mi, yang bai zhong ren...
while toking to meihui the other day and dear raymond ytd, i know more in depth into his phrase more. some ppl have the evil thoughts of money by doing business, and nv tot of the consequences behind it. if u want to do business, do u think u need to learn more abt this word."business" and the is lots of meaning behind this word..it is not just business..but it involves law, mutual trust, intergity of each and every person, conflict of interest, whether the member will leak out any information about the company to other compeitiors, whether the person had bankrupt b4, or being a director of other company and being sacked for not more den 3mths. members' mutual trust is very important cuz if the trust is not there...how are u going to do businesS?
next is your capital, as every partner will either contribute capital, assets, labour or skill. if u contribute capital and assets without contributing skill=sleeping partner...but if everyone comes out with diff amt of capital. they are suppose to share their profits according to their capital. and not share equally unless all partners agree. but if u fork out a lump of money more den the other partners and yet profits are shared equally, dun u think is unfair..or maybe u shld think twice abt ur partner's intergity.
onerous duties of director...
1) skill, care and diligence(hardworking)
2)fiduciary duties(duty of trust and confidence)
3)statutory duties
S.157(1) CA a director shall at all times act honestly and use reasonable diligence in the discharge of his office.
statutory duties
-to disclose his interest if he is contracting with his company S 156 CA
-to disclose particulars of interests of his company's shares debentures and contracts
-to appoint company secretary and first auditor
-to hold agm
-to keep proper audited accounts
examples of fiduciary duties(duty of trust and confidence)
- duty to act in the company's interest
-duty to avoid conflicts of interests
- duty to act with care and skill
- duty to execrise powers for the proper purpose
argh...i think i am going bonkers...haha..
11:56 AM
