Sensible enough in concept, the definition is maddeningly vague in application, largely because it is based upon a 1974 General Assembly resolution that was aimed at guiding state conduct, not defining individual criminal liability.
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George says this legislation removes a huge overhang from Ruger's shares--not just by eliminating potential liability from individual lawsuits, but because it frees management to focus on the business and not its legal affairs.
When humanity allows the corporation to absorb the liability of the individual, disasters like the Gulf Oil spill are inevitable and will become more frequent as the corruption deepens.
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Its already large (though circumscribed) liability in the euro zone, through bail-outs to individual countries, could become something like an unlimited liability for the public and private debts of others.
But if a better balance can be struck between, on the one hand, financial losses imposed on shareholders and, on the other, criminal penalties imposed on individual malefactors, the corporate-liability regime would serve society more effectively.
In this case, the repayment of the loan principal by the guarantor will give rise to gift tax liability on the part of that individual.
The owners of these firms (pass-through entities such as partnerships, S corporations, and limited liability companies) pay tax at the individual rate, not the corporate rate.
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Declaring class-action status for the lawsuit raises the financial and judicial stakes considerably, since more individual plaintiffs can now join, creating greater potential liability for the company being sued.
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Strict liability crimes are those for which an individual may be charged and convicted even in the absence of proof that he knew what he was doing and that he was violating the law.
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Lawyers for Godstone Farm said its insurers admitted liability in 2011 and were dealing with the individual claims arising from the E.coli outbreak.
The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.
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If the same individual is an independent contractor, the employer is much less likely to have liability.
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The Home Office said personal tax liability as a result of being re-employed was a matter for the individual and their employer.
In effect what the Chancellor has said is that if an individual cannot afford to pay their tax any other way, the Revenue will be happy to collect the outstanding liability by credit card payment.
In early December, an individual investor in Facebook shared with me the talk among in-the-know investors: that the limited liability companies being created to buy shares of Facebook stock on the secondary market were somehow exploiting an SEC loophole that limits the number of shareholders in private companies to 499.
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However, by combining the credits with book value depreciation of the property meant that corporations could receive the double-dip Congress had explicitly argued against individual receiving: with the passive loss provision still in place for corporations, the opportunity existed to take the tax liability and turn it into an investment for corporations.
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