A Human Character to the Corporation From a Moral Perspective Research Paper

A Human Character to the Corporation From a Moral Perspective - Research Paper Example Corporations law and partnership law are currently separate. However, current amendments to the Partnership Act of 1892 (NSW) have made provision for LLP and ILPs, with the facility of limited liability being extended in these cases to promote innovation and risk-taking. While this could address the limited use of partnerships due to their inability to restrict liability5, it also allows for benefits to be gleaned by foreign investors and large entrepreneurs, promoting a capitalistic structure that may not necessarily be beneficial to Australian interests. If the limited liability benefits of a corporation are to be extended to small partnership like arrangements of a few Directors who also share profits among themselves as in the Ebrahimi case, then the taxation laws must be amended 6 and the Partnership Act of New South Wales must be amended to permit such business to take advantage of tax reforms. This will enable issues of fairness and equity of a partnership where partners/inves tors owe each other a duty of good faith to co-exist successfully with the limited liability of corporations. The purpose of including disclosure through prospectuses for securities was mainly (a) to protect investors from underlying risks (b) enhance the efficiency of the securities market and (c) prevent fraud. Ruth Hines discovered that although the financial statements that are a part of such reports are considered vital, only those experienced in accounting were able to understand them sufficiently to make their decisions on the basis of those reports.