Professional Documents
Culture Documents
According to consequentialism, the moral value of an action depends solely on its ability
to produce the best possible outcome or consequence. This means that actions that
result in the greatest amount of happiness, pleasure, or benefit for the greatest number
of people are considered morally right or good, while actions that result in harm, pain,
or suffering are considered morally wrong or bad.
Consequentialism comes in different forms, including utilitarianism, which holds that the
moral value of an action is determined by its ability to promote the greatest happiness
for the greatest number of people, and egoism, which asserts that the moral value of an
action is determined by its ability to promote the self-interest of the individual.
These principles serve as a guide for IEEE members to ensure that their work is
conducted in a responsible, ethical manner, and that they are contributing positively to
society as a whole.
Patents can be granted for a wide range of inventions, including processes, machines,
compositions of matter, and improvements to existing inventions. The invention must be
new, non-obvious, and useful in order to be eligible for patent protection.
Advantages of Contracts:
1. Clarity: Contracts can provide clear expectations and guidelines for the parties involved,
preventing misunderstandings or disputes.
2. Protection: Contracts can provide legal protection for both parties, outlining the rights
and responsibilities of each party and protecting them in case of breach of the
agreement.
3. Assurance: Contracts can provide assurance to both parties that the terms of the
agreement will be honored, which can lead to increased trust and confidence in the
business relationship.
4. Flexibility: Contracts can be tailored to meet the specific needs of each party, allowing
for more flexible and customized agreements.
Determining a Contract:
In summary, the board of directors of a company has a responsibility to act in the best
interests of the company and its shareholders, ensuring legal compliance, overseeing
risk management and financial management, and being accountable to shareholders.
They can be held personally liable for breaches of their fiduciary duties or
responsibilities.
You and a few friends are thinking of going into business together to
offer software development and system integration services to small
business. Explain why it would be wise(or, alternatively, why you think
it would not wise) to form yourselves into a limited company. Also
describe the types a limited company?
Forming a limited company can have several advantages for a group of friends looking to start a
business together. One of the main benefits of forming a limited company is that it provides a
separate legal entity for the business, which means that the company is responsible for its own debts
and liabilities, rather than the individual owners. This can help to protect the personal assets of the
owners in the event that the business incurs debts or liabilities.
In addition, forming a limited company can also help to give the business a more professional image,
which can be important when working with clients or seeking investment. Limited companies also
have more flexibility when it comes to raising capital, as they can issue shares to investors in
exchange for funding.
However, forming a limited company also involves additional costs and administrative requirements,
such as registering with the Companies House and filing annual financial statements and tax returns.
There may also be additional legal and accounting fees associated with maintaining the company's
compliance with regulations and laws.
1. Private Limited Company (Ltd.): This is the most common type of limited company, which is owned by
one or more shareholders and limited by shares. The liability of the shareholders is limited to the amount
of their investment in the company.
2. Public Limited Company (PLC): This type of company can sell shares to the public and is required to have
a minimum share capital of £50,000. The liability of the shareholders is limited to the amount of their
investment in the company.
3. Community Interest Company (CIC): This is a special type of limited company that is used for social
enterprises or non-profit organizations. It is required to have a social or environmental purpose, and any
profits must be reinvested back into the company's social or environmental objectives.
4. Limited Liability Partnership (LLP): This is a type of partnership where the liability of the partners is limited
to the amount of their investment in the company. It is often used by professional services firms, such as
law firms or accounting firms.
Ultimately, the choice of which type of limited company to form will depend on the specific needs
and goals of the business owners. It is important to seek professional advice before making a
decision, to ensure that the chosen structure is the most appropriate for the business.