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Apportionment
The legal term apportionment (french: apportionement; Mediaeval Latin: , derived from la, portio, share), also called delimitation, is in general the distribution or allotment of proper shares, though may have different meanings in different contexts. Apportionment can refer to estate, the amount of compensation received by a worker and in respect of time. This term may be employed roughly and sometimes has no technical meaning; this indicates the distribution of a benefit (''e.g.'' salvage or damages under the Fatal Accidents Act 1846, § 2), or liability (''e.g.'' general average contributions, or tithe rent-charge), or the incidence of a duty (''e.g.'' obligations as to the maintenance of highways). Apportionment in respect of estate Apportionment in respect of estate may result either from the act of the parties or from the operation of law. Apportionment by act of the parties Where a lessee is evicted from, or surrenders or forfeits possession of part of the property l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Formulary Apportionment
Formulary apportionment, also known as unitary taxation, is a method of allocating profit earned (or loss incurred) by a corporation or corporate group to a particular tax jurisdiction in which the corporation or group has a taxable presence. It is an alternative to separate entity accounting, under which a branch or subsidiary within the jurisdiction is accounted for as a separate entity, requiring prices for transactions with other parts of the corporation or group to be assigned according to the arm's length standard commonly used in transfer pricing. In contrast, formulary apportionment attributes the corporation's total worldwide profit (or loss) to each jurisdiction, based on factors such as the proportion of sales, assets or payroll in that jurisdiction. When applied to a corporate group, formulary apportionment requires combined reporting of the group's results. The parent and all of its subsidiaries are viewed as though they were a single entity (''unitary combination''), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mediaeval Latin
Medieval Latin was the form of Literary Latin used in Roman Catholic Western Europe during the Middle Ages. In this region it served as the primary written language, though local languages were also written to varying degrees. Latin functioned as the main medium of scholarly exchange, as the liturgical language of the Church, and as the working language of science, literature, law, and administration. Medieval Latin represented a continuation of Classical Latin and Late Latin, with enhancements for new concepts as well as for the increasing integration of Christianity. Despite some meaningful differences from Classical Latin, Medieval writers did not regard it as a fundamentally different language. There is no real consensus on the exact boundary where Late Latin ends and Medieval Latin begins. Some scholarly surveys begin with the rise of early Ecclesiastical Latin in the middle of the 4th century, others around 500, and still others with the replacement of written Late Latin b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Annuity (financial Contracts)
A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser (or annuitant) is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products. Annuities can be purchased to provide an income during retirement, or originate from a ''structured settlement'' of a personal injury lawsuit. Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant. At this point the contract will terminate and the remainder of the fund accumulated is forfeited unless there are other annuitants or beneficiaries in the contract. Thus a life annuity is a form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Entitlement (fair Division)
Entitlement in fair division describes that proportion of the resources or goods to be divided that a player can expect to receive. In many fair division settings, all agents have ''equal entitlements'', which means that each agent is entitled to 1/''n'' of the resource. But there are practical settings in which agents have ''different entitlements''. Some examples are: * In partnership resolution settings, each partner is entitled to a fraction of the common assets in proportion to his/her investment in the partnership. * In inheritance settings, the law in some jurisdictions prescribes a different share to each heir according to his/her proximity to the deceased person. For example, according to the Bible, the firstborn son must receive twice as much as every other son. In contrast, according to the Italian law, when there are three heirs - parent, brother and spouse - they are entitled to 1/4, 1/12 and 2/3 respectively. * In parliamentary democracies, each party is entitled to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Division
Fair division is the problem in game theory of dividing a set of resources among several people who have an entitlement to them so that each person receives their due share. That problem arises in various real-world settings such as division of inheritance, partnership dissolutions, divorce settlements, electronic frequency allocation, airport traffic management, and exploitation of Earth Observation Satellite, Earth observation satellites. It is an active research area in mathematics, economics (especially social choice theory), dispute resolution, etc. The central tenet of fair division is that such a division should be performed by the players themselves, maybe using a mediation, mediator but certainly not an arbitration, arbiter as only the players really know how they value the goods. The archetypal fair division algorithm is divide and choose. It demonstrates that two agents with different tastes can divide a cake such that each of them believes that he got the best piece. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heir
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means. Terminology In law, an ''heir'' is a person who is entitled to receive a share of the deceased's (the person who died) property, subject to the rules of inheritance in the jurisdiction of which the deceased was a citizen or where the deceased (decedent) died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dividend
A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-invested in the business (called retained earnings). The current year profit as well as the retained earnings of previous years are available for distribution; a corporation is usually prohibited from paying a dividend out of its capital. Distribution to shareholders may be in cash (usually a deposit into a bank account) or, if the corporation has a dividend reinvestment plan, the amount can be paid by the issue of further shares or by share repurchase. In some cases, the distribution may be of assets. The dividend received by a shareholder is income of the shareholder and may be subject to income tax (see dividend tax). The tax treatment of this income varies considerably between jurisdictions. The corporation does not receive a tax dedu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by legislative bodies; they are distinguished from case law or precedent, which is decided by courts, and regulations issued by government agencies. Publication and organization In virtually all countries, newly enacted statutes are published and distributed so that everyone can look up the statutory law. This can be done in the form of a government gazette which may include other kinds of legal notices released by the government, or in the form of a series of books whose content is limited to legislative acts. In either form, statutes are traditionally published in chronological order based on date of enactment. A universal problem encountered by lawmakers throughout human history is how to organize published statutes. Such publicat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Allotment (financial)
Subscription refers to the process of investors signing up and committing to invest in a financial instrument, before the actual closing of the purchase. The term comes from the Latin word ''subscribere''. Historical Praenumeration An early form of subscription was praenumeration, a common business practice in the 18th-century book trade in Germany. The publisher offered to sell a book that was planned but had not yet been printed, usually at a discount, so as to cover their costs in advance. The business practice was particularly common with magazines, helping to determine in advance how many subscribers there would be. Praenumeration is similar to the recent crowdfunding financing model. New issues Subscription agreement Subscription to new issues can be covered by a subscription agreement, legally committing the investor to invest in the financial instrument, and committing the company to certain obligations and warranties. In some jurisdictions, it is possible for the issuer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Crown
The Crown is the state in all its aspects within the jurisprudence of the Commonwealth realms and their subdivisions (such as the Crown Dependencies, overseas territories, provinces, or states). Legally ill-defined, the term has different meanings depending on context. It is used to designate the monarch in either a personal capacity, as Head of the Commonwealth, or as the king or queen of their realms (whereas the monarchy of the United Kingdom and the monarchy of Canada, for example, are distinct although they are in personal union). It can also refer to the rule of law; however, in common parlance 'The Crown' refers to the functions of government and the civil service. Thus, in the United Kingdom (one of the Commonwealth realms), the government of the United Kingdom can be distinguished from the Crown and the state, in precise usage, although the distinction is not always relevant in broad or casual usage. A corporation sole, the Crown is the legal embodiment of ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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