|
Inter Vivos Trust
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted Property rights (economics), property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will And Testament
A will and testament is a legal document that expresses a person's (testator) wishes as to how their property (estate (law), estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has been thought a "will" historically applied only to real property, while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), records show the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary Trust (property), trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fideicommissum
A is a type of bequest in which the beneficiary is encumbered to convey parts of the decedent's estate to someone else. For example, if a father leaves the family house to his firstborn, on condition that they will bequeath it to their first child. It was one of the most popular legal institutions in ancient Roman law for several centuries. The word is a conjunction of the Latin words ("to/for trust"), dative singular of '' fides'' ("trust") and ("left"), nominative neuter singular perfect past participle of ''committo'' ("to leave, bequeath, commit"), it thus denotes that something is committed to one's trust. Text and translation Exegesis This fragment dates to the reign of Caesar Augustus, who first decreed certain requirements for the institution of the . The institution itself was first mentioned in 200 BC by Terence in '' Andria'', 290–98: "". It functioned thus: the testator nominated an heir to act as , entrusted with devising the inheritance to a beneficiary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roman Law
Roman law is the law, legal system of ancient Rome, including the legal developments spanning over a thousand years of jurisprudence, from the Twelve Tables (), to the (AD 529) ordered by Eastern Roman emperor Justinian I. Roman law also denoted the legal system applied in most of Western Europe until the end of the 18th century. In Germany, Roman law practice remained in place longer under the Holy Roman Empire (963–1806). Roman law thus served as a basis for Civil law (legal system), legal practice throughout Western continental Europe, as well as in most former colonies of these European nations, including Latin America, and also in Ethiopia. English and Anglo-American common law were influenced also by Roman law, notably in their Latinate legal glossary. Eastern Europe was also influenced by the jurisprudence of the , especially in countries such as medieval Romania, which created a new legal system comprising a mixture of Roman and local law. After the dissolution of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conflict Of Interest
A conflict of interest (COI) is a situation in which a person or organization is involved in multiple wikt:interest#Noun, interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations in which the personal interest of an individual or organization might adversely affect a duty owed to decision-making, make decisions for the benefit of a third party. An "interest" is a commitment, obligation, duty or goal associated with a specific social role or practice. By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other ("competing interests"). This is important because under these circumstances, the decision-making process can be disrupted or compromised, affecting the integrity or reliability of the outcomes. Typically, a conflict of interest arises when an individual occupies tw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (accounting)
Profit, in accounting, is an income distributed to the ownership , owner in a Profit (economics) , profitable market production process (business). Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income generation and income distribution. The income generated is always distributed to the Stakeholder (corporate), stakeholders of production as economic value within the review period. The profit is the share of income formation the owner is able to keep to themselves in the income distribution process. Profit is one of the major sources of economics , economic well-being because it means incomes and opportunities to develop production. The words "income", "profit" and "earnings" are synonyms in this context. Other terms See also * Gross income * Net profit * Profitability index * Rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convention Of Disclosure
The convention of disclosure requires that all material facts must be disclosed in the financial statements. For example, in the case of sundry debtors, not only the total amount of sundry debtors should be disclosed, but also the amount of good and secured debtors, the amount of good but unsecured debtors and amount of doubtful debts should be stated. This does not mean disclosure of each and every item of information. It only means disclosure of such information which is of significance to owners, investors and creditors. See also * IFRS 7, ''Financial Instruments: Disclosures'' Financial regulation {{law-term-stub Accounting terminology ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and Regulatory agency, regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers. Management accounting focuses on the measurement, analysis and reporting of information for internal use by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recordkeeping
Records management, also known as records and information management, is an organizational function devoted to the management of information in an organization throughout its life cycle, from the time of creation or receipt to its eventual disposition. This includes identifying, classifying, storing, securing, retrieving, tracking and destroying or permanently preserving records. The ISO 15489-1: 2001 standard ( "ISO 15489-1:2001") defines ''records management'' as " hefield of management responsible for the efficient and systematic control of the creation, receipt, maintenance, use and disposition of records, including the processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records". An organization's records preserve aspects of institutional memory. In determining how long to retain records, their capacity for re-use is important. Many are kept as evidence of activities, transactions, and decisions. Other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transparency (behavior)
As an ethic that spans science, engineering, transparency (market), business, and the humanities, transparency is operating in such a way that it is easy for others to see what actions are performed. Transparency implies openness, communication, and accountability. Transparency is practiced in companies, organizations, administrations, and communities. For example, in a business relation, fees are clarified at the outset by a transparent agent, so there are no surprises later. This is opposed to keeping this information hidden which is "non-transparent". A practical example of transparency is also when a cashier makes changes after a point of sale; they offer a transaction record of the items purchased (e.g., a receipt) as well as counting out the customer's change. In information security, transparency means keeping the arcane, underlying mechanisms hidden so as not to obstruct intended function—an almost opposite sense. It principally refers to security mechanisms that are inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Openness
Openness is an overarching concept that is characterized by an emphasis on transparency and collaboration. That is, openness refers to "accessibility of knowledge, technology and other resources; the transparency of action; the permeability of organisational structures; and the inclusiveness of participation". Openness can be said to be the opposite of closedness, central authority and secrecy. Openness concept Openness has been attributed to a wide array of approaches in very different contexts as outlined below. While there is no universally accepted definition of the overarching concept of openness, a 2017 comprehensive review concludes that: Open terminology can refer to a higher-order concept (e.g. the ‘‘philosophy of openness’’); the nature of resources (e.g. ‘‘open data’’); the nature of processes (e.g. ‘‘open innovation’’); or the effects on specific domains (e.g. ‘‘open education’’) ..The principles typically used to characterize this ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Impartiality
Impartiality (also called evenhandedness or fair-mindedness) is a principle of justice In its broadest sense, justice is the idea that individuals should be treated fairly. According to the ''Stanford Encyclopedia of Philosophy'', the most plausible candidate for a core definition comes from the ''Institutes (Justinian), Inst ... holding that decisions should be based on objective criteria, rather than on the basis of bias, prejudice, or preferring the benefit to one person over another for improper reasons. Legal concept European Union law refers in the Charter of Fundamental Rights of the European Union to: * A right to good administration: :''Every person has the right to have his or her affairs handled impartially, fairly and within a reasonable time by the institutions, bodies, offices and agencies of the Union'' (Article 41) * A right to an effective remedy and to a fair trial: :''Everyone is entitled to a fair and public hearing within a reasonable time by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
