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  1. Yadanabon University
  2. Department of Law

Nature of company

Permalink : http://hdl.handle.net/20.500.12678/0000000517
261b80b0-f418-49c5-aba1-c85fd74d02af
97f475bf-83c6-4704-9210-00aa9b8fe448
Preview
Name / File License Actions
Nature Nature of Company.pdf (113.7 kB)
sha256: ed5e8c41a416dc35052c4930ee5776c7f806fc2c148060bfcc17fd518843a492
Publication type Journal article
Upload Type Publication
Title
Nature of company
en
Publication date 2015
Authors
Thit Oo Hlaing
Description
The most important type of business association in Myanmar is Company. One of the most important characters of a company is that after a company is legally formed, it possesses a separate legal personality in accordance with the Company Law. This characteristic is quite different from other business association such as a partnership firm. As a result, each and every member of a Company will not be liable to any debts or obligations due to the company. However, in exceptional cases, a member of a company shall be responsible for the debts and obligations of his or her company due to various reasons. These cases are called in legal term as lifting the veil. There are two kinds of lifting the veil, statutory lifting the veil and judiciary lifting the veil. When a company wants of any legal qualification and acts business transactions by a member, such member will be liable to obligations occurred by such actions. It shall be called statutory lifting the veil. On the other hand, a Company is created for some fraudulent purposes and used as a device to hide behind the mask of the Company. In this case, the Court is entitled to lift such veil by showing such fraudulent actions of member or members of such Company. It will be called judiciary lifting the veil. When the Law or a Court lifts a veil of a Company, it does not acquire any separate existence and as a result it is never regarded in law as distinct and separate from its members.
Keywords
business association
Files 114 Kb
Available
2020-05-05
application/pdf
preview
application/pdf
open_access
Nature of Company.pdf

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