Book Yoda. Business & Investing.

I know that a legal liability is not necessarily a reported liability. But is a reported liability necessarily a legal liability? and why? and examples :) thanks
legal liabilities don't have to be reported if its not probable you will have to pay...

your answer makes sense though

No, a reported liability is not necessarily a legal liability. All discretionary payouts are not legal, e.g. a boss may decide to give 3 months' bonus this year because of exceptionally good profits, and the amount may be reported as accrued staff benefits, but it's not a legal liab. in the sense that the staff can't take him to court if he doesn't pay 3 mths' bonus.

2008-08-26 16:48:33 by lilmissheiress

I have suffered damage from a Thai subsidiary of a Dutch company.
There is substancial evidence of lack of ethics and bad governance by the parent company. Can I sue them ?

Why aren't you suing the thai company?

2008-09-02 22:19:16 by Thaiturkey

Up till now only the senior partner can sign checks. I am only an employee and worry that I may be better off not accepting the problems and exposure to suspicion that always comes with both writing and signing checks.

Well, generally there isn't a problem with being allowed to sign checks. Just as a warning, though, if you suspect something is illegal, you absolutely cannot sign the check. Also, as in the case with IRS liabilities, the IRS can find that you are liable for not paying taxes, even though you were instructed by your employer to not pay. The IRS position is that you should quit your job rather than violate the law. Unfortunately, the IRS isn't the only agency that sees things this way.

I hate to be so pessimistic on this, but you asked! As I said, though, if you're a long term employee of this company and you reasonably trust the management, it shouldn't be a problem.

2006-07-30 14:09:00 by Ed

didnt make sense to me either, thats why i posted it up. just so that we're clear,

legal tax liability- how much you owe(tax brackets are not to be taken in considersation, just the general idea)
tax incidence - distribution of tax between certain parties, (buyers and sellers, employees and employers)

...cannot compute....

I'm sorry (really, not trying to glib), that series of words just doesn't work in my head to make a sensible question. Is it just me?

2008-05-15 14:07:45 by kazmaniak

Hi

Im currently working as a contractor doing "electrical testing and tagging", basically i safety check electrical appliances eg extention leads, fridges to check that they are safe to use and theres no cuts in the wires.

My boss told me to buy insurance, on the insurance paper under "whats covered itsays"
-legal liabilty product liabilty
-legal liabilty public liabilty

My question is what do these mean, like if someone dies because i accidentally missed a cut in a wire does this insurance policy cover me?

The insurance company also said if as long as i safety check it properly i will be covered, but is it true insurance companies always try to not cover you even if i do my job properly?

any comments appreciated.

2008-08-10 04:33:21 by azndragon