Turkeys 2000

Introduction In the last twenty years, the Turkish economy has undergone two major crises. The first crisis began at the early 90’s while the second began at the beginning of the 21st century. During this time, the Turkish government was in the middle of a stabilization program in its exchange rate. Although the government managed to calm market tensions through numerous assurances, things soon got out of hand.Advertising We will write a custom essay sample on Turkey’s 2000-2001 Financial Crisis specifically for you for only $16.05 $11/page Learn More Towards the end of 2000, the country’s interest rates quadrupled within a period of one month. This also marked a five times increase over the rate of depreciation that the government had predicted for a two year period. At the beginning of 2001, rates had jumped to an all time level of close to 6000%. This led to the collapse of the exchange rate and the beginning of the countryâ€℠¢s second economic crisis. Some things stand out as having caused the economic crisis. One thing that comes out as having contributed to the 2000-2001 economic crises in Turkey was the poor macroeconomic performance of the country. During the period, the country’s public sector was relying highly on borrowing and the sovereign debt to GNP was on the rise. The rising public debt and the appreciation of the lira were becoming a cause of concern for investors. This was worsened by the external interferences caused by the rise in oil prices at the time and the rising of the U.S. dollar against the other currencies. To compound this situation, the country lacked a flexible banking system, something that made the lira unable to deal with the crisis. During the preceding years, the banking sector was in a risk itself. Almost all the major banks had a load of non-performing loans and had an increased currency and maturity imbalances. This made the banking system unable to deal with a ny capital reversal. These weaknesses in the banking sector had a big contribution to the economic crisis experienced during the time. (Ozatay 3) On top of the problems at the country’s banking system, the other problems that caused the economic crises were political and policy uncertainties. In 2001, the country was hit by two negative occurrences in the political sphere. These started after the Prime Minister was suddenly taken ill sparking a spate of rumors about his health. This led to instability in the political sphere since there was a possibility that his party, which was the largest partner in the coalition government would dissolve. On top of this, the coalition parties were unable to agree on the necessary steps to be followed in talks that were ongoing for the country to be admitted into the European Union. The ensuing political indecision gave rise to an atmosphere of policy indecision. This political and policy uncertainties in the country played a major part in the economic crises that hit the country. (Ozkan)Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion The 2000-2001 economic crises in Turkey were the worst in the country’s history. During the period, the country’s rate stood at an all time high of 6200%. This major cause of this crisis was the lack of reforms in the banking system. This gave rise to a load of non-performing loans and maturity imbalances that made the banking system unable to deal with any capital reversal. During the time, the coalition government was also having a hard time in trying to agree on key issue in the government. This affected the country’s policymaking organs hence leading to lack of key reforms that could have prevented the crises. Works Cited Ozatay, Fatih. Turkey’s 2000-2001 Financial Crises and the Central Bank’s Policy in the Aftermath of Crisis, n.d. 1-8. Print . Ozkan, Gulcin. Currency and Financial Crises in Turkey, 2000-2001: Bad Fundamentals or Bad Luck? The World Economy, 2005. 541-572. Print. This essay on Turkey’s 2000-2001 Financial Crisis was written and submitted by user Isabella Tyler to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

A New Nation and the American Revolution essays

A New Nation and the American Revolution essays The Revolutionary War impacted the lives of the inhabitants of the new nation. Sometimes a group of people was effected and other times a class of people was the victim. The changes, sometimes small, were none-the-less significant in the lives of those in America. The Revolutionary War changed the lives of the inhabitants of the new nation in many different ways depending on whether they were upper class, lower class, slaves or Native Americans. After the war, the upper class was drastically effected by the changes in the nation. They simplify their standards of living and they begin to treat common people, the lower class, with respect. Before the war, the upper class looked down upon the lower class and would not allow themselves to mix with them. This doesn't seem as important anymore for they are a nation, united and free. During the war, England promises the upper class some land for fighting for their country. When they are denied this land, they begin to quarrel amongst thems elves. They begin to feel that political leaders need to demonstrate virtue, accomplishments and dedication to the public good. No longer will they allow a leader without experience or morals to rule them. The lower class of society was effected at the end of the war as well as the upper class. They become less likely to leave all the governing decisions to the upper class. The lower class is becoming more political and is beginning to feel the need to have a hand in the government, whereas before, the lower class was more concerned with getting by and paying their taxes to Britain. Without having to pay the taxes, they can now sell their crops and gain a profit. This leaves them more time to care about the people chosen to rule them. All of a sudden they have been swept into "the people" by rhetoric of the Revolution. They have gained citizenship through military service and distribution of land. Being citizens, they now have the right to vote among ...

Muslim-Croat Alliance and War Research Paper Example | Topics and Well Written Essays - 2000 words

Muslim-Croat Alliance and War - Research Paper Example The country was home to ethnic and religious groups that had been rivals in history and enemies at times, including Muslims, Croats and Serbs. World War II led to the invasion of Yugoslavia by Nazi Germany and its subsequent disintegration. The division was transient however, because as soon as Germany was defeated Josip Tito reunified Yugoslavia, inspiring the unification of Slovenia, Bosnia, Croatia, Serbia, Montenegro, Macedonia and two self governing provinces namely Kosovo and Vojvodina. This new Yugoslavia was inspired by Tito who was a communist leader. He was a shrewd leader who played with both the United States and the Soviet Union during the cold war and obtained financial assistance from both sides as a result. This unity, however, could last as long as Josip Tito’s life as Serbia plunged into political and economic chaos after his death. Disintegration of the New Yugoslavia and its fall out:- The death of Tito led to the rise of a new leader Slobodan Milosevic, a former communist. Milosevic believed in the principle of divide and rule to further his goals. He turned to triggering nationalism and religious hatred to gain power. His first plan of action was to set fire to the long-standing tensions between Muslims and Serbs of Kosovo. The minority populace of Serbs (Orthodox Christians) was led to believe that they were being ill-treated by the Muslim majority. The purpose of triggering this conflict was to broaden Milosevic’s power by eventually taking control of the politically broken Kosovo. Kosovo eventually lost its independence and was taken over by Milosevic. His politically twisted motives led to violence and chaos in other parts of Yugoslavia as well. Slovenia and Croatia declared their independence from Yugoslavia in June 1991. This was not met well by the leaders and populaces of the mentioned states and led to civil war. Milosevic tried to regain control by sending his Serbian concentrated army to Slovenia however his attemp ts were fruitless. This failure led to Milosevic’s shift in focus from Slovenia to Croatia. Croatia was a catholic country with people from diverse ethnic groups residing there. It was however a pro-Nazi and anti-Serb state which followed policies of fascism underlined by the Ustasha party. In 1991, the independence of Croatia led to a tilt of the country’s orientations towards doctrines of the Nazi era which involved enactment of discriminatory laws against orthodox Serbs. The Croat state consisted of a minority Serbian population of 12 %. Milosevic, loyal to his people and oblivious to territorial boundaries, was aided by Serbian guerrillas in Croatia in its invasion. The constant bombardment of the city of Vukavor turned it to ruins. The might of Milosevic’s army was too much for the Croats to handle. The arms embargo imposed by the UN on all former Yugoslavian states was of little use due to the military might of Milosevic’s Serbian forces. The fighti ng led to monumental damage for the weak Croats and the their infrastructure, military might and financial strength was significantly impaired by the time a US Sponsored ceasefire was exercised between the Serbs and Croats. The Muslim-Croat Alliance: Chronology and fall out. Bosnia had been fighting for its independence for a considerable period of time. It was a Muslim majority country. At the time Chairman of the

Business Response to Climate Change Assignment Example | Topics and Well Written Essays - 2250 words - 1

Business Response to Climate Change - Assignment Example However, the physical impact of climate change and opportunities and risk associated with it are incorporated by fewer businesses in their planning (Britton, 1997). Once the climatic trends become clear and the reduction in uncertainty surrounding the future changes is observed, business then will be in a better position to decide that weather actions should be taken on the projected changes now or not. This decision by businesses helps them in turn to develop effect business strategy to for proper risk mitigation as well as taking advantage of the opportunities arising from the changes. However for many businesses, climate change can be a new or probably scary topic to discuss (Britton, 1999). This challenge is composed of variety of projections which may include temperature change, change in patterns of precipitation, other events and many other effects. In this essay we will discuss and will outline the sensible approach that can be used by businesses to analyze and adapt to the physical risks of climate changes and to take advantage of opportunities arising. A few of the physical changes associated with climate changes do not only bring risk but can provide the opportunities as well. For example, in some location disruption to location sites can be faced by the construction industry. They may further face problems in delivering materials to those locations as an extreme event and may damage the infrastructure. Workers can be restricted to work in limited amount of time, in tasks like roofing, due to the higher temperature. On the other hand this industry may get benefited by the opportunities like frost as it may reduce work stoppage hence the portion of year in which construction takes place can be easily extended. New products market can be created by adaptation, like climate proofing materials and building designs, or may result in shifts of market; this can be done by making materials that is locally sourced more attractive in order to

My School and Its Teaching Environment Essay Example for Free

My School and Its Teaching Environment Essay In my school, the teaching environment is very good for teachers and especially for the students. When you see the school, at first you will say â€Å" wow! Excellent facilities, playground for teachers and students, cozy cafeteria and a library with good ambience where you can study comfortably, all classrooms are air-conditioned, enough computers for students with the ratio of 1:1 with internet connection. Each student has internet password as well as the teachers and staffs. The school used Fiber Optic line for internet (this is part of my work where I maintain the internet connection for the whole school). In my first 2 years in this school, I was assigned in Middle School but this year I was transferred to Elementary Department as Head of Information Technology including repair and maintenance with 24 hours a week teaching load for students from grade 1 to 5 (too many works hehehe) forgot to mention at the same time I am one of the administrators for TOEFL (Test of English as Foreign Language) exam. Every year, especially year-end everybody is waiting for contract renewal, thinking who will be renewed and who will say goodbye. If someone will leave then we are thinking who will replace them. Why? Simply because we are waiting for another teacher who will introduce another technique in teaching or I simply put it this way for new teachers: If you can’t beat us, then join us†¦ hahahahaha! The Culture of this country (Thailand) is almost the same in our country (Philippines) when it comes to being hospitable and respecting other people. They have great respect with each other especially with the old ones. In my school, students develop respect and tolerance for all others, regardless of religion, race, or class. One of the most distinctive Thai customs is the wai. Showing greeting, farewell, or acknowledgement, it comes in several forms reflecting the relative status of those involved. Generally, the salutation involves a prayer-like gesture with the hands, and it also may include a slight bow of the head. This salutation is often accompanied by a serene smile symbolizing a welcoming disposition and a pleasant attitude. Thailand is often referred to as the Land of Smiles in tourist brochures. There are a number of Thai customs relating to the special status of monks in Thai society. Due to religious discipline, Thai monks are forbidden physical contact with women. Women are therefore expected to make way for passing monks to ensure that accidental contact does not occur. A notable social norm holds that touching someone on the head may be considered rude. Pointing at or touching something with the feet is also considered rude. In every activity we do whether it is curricular or extra-curricular, we always align it to their culture if this is acceptable or not. But since we do have native speakers, sometimes they don’t even care about the culture. They always say that â€Å"Everybody knows what Thailand is† (for them most of the Thai women are slut, people have already changed) but somehow these native speakers must learn how to adapt into this environment. Yes, maybe that is their perception in this county and they forgot that they are Teachers. Teachers should give moral values and educate them in proper way. One of the problems of this school and even this country, discrimination between Asian and English Native speakers are very obvious. Sometimes they just use these native speakers as front of the school but most of the teachers are Asian who are more dedicated to work and yet under paid compared to these native teachers. Our administrators are composed of Executive Director (owner), Associate Executive Director, Business Director, Curriculum Coordinator, Student Support Coordinator, Principals and PTA. PTA in this school is very active in every. If we have activities either curricular or extra-curricular, the parents are always there to support us. Just to name a few for extra-curricular activities: 1. Students vs Teachers and Staff football match 2. Teachers and Staff vs Parents football match 3. Teachers, Staff and Parents vs Military Personnel Football Match 4. Teachers and Staff Football Match These are some interesting extra-curricular activities that everybody loves to see. Because even the owner of the school also plays in this event. We do have some curricular activities such as: 1. Debate in English(I’m the coach) 2. Debate in Thai 3. Public Speaking 4. Spelling 5. Story Telling 6. Quiz bee

Serial Killer Essay -- Psychology, Mental Illness,

Chapter Two: Definition of a Serial Killer Serial killers are people who kill three or more victims over a period of more than thirty days with a cooling off period between each murder. Their murders usually have some of the same characteristics. People who kill for fun usually have some type of mental illness. Their crimes could have maybe been prevented if their diseases were treated in time. The disease of psychopath is the least treated. Some killers often plead not guilty by reason of insanity. It needs to be proven, though, that they did not know the difference between right and wrong. Even if a killer is found not guilty by mental deficit, he/she cannot go free. There are three categories of serial killers: Organized Killers, Disorganized Killers and Medical Killers. Organized killers are the hardest killers to catch because of their intelligence and organization. Every detail of their murder is planned out and they make sure to leave no evidence left behind. They often will watch their victims for several days before they trick them into leaving with them. They take great pride in their â€Å"work† and pay close attention to the stories in the media. Disorganized killers rarely plan out the murders in their victims. They strike at random whenever an opportunity arises. They tend to move from town to town and do not take the precautions to cover up their tracks. They usually have low IQ’s and are antisocial. Disorganized killers do not usually have close friends or family. The Medical Killer is extremely rare but there have been cases where people have carried out their serial murders through medicine. One such individual was Harold Shipman which I will go into further detail later in this thesis. They feel they have the pe... ...ortable killing on their driving routes. There has been a serial killer police officer who was named John Gerard Schaefer. He lived in Florida. While he was in his squad he would kidnap teenage girls, tie them to trees, go back to work and after he clocked out, returned to rape and kill them. His alibi was always â€Å"I was at work when they disappeared† (Brown, 2003). Many serial killers suffer from anti-social personality disorder or dissocial personality disorder. They are also psychopathic, meaning they have no empathy or guilt. They kill impulsively and they make up rules for themselves which are they only rules they follow. They have a â€Å"Mask of Sanity† meaning they never let anyone but their victims see their true selves. They also have resentment towards society for their own failings and can never take responsibility for their own actions.

Indian Sale of Goods Act 1930 Essay

It is a Mercantile Law. The Sale of Goods Act is a kind of Indian Contract Act. It came into existence on 1 July 1930. It is a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for prize. A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another. Definition 1. Buyer A person who buys or agrees to buy goods. 2. Seller A person who sells or agrees to sell goods. 3. Goods Every kind of movable property other than actionable things and money. Sale of Goods Act is one of very old mercantile law. Sale of Goods is one of the special types of Contract. Initially, this was part of Indian Contract Act itself in chapter VII (sections 76 to 123). Later these sections in Contract Act were deleted, and separate Sale of Goods Act was passed in 1930. The Sale of Goods Act is complimentary to Contract Act. Basic provisions of Contract Act apply to contract of Sale of Goods also. Basic requirements of contract i.e. offer and acceptance, legally enforceable agreement, mutual consent, parties competent to contract, free consent, lawful object, consideration etc. apply to contract of Sale of Goods also. Contract of Sale – A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another. [section 4(1)]. A contract of sale may be absolute or conditional. [section 4(2)]. The law relating to sale of goods is contained in the Sale of Goods Act, 1930. It has to be read as part of the Indian Contract Act, 1872 [Sections 2(5) and (3)]. Contract of Sale of Goods According to Section 4, a contract of sale of goods is a contract whereby the seller: (i) transfers or agrees to transfer the property in goods (ii) to the buyer, (iii) for a money consideration called the price. It shows that the expression â€Å"contract of sale† includes both a sale where the seller transfers the ownership of the goods to the buyer, and an agreement to sell where the ownership of goods is to be transferred at a future time or subject to some conditions to be fulfilled later on. The following are thus the essentials of a contract of sale of goods: (i) Bilateral contract: It is a bilateral contract because the property in good has to pass from one party to another. A person cannot buy the goods himself. (ii) Transfer of property: The object of a contract of sale must be the transfer of property (meaning ownership) in goods from one person to another. (iii) Goods: The subject matter must be some goods. (iv) Price or money consideration: The goods must be sold for some price, where the goods are exchanged for goods it is barter, not sale. (v) All essential elements of a valid contract must be present in a contract of sale. features The Act deals with provisions related to the contract of sale of goods The Act deals with provisions of ‘sale’ but not of ‘mortgage’ or ‘pledge’ which come under the purview of Transfer of Property Act, 1882. The Act deals with ‘goods’ but not of all movable goods (ex: actionable claims, money etc.) MEANING OF SALES AND GOODS SALE:- the exchange of a commodity for money; the action of selling something. In general, a transaction between two parties where the buyer receives goods (tangible or intangible), services and/or assets in exchange for money. 2) An agreement between a buyer and seller on the price of a security. The activity or business of selling products or services GOODS:- a good is a product that can be used to satisfy some desire or need. , a good is a material that satisfies human wants and provides utility, for example, to a consumer making a purchase. Condition and warranty.— (1) A stipulation in a contract of sale with reference to goods which are the subject thereof may be a condition or a warranty. (2) A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. (3) A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated. (4) Whether a stipulation in a contract of sale is a condition or a warranty depends in each case on the construction of the contract. A stipulation may be a condition, though called a warranty in the contract. Unpaid seller† defined.— (1) The seller of goods is deemed to be an â€Å"unpaid seller† within the meaning of this Act— (a) when the whole of the price has not been paid or tendered; (b) when a bill of exchange or other negotiable instrument has been received as conditional payment, and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise. (2) In this Chapter, the term â€Å"seller† includes any person who is in the position of a seller, as, for instance, an agent of the seller to whom the bill of lading has been endorsed, or a consignor or agent who has himself paid, or is directly responsible for, the price. Unpaid seller’s rights.— (1) Subject to the provisions of this Act and of any law for the time being in force, notwithstanding that the property in the goods may have passed to the buyer, the unpaid seller of goods, as such, has by implication of law— (a) a lien on the goods for the price while he is in possession of them; (b) in case of the insolvency of the buyer a right of stopping the goods in transit after he has parted with the possession of them; (c) a right of re-sale as limited by this Act. (2) Where the property in goods has not passed to the buyer, the unpaid seller has, in addition to his other remedies, a right of withholding delivery similar to and co-extensive with his rights of lien and stoppage in transit where the property has passed to the buyer. Negotiable Instruments :- The word â€Å"Negotiable† means transferable by delivery and the word instruments means written documents. It entitles a person to a certain sum of money. In simple words we can say it is a written document which is transferable from one person to another by delivery. According to contract act it is defined as , â€Å"A negotiable instrument means a promissory note, bill of exchange or cheque payable by order or bearer.† Example :- Cheques, Bill of Exchange and Promissory Notes are the important examples of negotiable instruments. Characteristics Of Negotiable Instruments :- Following are the important characteristics of negotiable instruments : 1. In Writing :- It is the basic condition of the negotiable instrument that it is always in writing. It can not be verbal. 2. Unconditional :- It is an unconditional instrument if any condition is attached then it can not be called negotiable instrument. 3. Transferable :- It can easily transferable from one person to another. In these instruments right of ownership passes either by delivery or by endorsement. 4. Payable On Demand :- The amount of the instrument is payable on demand or at any predetermination  future time. 5. Payable In Money :- The amount must be written on the instrument and it is always payable in terms of money. 6. Payable To The Bearer :- The amount written on it is payable to the bearer or to a specified person. 7. Payment of Debt :- It can be very easily used for the payment of debt. It is very simple and convenient method of payment. 8. Right of Recovery :- A cheque or Note gives the right to the creditor to recover the written amount from the debtor. He can recover this amount by himself or he can transfer this right to another. 9. Better Title :- If there is a defect in the title of the previous holder it does not affect the holder in due course. So it is abetter little than others. 10. Exception of General Law :- In case of transfer of property the general concept of law is that â€Å"No body can transfer a better title than that of his own.† But in case of instrument this law does not apply. A negotiable instrument even got in good faith from thief is better title. 11. Specified Amount :- It is also a characteristic of negotiable instrument that specified and definite amount is written on the instrument. â€Å"Holder†.—The â€Å"holder† of a promissory note, bill of exchange or cheque means any person entitled in his own name to the possession thereof and to receive  or recover the amount due thereon from the parties thereto. Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction. â€Å"Holder in due course†.—â€Å"Holder in due course† means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or indorsee thereof, if 1[payable to order], before the amount mentioned in it became payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derived his title. . Negotiation by endorsement Subject to the provisions of section 58, a promissory note, bill of exchange or cheque 18[payable to order], is negotiable by the holder by endorsement and delivery thereof. Crossing of cheques A crossed cheque is a cheque that has been marked to specify an instruction about the way it is to be redeemed. A common instruction is to specify that it must be deposited directly into an account with a bank and not immediately cashed by a bank over the counter. What is Crossing of Cheque ? A cheque is a negotiable instrument. During the process of circulation, a cheque may be lost, stolen or the signature of payee may be done by some other person for endorsing it. Under these circumstances the cheque may go into wrong hands.Crossing is a popular device for protecting the drawer and payee of a cheque. Both bearer and order cheques can be crossed. Crossing prevents fraud and wrong payments. Crossing of a cheque means â€Å"Drawing Two Parallel Lines† across the face of the cheque. Thus, crossing is necessary in order to have safety. Crossed cheques must de presented through the bank only because they are not paid at the counter. DISHONOUR OF A CHEQUE:- a cheque which the bank will not pay because there is not enough money in the account to pay it Companies Act 1956 The Companies Act 1956 is an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.[1] The Companies Act 1956 is administered by the Government of India through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc. The Registrar of Companies (ROC) handles incorporation of new companies and the administration of running companies. Companies Act In India, the Companies Act, 1956, is the most important piece of legislation that empowers the Central Government to regulate the formation, financing, functioning and winding up of companies. The Act contains the mechanism regarding organisational, financial, managerial and all the relevant aspects of a company. It empowers the Central Government to inspect the books of accounts of a company, to direct special audit, to order investigation into the affairs of a company and to launch prosecution for violation of the Act. These inspections are designed to find out whether the companies conduct their affairs in accordance with the provisions of the Act, whether any unfair practices prejudicial to the public interest are being resorted to by any company or a group of companies and to examine whether there is any mismanagement which may adversely affect any interest of the shareholders, creditors, employees and others. Following are the main characteristics of a company 1. Legal Entity A company is an artificial person created by law. So, it has a separate legal entity from its members. It can hold and deal with any type of property of which it is owner in any way like, can enter into contracts, open bank account in its own name, sue and be sued in its name and capacity. 2. Perpetual Succession Joint stock company is a corporate body. It acquires a separate legal personality difference from its member with a common seal. It does not depend upon the existence of its members. It means company is not at all affected by the death, lunacy or bankruptcy of its members or shareholders.  The shareholders may come or go but the company goes on forever. Only law can terminate its existence. 3. Limited Liability The liabilities of shareholders of the company is limited up to their capital investment only. The liability of the shareholders in the public limited company is limited to the extent of the amount of share, they have subscribed. The shareholders are not liable for the payment of excess claim of the creditors even if capital of the company becomes insufficient. 4. Common Seal However, a company being artificial person, it can not sign on documents like natural person. Therefore, a common seal is used as a substitute of signature. The common seal affixed on all documents of the company. 5. Transferability Of Share Capital The shares of a company are freely transferable from one person to another person except in case of private companies. 6. Separation Of Ownership And Management Every member or shareholder, who is real owner of the company can not take active part in day-to-day management of the company. It is managed and controlled by a board of directors. 7. Maintenance Of Books Of Accounts A company has to keep and maintain a prescribed set of accounting books and any failure in this regard attracts penalties. 8. Audit Of Account And Publication Of Financial Statements It is compulsory for each and every company to get its accounts to be audited. A joint stock company has to publish its financial statement at the end of every fiscal year. Types Of Companies There are different types of company, which can be classified on the basis of formation, liability, ownership, domicile and control. 1. Types Of Companies On The Basis Of Formation Or Incorporation a. Chartered Companies Companies which are incorporated under special charter or proclamation issued by the head of state, are known as chartered companies. The Bank Of England, The East India Company, Chartered Bank etc. are the examples of chartered companies. b. Statutory Companies Companies which are formed or incorporated by a special act of parliament, are known as statutory companies. The activities of such companies are governed by their respective acts and are not required to have any Memorandum or Articles Of Association. c. Registered Companies Registered companies are those companies which are formed by registration under the Company Act. Registered companies may be divided into two categories. * Private Company A company is said to be a private company which by its Memorandum of Association restricts the right of its members to transfer shares, limits the number of its members and does not invite the public to subscribe its shares or debentures. * Public Company A company, which is not private, is known as public company. It needs minimum seven persons for its registration and maximum to the limit of its registered capital. There is no restriction on issue or transfer of its shares and this type of company can invite the public to purchase its shares and debentures. 2. Types Of Companies On The Basis Of Liability Registered companies are divided into two types, namely, companies having limited liability and companies having unlimited liability. a. Companies Having Limited Liability This liability can be limited in two ways: * Liability Limited By Shares These are those companies in which the capital is divided into shares and liability of members (share holders) is limited to the extent of face value of shares held by them. This is the most popular class of company. * Liability Limited By Guarantee These are such companies where shareholders promise to pay a fixed amount to meet the liabilities of the company in the case of liquidation. b. Companies Having Unlimited Liability A company not having any limit on the liability of its members as in the case of a partnership or sole trading concern is an unlimited company. If such a company goes into liquidation, the members can be called upon to pay an unlimited amount even from their private properties to meet the claim of the creditors of the company. 3. Types Of Companies On The Basis Of Ownership a. Government Companies A government company is a company in which at least 51% of the paid up capital has been subscribed by the government. b. Non-government Companies If the government does not subscribe a minimum 51% of the paid up capital, the company will be a non-government company. 4. Types Of Companies On The Basis Of Domicile a. National Companies A company, which is registered in a country by restricting its area of operations within the national boundary of such country is known as a national company. b. Foreign Companies A foreign company is a company having business in a country, but not registered in that country. c. Multinational Companies Multinational companies have their presence and business in two or more countries. In other words, a company, which carries on business activities in more than one country, is known as multinational company. 5. Types Of Companies On The Basis Of Control a. Holding Companies A holding company is a company, which holds all, or majority of the share capital in one or more companies so as to have a controlling interest in such companies. b. Subsidiary Company A company, which operates its business under the control of another company (i.e holding company), is known as a subsidiary company. Memorandum of association The memorandum of association of company, often simply called the memorandum (and then often capitalised as an abbreviation for the official name, which is a proper noun and usually includes other words), is the document that governs the relationship between the company and the outside. It is one of the documents required to incorporate a company in the United Kingdom,[1] Ireland, India, Bangladesh, Pakistan and Sri Lanka, and is also used in many of the common law jurisdictions of the Commonwealth. A Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders. The MOA is accessible to the public and describes the company’s name, physical address of registered office, names of shareholders and the distribution of shares. Articles of association In corporate governance, a company’s articles of association (called articles of incorporation in some jurisdictions) is a document which, along with the  memorandum of association (in cases where the memorandum exists) form the company’s constitution, defines the responsibilities of the directors, the kind of business to be undertaken, and the means by which the shareholders exert control over the board of directors. DEFINITION of ‘Articles Of Association’ A document that specifies the regulations for a company’s operations. The articles of association define the company’s purpose and lays out how tasks are to be accomplished within the organization, including the process for appointing directors and how financial records will be handled.