A chartered accountant is an external auditor who reviews a company’s accounting practices to ensure they meet minimum requirements and best practices. They work independently and submit reports to the audit committee or board of directors. They may also certify a company’s financial reports. A chartered accountant is an external auditor appointed by a company […]
Statutory paternity leave is guaranteed by law and allows fathers to take time off work for the birth or adoption of a child. Many countries offer paid leave, while in the US, fathers can take up to 12 weeks of unpaid leave under FMLA. Leave rules and requirements vary by state and country. Statutory paternity […]
A statutory annulment declares a marriage was never valid and is treated as if it never existed, different from divorce. Legal and religious annulments differ, with legal annulments granted for reasons such as fraud, illegality, force, or incapacity. An attorney is usually needed to secure a legal annulment. A statutory annulment is a statement that […]
Statutory leave entitlement varies by country, with some not having a law defining minimum time off. Europe has generous laws, with some countries offering up to 30 days off plus national holidays. The US has no law mandating paid time off, but many employers still offer it. Having vacation time written into a contract is […]
A statutory declaration is a written document signed by someone declaring certain statements to be true, witnessed by an authorized person. Laws vary by jurisdiction, but typically require verification of identity, competence, and penalties for false statements. The form must meet jurisdiction requirements and can be used for various purposes, including in court. False statements […]
A statutory waiver involves voluntarily giving up known legal rights, which must be clearly stated in writing to be enforceable. This can apply to criminal suspects, high-risk activities, and school trips. Waivers can also be implied by actions, such as failing to file a lawsuit within the statute of limitations. Courts presume that silence does […]
Legal dissolution is the termination of a contract or partnership, including business dissolution, contract dissolution, and divorce. Corporate dissolution can occur when a company goes out of business or files for bankruptcy. Termination of contract can restore both parties to their pre-contract state. Divorce terminates the legal marital contact and requires asset division. Legal dissolution […]
Statutory damages are pre-established compensation awarded by a court in cases where statutory law is violated, such as patent infringement or public policy violations. They are outlined in legislation and cover expenses and losses incurred by the plaintiff. The plaintiff does not need to prove their worthiness, but the damages may be subject to special […]
A statutory employee is someone who works mainly for a specific company but carries on a business on their own account. They are treated as regular employees for tax purposes, but can file deductions as if they were self-employed. Employers must correctly classify workers to avoid legal penalties. Tax authorities can provide assistance and advice. […]
A statutory trust is an estate planning tool that protects real estate for the benefit of a trust beneficiary. It involves three parties: the grantor, trustee, and beneficiary. Income and sale proceeds go to the beneficiary. The purpose is to protect property for a beneficiary, often a child, and protect it from creditors. A statutory […]
Statutory law is written law passed by legislators, different from common law. Legislators can legislate on everything they have the power to govern. Judges can only legislate when a case comes before them. Statutory laws are eventually published and codified in code books. Courts may interpret the law and/or statutes may create agencies to interpret […]
