Problem Questions and Answers on Company Law - Free Essay Example

Sample details Pages: 12 Words: 3628 Downloads: 9 Date added: 2017/06/26 Category Law Essay Type Essay any type Level High school Tags: Act Essay Did you like this example? Coursework 1 Adam, Belle, Claire and Dennis have decided to set up a new company which is private, limited by shares. Section 1 Incorporation Documentation Memorandum of Association (MoA) Under the Companies Act 1985[1] the Memorandum of Association[2] sets out a companys constitution and objectives. Its also forms the basis of a companys existence, by regulating external affairs (ss 2-6, CA85)[3]. The MoA was significantly simplified later by the Companies Act 2006[4]. Now, it requires the names of the first subscribers. Also under s 8 (1)(b)[5] it states that the first subscribers must be allotted with at least one share and automatically become members of the company. The new act merely evidences the subscribers` intention to form a new company and thus upon registration, the members need to authenticate it[6]. IN01 Form Don’t waste time! Our writers will create an original "Problem Questions and Answers on Company Law" essay for you Create order Along with the MoA, an application for registration and a statement of compliance must be delivered to the Companies House; referred to as the IN01 Form. The CA85 replaced various requirements of the MoA with the Application for Registration[7] (s. 9, CA06)[8], as well as speeding the manual process of the MoA`s content (ss 2 and 10, CA85)[9]. The information required is included in s 9(2), s 9(4), s 9(5) and 9(6) of CA06[10], and briefly this includes the company`s details such as the name, place of registered office, shares, capital, proposed officers and a copy of the company`s AoA. All these need to be delivered to the relevant registrar with the required fee[11]. Part 1 The company is identified by its name and serial number, hence they both need to be unique. As this is a private company, limited by shares, the correct suffix must be placed at the end; Limited or Ltd (s 59 (1), CA06)[12]. The name on the index can be checked by the WebCheck[13]. ABCD Limited is not available as it is already on the registrar. s 66(1), CA06[14] clearly states that a company cannot be registered by the same name as another company in the index of company names(s 1099)[15]. Friends Ltd is free in the registrar. However, it is not advised to use this name as a company FOURFRIENDS LTD is in the registrars index. Technically, you can use 4 Friends Ltd but under s 67(1), CA06[16], the Secretary of State[17] may judge that this will be passed off as a similar name. In that case, the company will have to change its name within 12 months of registration (s 68(2), CA06)[18], unless FOURFRIENDS LTD has given consent for the proposed name to be used. Adam Company Limited is available on the registrar, but in the index a company under the name ADAM COMPANY PUBLIC LIMITED COMPANY is registered. Thus, as stated in Part 1 C. II, this is a matter of the SoS to decide upon. A Thru D Ltd is available on the registrar. Belle Co Ltd is already on the index and thus it cannot be used. See Part 1 C. I. The Red Cross Federation Limited cannot be used. To begin with, this will be interpreted as a misleading name (s 76(1), CA06)[19], as the company has nothing to do with the non-profit Red Cross organisation. In addition, even if the name is not interpreted as misleading, then under the Geneva Conventions Act 1957[20] it cannot be used under any circumstances. s 6(3)[21] Clearly prohibits anyone to use wording that is associated with the Red Cross Organisation[22]. Registered office (s 9 (2)(b), CA06[23]) A company requires a registered office at all times because this is where all communications and notices will be addressed[24]. In addition, under s 86, CA06[25] the registered office is the address stated available for inspection for any register, index or other document; and, that all documents by said company have the address mentioned[26]. A company that is registered in à ¢Ã¢â€š ¬Ã…“England and Walesà ¢Ã¢â€š ¬Ã‚  cannot have a registered office in Scotland or Northern Ireland. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a different jurisdiction and upon registration they will have to state in what jurisdiction the company will be; A5 of the IN01 form (s 15 (2)(e), CA06)[27]. If a registered office is required in Scotland or in Northern Ireland, then a new company will have to be formed under the specific jurisdiction[28]. Articles of Association The Articles of Association[29] are the rules of a company and govern its internal affairs. In other words this is the constitution of the company (s 18, CA06[30]). In addition, it forms a statutory contract between its members and the company (s 33[31]). The first Option available on A7 of the IN01 form is to obtain model articles, also known as à ¢Ã¢â€š ¬Ã…“off the shelfà ¢Ã¢â€š ¬Ã‚  (The Companies (Model Articles) Regulations 2008[32]). Option 2 again has to do with à ¢Ã¢â€š ¬Ã…“off the shelfà ¢Ã¢â€š ¬Ã‚  articles but, you can add and/or amend provisions. The additional and/or amended provisions must be attached to the IN01 form. As opposed to Options 1 and 2, Option 3 is entirely new articles. For instance, all the provisions are drafted from scratch, known as bespoke articles; a copy of the bespoke must be submitted with the IN01 form[33]. As they want to amend certain articles, it is advised to use Option 2 and tick the first box (Private limited by shares) Section A8 of the IN01 form refers to entrenched articles. Entrenched articles are specified provisions which may be amended if conditions are met. However, they are more restrictive than those which only require a special resolution. Entrenchment may be made by the articles on formation or an amendment which is agreed by all the members of the company. However, the court can still order a company to alter its articles, even though they are entrenched (ss 22, 23, 24, CA06[34]). Part 2 Proposed Officers A Private company under s 270(1), CA06[35] does not require a company secretary. This however, was not the case before 1st of October 2009, when the CA06 came into force. Under s 283, CA85[36], every company was required to have a secretary. The functions of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s secretary are not defined in the acts. However, a better understanding is made in the case of Re Maidstone Buildings Provisions Ltd[37]. The judgment held that à ¢Ã¢â€š ¬Ã…“A secretary is not concerned in the management of the company. Equally, I think he is not concerned in carrying on the business of the company à ¢Ã¢â€š ¬Ã‚ ¦ a person who holds the office of secretary may in some other capacity be concerned in the management of the company`s business[38].à ¢Ã¢â€š ¬Ã‚  A corporate secretary ensures the integrity of the governance framework, and for the efficient administration, for example, ensuring compliance with statutory and regulatory requirements and implementing decisions made by the board. The corporate secretary is not necessarily a human being. As a company secretary is not defined in the act, then for now they might not need a corporate secretary. Yes, everyone can be a director as s 154, CA06[39] states that a private company must have at least one director. Hence, it is possible to have 4 directors. A corporate director is a natural person acting as a director of the company. From the 1st of October 2010 all companies are required to have at least one natural director (s 155, CA06[40]) and his details must be stated in E1 of the IN01 form The à ¢Ã¢â€š ¬Ã…“Usual Residential Address[41]à ¢Ã¢â€š ¬Ã‚  it the usual home address of the natural person acting as the director and will not be available to the public record. Whereas, the à ¢Ã¢â€š ¬Ã…“Service Addressà ¢Ã¢â€š ¬Ã‚  can be used to receive communications by third parties. The à ¢Ã¢â€š ¬Ã…“Service Addressà ¢Ã¢â€š ¬Ã‚  can technically be the same as the à ¢Ã¢â€š ¬Ã…“URAà ¢Ã¢â€š ¬Ã‚ . However, as the à ¢Ã¢â€š ¬Ã…“Service Addressà ¢Ã¢â€š ¬Ã‚  is publicly recorded, it is advised to use a different à ¢Ã¢â€š ¬Ã…“URAà ¢Ã¢â€š ¬Ã‚  so that the information is disclosed from the public. This has replaced the old system where only officers at serious risk could have their residential addresses kept off the public record; and with the old system the registered office could be the same as the à ¢Ã¢â€š ¬Ã…“URAà ¢Ã¢â€š ¬Ã‚ [42]. The necessary information is given in sections D1-D5 of the IN01 Form and it is in accordance with s 165, CA06[43]. Part 3 Statement of Capital As soon as the Companies Act 1985 was in force, a company was required to have a nominal value of shares. This is a fixed amount prescribed by members (s 542, CA06)[44]; in our case, the nominal value is  £1. The Shares can never be issued at a discount (ss 552 and 580, CA06)[45], in other words, lower than their nominal value. The case of Ooregum Gold Mining Co v Roper [1892][46] illustrates this point when it refers to a à ¢Ã¢â€š ¬Ã…“Fixed amountà ¢Ã¢â€š ¬Ã‚  for nominal value. On the other hand, the share premium is the amount received over and above the face value of the shares (anything over  £1) (s 610, CA06)[47]. Generally speaking there are no restrictions on who holds shares, but the company which cannot be a member of itself (Trevor v Whitworth (1887)[48]. However, there are some exceptions stated in s 659, CA06[49]: Treasury shares (s 724, CA06)[50]. Shares may be acquired for the purpose of capital maintenance. Ordinary shares are used to describe the shares of a company with only one class of shares. In the CA06 they are known as à ¢Ã¢â€š ¬Ã…“equity sharesà ¢Ã¢â€š ¬Ã‚ . They are the simplest form of shares and generally carry one vote per share, but have no dividend rights attached to them (s 560)[51]. In contrast, Preference shares give the holder preferential rights, usually in dividends and/or return of capital when winding up the company. Preference shares are not defined in the Act, however, they are eligible to receive automatic à ¢Ã¢â€š ¬Ã…“Fixed preferential cumulative dividendà ¢Ã¢â€š ¬Ã‚ . In other words, shareholders with Preference shares are entitled of any dividends that have been omitted in the past, and if more dividends are left then common shareholders receive those rights[52]. The statement of capital must be completed in F1-F5 of the IN01 form. H. Initial Shareholdings. When filling in section F5 all they need to be aware of is who has ownership of the company. The ownership is determined by the percentage of issued share capital that each shareholder owns. Parts 4 and 5 I. They do not need to complete both parts as part 4 is just for companies limited by guarantee (Charities). However, Part 5 needs to be completed by all companies (Statement of compliance). Final Page J. The fee owed to the companies house for registering depends if it is submitted electronically or by paper and if you need the same-day incorporation service. Below is a breakdown of the fees[53]: Electronic (Software) Same-day:  £30 Normal:  £13 Electronic (Web incorporation Service Normal:  £15 Paper Same-day:  £100 Normal:  £40 *Fees are subject to periodic change. You should always check the Companies House for current fees[54]. Articles of Association K. Tweaking the Articles Yes, referring back to E. II., our clients have chosen to use model articles with certain amendments of provisions. It is permissible to delete the reference to Article 8[55] in 7(1)[56] and Article 8 as long as they attach a copy of the changes before submission. However, Deleting Article 8 might interfere with Article 15[57] in the future. Thus, it is not advised to delete Article 8. Yes, they can change it but ità ¢Ã¢â€š ¬Ã¢â€ž ¢s irrelevant because Article 11(2)[58] states that à ¢Ã¢â€š ¬Ã…“it must never be less than twoà ¢Ã¢â€š ¬Ã‚ . Therefore, this already meets their requirements. Yes, they will have to amend/remove Article 17(1)(a)[59]. Article 26(5) of the model articles ensures that the directors have the authority to refuse anyone to register the transfer of a share. And, under Article 27(2)(a)[60], they may choose to become holder of these shares or have them transferred to another person. The default is two qualifying persons at a meeting (s 318 (2), CA06)[61]. In the scenario that they want to set the quorum at 3, then they will have to add that provision to article 38 of the model articles and again ensure that they attach the copy before registration. The directors have the authority if they decide to use a company seal or not (Article 49 (1))[62]. In that case, there is no need to remove this provision. L. After registration the company still has the power to amend any of its AoA (s 21, CA06[63]), which can be done under a special resolution (must be a resolution by the members passed by 75%) (s 283[64]). However, there are some limitations. For example, a clause limiting the company from amending is invalid as seen in the case of Punt v Symonds Co Ltd[65]. The alterations must be à ¢Ã¢â€š ¬Ã…“for the benefit of the company and the members as a wholeà ¢Ã¢â€š ¬Ã‚ [66]. Allen v Gold Reefs Of West Of Africa Ltd[67], in which it was held that alterations could not be inferred with the court unless the amendments were bona fide for the goodwill of the company, illustrates this point. Any amendments of the articles must again be sent to the registrar (s 26(1), CA06) and published (ss 1077/1078, CA06[68]). M. They should include a clause in the AoA about Erin. However, will she be bound by it? Case law suggests that she wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t be bound it. The test is provided in H ickman v Kent or Romney Marsh Sheep-Breeders Association[69], and it stated that à ¢Ã¢â€š ¬Ã…“an outsider to whom rights purport to be given by the articles in his capacity as such outsider, whether he is or subsequently becomes a member, cannot sue on those articles treating them as contracts between himself and the company to enforce those rightsà ¢Ã¢â€š ¬Ã‚ [70]. As Erin is Adam`s daughter, she might argue that she is not an outsider. However, in the eyes of the law she is not a member and thus an outsider. She might gain some third party rights under s 6(2) of Contracts (Rights of Third Parties) Act 1999[71] but, this act does not apply to statutory contracts. The only scenario where Erin has rights, is if she creates a separate contract with the company outside the articles. Section 2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Pre-incorporation Business N. Yes, s 51, CA06[72] allows for pre-incorporation contracts to be entered into. Prior to incorporation, the company does not yet exist, and an attempt to act on behalf of the company before the birth certificate[73] has no legal effect as the company may never be formed. A promoter needs to be assigned in order for the company to enter pre-incorporation contracts. The term à ¢Ã¢â€š ¬Ã…“promoterà ¢Ã¢â€š ¬Ã‚  is defined by Lord Cockburn CJ as à ¢Ã¢â€š ¬Ã…“one who undertakes to form a company with reference to a given project and to set it going, and who takes the necessary steps to accomplish that purposeà ¢Ã¢â€š ¬Ã‚ [74]. When signing contracts à ¢Ã¢â€š ¬Ã…“for and behalf ofà ¢Ã¢â€š ¬Ã‚  the company, the person authorizing it (promoter) will be usually held liable as seen in the case of Kelner v Baxter (1866-87)[75]. Promoters may exclude liability and still ensure that the contract is valid through two procedures. The first requires an express term in the pre-incorporated contract to exclude personal liability which may be done under the relevant section[76]. This option terminates the promoterà ¢Ã¢â€š ¬Ã¢â€ž ¢s personal liability once the company is incorporated. As confirmed in Phonogram Ltd v Lane [1982], where the words à ¢Ã¢â€š ¬Ã…“subject to any agreement to the contraryà ¢Ã¢â€š ¬Ã‚  [77] were analyzed, and interpreted as à ¢Ã¢â€š ¬Ã…“unless otherwise agreedà ¢Ã¢â€š ¬Ã‚ [78]. Hence an exclusion of personal liability must be given[79] .However the promoter must never sign a contract in the name of the company prior to incorporation. As Goddard CJ stated in the case of Newborne v Sensolid Ltd (1954): à ¢Ã¢â€š ¬Ã…“as the company was not in existence when the contract was signed there was never a contractà ¢Ã¢â€š ¬Ã‚  [80]. The Second Procedure is called à ¢Ã¢â€š ¬Ã…“Novationà ¢Ã¢â€š ¬Ã‚ . The newly formed company must create a new contract with the same previous terms. Ratification is not enough as it is now a different contract with the incorporated company instead of the promoter[81]. Section 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" The Corporate Entity O. It is important to remind ourselves, that this is a company private limited by shares. With that noted, the idea that their personal assets will be protected stems from the landmark case of Salomon v Salomon Co [1897][82]. The main principle of Salomon derives from the wording à ¢Ã¢â€š ¬Ã…“separate Legal Entityà ¢Ã¢â€š ¬Ã‚ . To form a better understanding, à ¢Ã¢â€š ¬Ã…“separate legal entityà ¢Ã¢â€š ¬Ã‚  means that the company acts as a juristic person in the eyes of the law thus, the individuals involved in the company are not personally liable if something should go wrong[83]. The company as its own legal person is liable for all its debts, not the owners. Therefore, only the company can be sued and not the members; risk only arises to the members if assets were purchased illegally. However, there are exceptions to this principle and this aspect is one of the most ambiguous areas in company law. This is where a court decides to ignore the à ¢Ã¢â€š ¬Ã…“separate legal personalityà ¢Ã¢â€š ¬Ã‚ ; and it was created by the landmark case through the wording à ¢Ã¢â€š ¬Ã…“the veil of incorporationà ¢Ã¢â€š ¬Ã‚ . There is no general principle on how a judge might decide to lift the corporate veil[84]. However, the corporate veil might be lifted where there is clear abuse of the corporate form. This was illustrated in the case of Jones v Lipman [1962][85] where an unlawful refusal to sell a house was made due to the sham transfer of the house to a company controlled by Lipman[86]. Thus abysmal circumstances might lead to personal liability if decided so by the judges. Bibliography Primary sources Cases Allen v Gold Reefs Of West Of Africa Ltd [1900] 1 Ch 656 Hickman v Kent or Romney Marsh Sheep-Breeders Association [1915] 1 Ch 88a Jones v Lipman[1962] 1 ALL 442 (ER) Kelner v Baxter[1866-87] 2 LR 174 (CP) Newborne v Sensolid (Great Britain) Ltd[1954] 1 QB 45 Ooregum Gold Mining Co v Roper [1892] AC 125 Phonogram Ltd v Lane[1982] QB 938 Punt v Symonds Co Ltd [1903] 2 Ch 506 Re Maidstone Buildings Provisions Ltd [1971] 1 WLR 1085 Re Northumberland Avenue Hotel Co Ltd[1886] 38 ChD 156 Salomon v Salomon Co [1897] 22 AC Supplies Ltd v Jerry Creighton Ltd[1951] 1 KB 42 Trevor v Whitworth (1887) 12 App Cas 409 Legislation Companies (Model Articles) Regulations 2008/3229 Companies Act 1985 Companies Act 2006 Contracts (Rights of Third Parties) Act 1999 Geneva Conventions Act 1957 The Companies (Model Articles) Regulations 2008 Secondary Sources Books Alexis Mavrikakis, Helen Watson, Christopher Morris and Nick Hancock,CLP Legal Practice Guides: Business and Company Legislation(College of Law Publishing, UK 2014/15) Alexis Mavrikakis, Helen Watson, Christopher Morris and Nick Hancock,CLP Legal Practice Guides: Business and Company Legislation(College of Law Publishing, UK 2012/13) Boyle and Birds,Company Law(8th, Jprdan Publishing Limited, Bristol 2011) Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 74-77 L.S. Sealy,Cases And Materials In Company Law(Cambridge University Press, Cambridge 1971) Sealy and Worthingtons,Cases And Materials In Company Law(10th, Oxford, UK 2013 Susan McLaughlin,Unlocking Company Law(2nd, Routledge, Oxon 2013) Journals A Daehnert, The minimum capital requirement an anachronism under conservation: Part 1 [2009] Comp. Law G Scanlan, The Company Names Adjudicator A New Regime New Principles [2007] Comp. Law, 172 S Ottolengthi, From Peeping behind the Corporate Veil, to Ignoring It Completely [1990] Modern Law Review Tan Cheng-Han, Veil piercing a fresh start [2015] Journal of Business Law Dictionaries Woodley, M. G,Osborns concise law dictionary.(11th, Mick Woodley, London : Sweet Maxwell/Thomson Reuters 2009) Websites www.companieshouse.gov.uk Ben Pettet, Promoters and pre-incorporation contracts (Oxy.com 2013) https://law.oxy.co/promoters-and-pre-incorporation-contracts-91620/ accessed [1] CA85 [2] MoA [3] Companies Act 1985 s 2-6 [4] CA06 [5] Companies Act 2006 s 8(1)(b) [6] Woodley, M. G,Osborns concise law dictionary.(11th, Mick Woodley, London : Sweet Maxwell/Thomson Reuters 2009 ) 42 [7] IN01 Form [8] Companies Act 2006 s 9 [9] Companies Act 2006 s 2,10 [10] Companies Act 2006 s 9(2), 9(4), 9(5) and 9(6) [11] Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 74-77 [12] Companies Act 2006 s 59(1) [13] https://wck2.companieshouse.gov.uk/ (WebCheck) [14] Companies Act 2006 s 66(1) [15] Companies Act 2006 s 1099 [16] Companies Act 2006 s 67(1) [17] SoS [18] Companies Act 2006 s 68(2) [19] Companies Act 2006 s 76(1) [20] Geneva Conventions Act 1957 [21] Geneva Conventions Act 1957 s 6(3) [22] G Scanlan, The Company Names Adjudicator A New Regime New Principles [2007] Comp. Law, 172 [23] Companies Act 2006 s 9(2)(b) [24] Supplies Ltd v Jerry Creighton Ltd[1951] 1 KB 42 [25] Companies Act 2006 s 86 [26] Charles Wil d and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 98 [27] Companies Act 2006 s 15(2)(e) [28] Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 97 [29] AoA [30] Companies Act 2006 s 18 [31] Companies Act 2006 s 33 [32] The Companies (Model Articles) Regulations 2008 [33] Alexis Mavrikakis, Helen Watson, Christopher Morris and Nick Hancock,CLP Legal Practice Guides: Business and Company Legislation(College of Law Publishing, UK 2014/15) 59 [34] Companies Act 2006 s 22,23 and 24 [35] Companies Act 2006 s 270(1) [36] Companies Act 1985 s 283 [37] Re Maidstone Buildings Provisions Ltd [1971] 1 WLR 1085 [38] Susan McLaughlin,Unlocking Company Law(2nd, Routledge, Oxon 2013) 235-236 [39] Companies Act 2006 s 154 [40] Companies Act 2006 s 155 [41] URA [42] Alexis Mavrikakis, Helen Watson, Christopher Morris and Nick Hancock,CLP Legal Practice Guides: Business and Company Legislation(College of Law Publis hing, UK 2012/13) 125-126 [43] Companies Act 2006 s 165 [44] Companies Act 2006 s 542 [45] Companies Act 2006 s 552 and 580 [46] Ooregum Gold Mining Co v Roper [1892] AC 125 [47] Companies Act 2006 s 610 [48] Trevor v Whitworth (1887) 12 App Cas 409 [49] Companies Act 2006 s 659 [50] Companies Act 2006 s 724 [51] Companies Act 2006 s 560 [52] Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 157-60 [53] Companies Act 2006 s 1063 [54] https://www.companieshouse.gov.uk/toolsToHelp/ourPrices.shtml [55] Companies (Model Articles) Regulations 2008/3229 Article 8 [56] Companies (Model Articles) Regulations 2008/3229 Article 7(1) [57] Companies (Model Articles) Regulations 2008/3229 Article 15 [58] Companies (Model Articles) Regulations 2008/3229 Article 11(2) [59] Companies (Model Articles) Regulations 2008/3229 Article 17(1)(a) [60] Companies (Model Articles) Regulations 2008/3229 Article 27(2)(a) [61] Companies Act 2006 s 318(2) [62] Com panies (Model Articles) Regulations 2008/3229 Article 49(1) [63] Companies Act 2006 s 21 [64] Companies Act 2006 s 283 [65] Punt v Symonds Co Ltd [1903] 2 Ch 506 [66] Boyle and Birds,Company Law(8th, Jprdan Publishing Limited, Bristol 2011) 123-130 [67] Allen v Gold Reefs Of West Of Africa Ltd [1900] 1 Ch 656 [68] Companies Act 2006 ss 1077/1078 [69] Hickman v Kent or Romney Marsh Sheep-Breeders Association [1915] 1 Ch 88a [70] Sealy and Worthingtons,Cases And Materials In Company Law(10th, Oxford, UK 2013) 254 [71] Contracts (Rights of Third Parties) Act 1999 s 6(2) [72] Companies Act 2006 s 51 [73] s 15, Companies Act 2006 [74] L.S. Sealy,Cases And Materials In Company Law(Cambridge University Press, Cambridge 1971) 19 [75] Kelner v Baxter[1866-87] 2 LR 174 (CP) [76] s 51, Companies Act 2006 [77] Phonogram Ltd v Lane[1982] QB 938 [78] Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 71 [79] S 51, Companies Act 2006 [80] Newborne v Sensolid (Great Britain) Ltd[1954] 1 QB 45 [81] Re Northumberland Avenue Hotel Co Ltd[1886] 38 ChD 156 [82] Salomon v Salomon Co [1897] 22 AC [83] Susan McLaughlin,Unlocking Company Law(2nd, Routledge, Oxon 2013) 64-68 [84] S Ottolengthi, From Peeping behind the Corporate Veil, to Ignoring It Completely [1990] Modern Law Review 338-350, 338 [85] Jones v Lipman[1962] 1 ALL 442 (ER) [86] Charles Wild and Stuart Weinstein,Company Law(16th, Pearson Education Limited, Edinburgh gate 2013) 35-48

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string(27) " earns you on average \$5\." Case Analysis: Netflix. com, Inc k JAVK Consulting Company 6/14/2011 600 Civic Center Dr Detroit, MI 48226 Dear Mr. Hastings, Our company JAVK Consulting has examined the Netflix customer model and looked into the company’s five year financial future. We will write a custom essay sample on Netflix Case Analysis or any similar topic only for you Order Now We have analyzed Netflix with a scope of entering a rocky internet based company marketplace and seeing success in the future. The company currently is pumping lots of money into marketing strategy in order to growth their customer base and is in turn facing financial troubles while they approach their initial public offering stage. As you read through our analysis of Netflix you will find our company’s thought on your financial performance so far, look into a subscriber model and correlated cash flows, and develop an idea of financing solutions to manage growth. While more users are using mainstream technology such as DVD players, video game consoles, laptops, combined along with high-speed internet the creates a growing environment for a consumers wanting entertainment at their joysticks and fingertips. Our aspiration is for Netflix to have a successful run at an IPO if chosen and manage their customer growth along the way for long term success. Thank you for the chance to help your business thrive. We hope you agree with our financial outlook of Netflix and make a decision that catapults your company into financial success. Sincerely, JAVK Consulting Group Problem Statement: Based on Initial discussion and evaluation, we understand that the launch of Initial Public Offering (IPO) is critical and needs to be evaluated if the company should go forward with the offering, as a result of number of internet companies have been forced to withdraw their IPOs due to market down turn. Secondly the need to show positive cash flows within a twelve month horizon in order to have a successful offering. Third to suggest modifications that would improve the company’s projected cash flows given the fact that the revenues were doubling every six months. One of the most critical points of success for Netflix depended on the company’s ability to manage and sustain their triple-digit growth into the foreseeable future. Analysis: Technology is continuously facing rapid change which gives a company such as Netflix an exclusive opportunity for a first mover advantage in a new market. The Netflix product is one that can ship easily and cost effectively or be received directly to internet connections worldwide. The definite increase in internet and console users is creating a consumer demand for entertainment that Netflix can fill. This versatile product paired with emerging technology has led to rapid growth for the Netflix Company. The basic elements of Netflix core products give them an advantage over brick and mortar stores such as Blockbuster as Netflix offers a more personalized movie experience, the same new titles, all along with no time restrictions or late fees. As part of this long term objective Netflix’s goal is to grow its customer base and retain users of free trial software. The goal of the free software is to have a positive acquisition rate of free trial users after a month of free service and retain them into the long run future. After retention, the goal of Netflix is to withhold those customers into the long term future by tailoring the Netflix product in a unique way to each customer. Netflix does this by adapting their website interactions for each customer based off of their viewing history and preferences using a unique personal movie finder service. By offering this personalized service video users can find movies they would enjoy and possibly use the Netflix mail service. Theoretically speaking, Netflix performance to date has been positive (although the company has been incurring loss year over year) considering the high operating expenses for the initial years of a new business is common as most businesses make it or break it in their first 2-3 years which seems to be a normal trend considering this industry where the fixed assets increase year over year and the revenue generated on the fixed assets could drastically diminish based on user preference. Netflix has an extremely high growth rate for their revenues as they are doubling every six months. While revenues are doubling in the last year sales and marketing expenses have gone up more than three times. The main objective now is to make sure that after an initial public offering Netflix will continue to create positive cash flows. We believe that Netflix has chosen the subscriber model to forecast its cash flow requirements because it is the most precise representation of how the company receives cash on a monthly basis. Netflix at its core is in the movie rental industry, the only cash inflows received are from subscribers that pay monthly subscription fees. The basic elements of the subscriber model are monthly subscribers, subscription fees, and movie usage including movies rented and shipping costs. Based on these elements costs and revenues can be narrowed down and correlated to individual aspects of the model and accurate cash flows can be formed in order to predict future profitability. The subscriber model is fitting for Netflix for these reasons as subscribers are essentially their only cash inflows. Exhibit A, illustrates the subscribe model premise. In our analysis, we used the subscriber model to forecast future cash flows. This allows us to see potential revenues month to month based on the initial subscriber rate and percentage, while incorporating the cost to your company for each additional subscriber. We have forecasted potential cash flows as well as revenues for the next five years (Exhibit D Exhibit E). This gives us an idea of where we are going and how we will get there. Currently it costs your company $106. 58(Exhibit B) for the first month of a free trial customer. This cost is offset by paid subscribers and can be considered a marketing expense. Every month each paid subscriber earns you on average $5. You read "Netflix Case Analysis" in category "Essay examples" 82 (Exhibit B) in revenue. Netflix should continue trying to obtain new subscribers since there is a positive cash inflow for those customers after a weighted average is formed. Based on the weighted average of customers who stay with Netflix and those that leave there is a positive NPV based on the retention percentages. There are three basic types of customers for Netflix, one month trail exiting users, six month exiting users, and over five year users. Based off the retention ratios after one month 70% of customers from the free trail stay with Netflix, after that first month 42% of the original 70% stay for six months and 28% stay longer than six months (we have assumed it to be of at least 5 years and above). If a customer leaves after one month of free service your company would suffer a loss of $19. 26 (Exhibit B) given the fact that the initial purchase ($98. 28) of DVD(s) can be reused ($88. 45) for the other new subscribers by purchasing an incremental of 2 DVD(s) which move to the back catalogue as they become obsolete. Netflix can convert and retain those customers for six months they generate $1. 21(Exhibit B) of cash inflow for each customer. If the cash flow from acquiring new subscribers was negative we would advise your company to take an alternate route for generating cash flows. If your company continues with current business, retaining 28% of initial customers at least 5 years and above, the net present value of your corporation will be $65,851,642 (Exhibit E) based on certain assumption listed in Exhibit E. This NPV of your company after 5 years is based on the weighted average NPV percentages that we determined for each of the three customer categories; one month subscribers, six month subscribers and five year subscribers. Over sixty five million as a NPV is a glamorous number to project but it requires your company to retain the current customer retention ratios over the three timeline increments (Exhibit C). If these retention ratios are held strong then we have determined the weighted NPV per subscriber would be $34. 34 (Exhibit C). While this number is far from over sixty five million dollars over the five year time retention span it grows to be exactly that. Conclusion/Recommendation: Based on our analysis we have come up with some solutions to improve your overall cash flows and strengthen the financial health of your company. These solutions are not far from the product that Netflix currently offers so making the changes would not place a large burden on costs. Also, the changes will offer a more customer focused and interactive experience with the Netflix product. Initially your first goal should be to increase the retention rate of potential new trial subscribers. Given that internet users are increasing year over year, we recommend that your company consider online video streaming (video on demand) which will be an out of the box approach. Using the online media streaming can help your company to cut down on sales and advertising cost. Secondly with introduction of online streaming reduce the membership fees to 75% of the current rates which will help you increase customer retention rates. Third, promote revenue sharing which can help increase you marketing base while cutting your expenses. Forth is to promote referral bonus (can vary based on number of referrals provided) which can help you boost your sales through you existing customer base and in return reduce your operational expenses. Lastly to reduce the trial period to 2 weeks (if done by Mail only) and this will result in increase of NPV of Netflix by $25. 8 million (increase of NPV/subscriber from 34. 34 to 44. 10). Netflix is becoming even more personalized and may cut undesired costs such as unnecessary shipping costs. By doing this you will increase your profitability and decrease your cost to acquire a new customer. Another recommendation is to continue to encourage all online subscribers to rate films. This will encourage other subscribers to rent more movies and help with the automatic marquee queue available to online subscribers. By encouraging this interactive use with the Netflix website the company will have an idea of which DVD’s to spend money purchasing and will be able to keep an updated DVD library that meets the growing demand of new subscribers. To conclude, your company should delay the IPO until the economic condition improves and use this additional time to evaluate some of our recommendation to attain positive cash flows which can play in your favor. Appendix: Exhibit A – Subscriber Model Premises| Cost/New DVD| $ 17. 55 | Shipping Cost/DVD| $ 1. 00 | Number of DVD Initial Marque Queue| $ 4. 00 | Number of DVD Shipped /Month| $ 4. 30 | New DVD 1st Month| $ 5. 60 | Number of new DVD(s) subsequent Month| $ 0. 56 | Revenue /Month| $ 19. 95 | Free trial| $ 1. 00 | Discount Rate| 20%| Exhibit B -New Subscriber Model| | Free| Paid| Paid| Paid| Paid| Paid| Paid| Paid| Paid| Paid| Paid| Paid|   | M1| M2| M3| M4| M5| M6| M7| M8| M9| M10| M11| M12| Revenue|   | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | $19. 95 | Cost of DVD/ initial (one time)| $ (98. 28)|   |   |   |   |   |   |   |   |   |   |   | Cost of DVD/ releases|   | $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| $ (9. 83)| Shipping initial DVD’s| $ (4. 0)|   |   |   |   |   |   |   |   |   |   |   | Shipping new DVD’s| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| $ (4. 30)| Net Revenue| $(106. 58)| $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | $ 5. 82 | Exhibit C – Calculat ion of Net Present Value per new subscriber|   | *assumes that if a subscriber stays with Netflix longer than 6 months will stay 5 years| Subscribers | 1 Mon| 6 Mon| 5 Yrs. *|   | Probability| 30%| 42%| 28%|   | Weighted NPV per Subscriber| ($19. 26)| $1. 21 | $141. 46 | $34. 34 |   |   |   |   |   | C1| $ (106. 58)| $ (106. 58)| $ (106. 58)|   | C2| $ 88. 45 | $ 5. 82 | $ 5. 82 |   | C3|   | $ 5. 82 | $ 5. 82 |   | C4|   | $ 5. 82 | $ 5. 82 |   | C5|   | $ 5. 82 | $ 5. 82 |   | C6|   | $ 5. 82 | $ 5. 82 |   | C7|   | $ 88. 45 | $ 5. 82 |   | †¦|   |   | †¦ |   | C8|   |   | $ 5. 82 |   | C60|   |   | $ 5. 82 |   | C61|   |   | $ 88. 45 |   | CF By Month|   |   |   |   | Exhibit D – Projection of new subscribers 2000| |   | Revenue Growth rate 1998 – 1999 | 274%| Existing subscribers| 110,724 | New Subscribers paid status| 303,231 | 30% free| 90,969 | New Subscribers 2000| 394,201 | Exhibit E – Value of Netflix|   | 2000| 2001| 2002| 2003| 2004|   | | | | | |   | NPV per Subscriber| $34. 34 |   |   |   |   |   | Discounted Rate| 20%|   |   |   |   |   | Growth rate per new subscriber|   |   | 49%| 49%| 49%| 49%|   | | | | | |   | Existing subscribers| | 110,724 |   |   |   |   | Value of existing subscribers| | 3,802,273 |   |   |   |   |   | |   |   |   |   |   | New Subscribers| | 394,201 | 587,359 | 875,165 | 1,303,995 | 1,942,953 | Value of new subscribers| | 13,536,829 | 20,169,875 | 30,053,114 | 44,779,140 | 66,720,918 |   | |   |   |   |   |   | Total subscriber value|   | 17,339,102 | 20,169,875 | 30,053,114 | 44,779,140 | 66,720,918 |   | |   |   |   |   |   | Product development| | 7,413,000 | 7,413,000 | 7,413,000 | 7,413,000 | 7,413,000 | General and administrative| | 2,085,000 | 2,085,000 | 2,085,000 | 2,085,000 | 2,085,000 | Total Cost|   | 9,498,000 | 9,498,000 | 9,498,000 | 9,498,000 | 9,498,000 |   | |   |   |   |   |   | Total Subscriber value minus cost|   | 7,841,102 | 10,671,875 | 20,555,114 | 35,281,140 | 57,222,918 | NPV of Netflix|   | 65,851,642 |   |   |   |   | Assumptions:| Existing customers pay 19. 95 per month (same as new customers)| Additional cost projected at the same level as 1999NPV of Netflix only includes cash inflow and outflows and have not considered any liquidation value| How to cite Netflix Case Analysis, Essay examples

Quantittative Research free essay sample

Quantitative research is very common in natural sciences. Quantitative research is used to verify or support a hypothesis that already exists. Being without the structure provided by a hypothesis in quantitative research between variables tested, may create feeling of insecurity. This is understandable since quantitative research on human behaviour has a more clearly defined research agenda. Research is conducted through a cycle of phases. The methods applied to carry out quantative research are data analysis, which is collected through statistics. The nature of this type of perspective is known as positivism because it strives to tell the world it can be understood in one context. Quantitative research uses a deductive approach, making predictions, and testing hypothesis that have already been carried out. (Coolican, H. 1999) Researchers of quantitative research work with numerical data by analysing numbers. Characteristics have to be put in place in order for results to be accurate and reliable. We will write a custom essay sample on Quantittative Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Prior to conducting a research, researchers have to state both hypotheses. The next task carried out prior to the research is to implement the procedure they are going to use. Researchers have to provide statistical meaningful data and in order to do this they have to use large enough samples of people. A quantifiable sample of 200 people is an absolute minimum in order to carry out a reliable statistical analysis. The accuracy of the research is important therefore correct procedures are employed to collect data analysis. In quantitative research due to the nature, certain types of methods are used to conduct research. Quantitative research is done through questioning and observing. Researchers can manipulate certain parts of the experiment when measuring the results. The methods are of systematic approach; the four main types of research used in quantitative research are descriptive or survey research, correlational research, casual comparative research and experimental research. (Bryman, A. 2004) Correlational research attempts to determine the relationships between two or more variables, experimental research attempts to look for an cause and effect between two or more variables. Correlational and group difference studies look at existing data this is a non-experimental study. The cause an effect here assess the relationship from one study that exists with another study which is the same. Whilst in casual comparative research the researcher has no control over the casual factor or independent variable because it is studied after the fact, this effect is also known as the dependent variable (D. V). Experimental research and casual comparative research looks at cause and effect relationship between two or more variables the difference between the two researches is that casual comparative research have no control whereas experimental research the researcher has control over the independent variable (I. V). (Bryman, A. 2004) A longitudinal survey was conducted looking at behavioural patterns of sport fandom’s. The usefulness of this research was to analyse the behaviour of human explained by social facts. Longitudinal studies can be useful because they study the same group of participants over a certain aspect as time passes. The survey examined showing the behavioural component of sport fandom attending games. The data was collected in consecutive seasons, the methodology of study was to be reliable and in order to do this they collected data between clubs. The advantage of this survey showed the composition of the crowd, and their overt behaviour. The usefulness of using quantative methodology was to measure overt behaviour, and the different aspects in measuring the composition of the sports crowd. This study can be replicated again to compare the quantitative methodology. In this research the reliability and validity is determined more than a qualitative technique. Even though the survey showed the composition of the crowd and their overt behaviour, the methodology does not attempt to explain the underlying assumptions of sport fandom. The individuals in the study are regarded as a â€Å"set of variables making them equivalent across persons and across situations†. (www) Structure interviews usually carried out on randomly selected sample of people. In a structured interview the researcher has pre set questions that a subject is required to answer in a given way. Structured interviews are conducted in a casual manner and may produce spontaneous and realistic answers. The standard interviews can be generalised and applied to the entire population. Sampling of subjects can be difficult, and formal interviews conducted in routine manner may not produce realistic answers. The British Crime Survey (B. C. S) carries out surveys of randomly selected sample of people questioned by structured interviews. In order to understand, the experience of crime and behaviour. (Bryman, A, 2004) In questionnaires and surveys the experiments can be studied on large sample of people. Researchers are able to ask questions about feeling and behaviour in real situations, the method is cheap. The selected people can be generalised about the real world because they are chosen randomly. In the questionnaire and survey the negative aspect can be that people may not respond truthfully. It is difficult to establish the cause an effect. Questions in surveys may not have been asked about variables. Also through surveys and questionnaires research is often collected which is manipulated. People’s responses are put in categories that might fit in order to make meaning. (Coolican, H. 1999) Asch (1951) study was conducted to carry out if conformity took place. Asch (1951) did a perceptual test to measure conformity; there were 36 confederates in the experiment, 20 trials took place. The study was carried out in a laboratory setting. In the experiment where a number of stooges who were confederates of the experiment. In the experiment the stooges where told to give incorrect answers. Participant found it hard in the perceptual test to identify which 3 lines was the same length has the standard line. In this study 74% of participants did agree with the stooges verdict and conformed. The mean average of conformity rate amongst participants was 32%. Many psychologists have criticised Asch’s study because they feel the participants where young offenders on probation. The set of participants were under authority figures acting has their experimenters. The other criticism Asch has received was how could one relate the perceptual task to conformity in real life. The other factor that could’ve affected conformity in the perceptual task was if there was one participant and one stooge, conformity would’ve been rather low than one stooge being present in the experiment; possibility of conformity would be then higher. The higher the status of stooge the likelihood of conformity would be higher, than if the stooge is a fellow student. Other factors considered to influence different results would be if lines where relatively similar to the standard line then the task would effect the conformity rate. It was a time consuming study, because one participant was tested at a time. In this study the participants were misleaded because of the stooges. The usefulness of the stooges in this experiment was to provide a result whether conformity existed. Rosenow and Rosenthal (1977) suggest that some studies, â€Å"researchers have clear expectations about what should happen in their research study this can affect on the outcome. In other words, to some extent, researchers find what they are expecting to find, simply because they are expected to find it†. (Coolican, H. 1999) Research can sometimes produce ambiguous interpretations where studies have manipulated the independent variable. Validity in experiments only exists if the true cause and effect relationship is identified. In experimental methods manipulation of one variable can take place in order to keep the other variables constant. Experiments take place to discover accurate and precise discoveries of relationships between variables. In order to rule out alternative confounding variables designs of experiments are carefully thought. Therefore a validity of experiment carried out on a study should help researcher in future to create and design better experiment. (Russel, J. 000) Researcher In quantitative research is a mere objective observer. In this research the researcher does not participate or influence what is being studied. This is the basic underlying assumption of the method that guides this study. It is through this sequence the types of data are collected. Experiments carried out in field studies are seen has reliable, because people react and behave in an everyday context. On the other hand labor atory studies can be unreliable because variables are controlled, they are low in validity and artificial. Coolican, H. 1999) Researchers use quantitative research in order to find results from experiments. Experiments used in social science have to be done so that they are internally and externally valid. (www. uwa. com In conclusion it can be said that some researchers find that some experiments using quantitative method have limited usefulness because of the low external validity for example of their inapplicability to the real world. On the other hand some researchers consider quantitative research can be statistically reliable. Some researchers find that studies in some cases are manipulated and the results are biased in the way they are measured. The determination of the reliability on quantitative research can be from one idea concept, product package if it is better than the alternative. Researchers using quantitative research see whether a particular population shares certain characteristics in common. Quantitative research is used in connection with statistical analysis and generalisation of descriptions. Therefore it is seen appropriate to be used in research to measure both attitudes and behaviour.

Free Essays on Colonialism in Nigeria

Colonialism in Nigeria By: Meg E-mail: BumpSki1224@aol.com Colonialism in Nigeria The earliest known documentation of Nigeria is that it was the sight of a group of organized states called Hausa. The earliest Nigerians were the Nok people. These Noks were skilled artisans, but they didn’t last long. The Noks had disappeared by the second millennium. The Southwest region of Lake Chad, Africa was ruled by the Kanem-Bornu during the 8th century. By the 1300’s, the empire of Kanem-Bornu was a flourishing center of Islamic culture, rivaling Mali in the west. As this African kingdom began to stagnate, the western states fell under the rule of Songhai and the empire fell in result. During the 15th century, Nigeria was a very prosperous country with great cultivation and trading. By the late 16th century, the Kanem-Bornu broke up and the Hausa states regained their independence. In the 19th century, the Fulani then took dominance in the lands of Hausa and the southern part of the country was divided at this time. In the west, Yoruba ha d their own states; the Edo ruled in Benin in the south-central parts; and the Ibo had control in the east, in and north of the Niger delta. People such as Mungo Park, Richard Lemon Lander, and John Lander first explored the interior in 1830-31. Realizing the potential of the area, the Portuguese, the British, and others established slave-trading stations in the Niger delta. The British sent consuls to Calabar and Lagos, where traders were established, and they took full possession of Lagos. The British then established protectorates after the conclusion of several treaties with the native chiefs and in 1893, the name Niger Coast Protectorate was established. Then, in 1900, after expansion in the southwest, which brought about the addition of the kingdom of Benin, the name was changed to the Protectorate of Southern Nigeria. In the same year, the British proclaimed the protectorate of Northern Nigeria ... Free Essays on Colonialism in Nigeria Free Essays on Colonialism in Nigeria Colonialism in Nigeria By: Meg E-mail: BumpSki1224@aol.com Colonialism in Nigeria The earliest known documentation of Nigeria is that it was the sight of a group of organized states called Hausa. The earliest Nigerians were the Nok people. These Noks were skilled artisans, but they didn’t last long. The Noks had disappeared by the second millennium. The Southwest region of Lake Chad, Africa was ruled by the Kanem-Bornu during the 8th century. By the 1300’s, the empire of Kanem-Bornu was a flourishing center of Islamic culture, rivaling Mali in the west. As this African kingdom began to stagnate, the western states fell under the rule of Songhai and the empire fell in result. During the 15th century, Nigeria was a very prosperous country with great cultivation and trading. By the late 16th century, the Kanem-Bornu broke up and the Hausa states regained their independence. In the 19th century, the Fulani then took dominance in the lands of Hausa and the southern part of the country was divided at this time. In the west, Yoruba ha d their own states; the Edo ruled in Benin in the south-central parts; and the Ibo had control in the east, in and north of the Niger delta. People such as Mungo Park, Richard Lemon Lander, and John Lander first explored the interior in 1830-31. Realizing the potential of the area, the Portuguese, the British, and others established slave-trading stations in the Niger delta. The British sent consuls to Calabar and Lagos, where traders were established, and they took full possession of Lagos. The British then established protectorates after the conclusion of several treaties with the native chiefs and in 1893, the name Niger Coast Protectorate was established. Then, in 1900, after expansion in the southwest, which brought about the addition of the kingdom of Benin, the name was changed to the Protectorate of Southern Nigeria. In the same year, the British proclaimed the protectorate of Northern Nigeria ...

How to Run PHP on an HTML File

How to Run PHP on an HTML File PHP  is a server-side programming language that is used in conjunction with  HTML  to enhance the features of a website. It can be used to add a log-in screen or a survey,  redirect visitors, create a calendar, send and receive cookies, and more. If your website is already published on the web, youll need to alter it a bit to use the PHP code with the page. When a webpage is accessed, the server checks the extension to know how to handle the page. Generally speaking, if it sees a .htm or .html file, it sends it right to the browser because it doesnt have anything to process on the server. If it sees a .php extension, it knows that it needs to execute the appropriate code before passing it along to the browser. Process You find the perfect script, and you want to run it on your website, but you need to include PHP on your page for it to work. You could just rename your pages to yourpage.php instead of yourpage.html, but you may already have incoming links or search engine ranking, so you dont want to change the file name. What can you do? If you are creating a new file anyway, you may as well use .php, but the way to execute PHP on a .html page is to modify the .htaccess file. This file may be hidden, so depending upon your FTP program, you may have to modify some settings to see it. Then you just need to add this line for .html: AddType application/x-httpd-php .html or for .htm: AddType application/x-httpd-php .htm If you only plan on including the PHP on one page, it is better to set it up this way: Files yourpage.html AddType application/x-httpd-php .html /Files This code  makes the PHP executable only on the yourpage.html file  and not on all of your HTML pages. Pitfalls If you have an existing .htaccess file, add the supplied code to it, do not overwrite it or other settings may stop working. Always be cautious when working on your .htaccess file and ask your host if you need help.Anything in your .html files that starts with ? will now be executed as PHP, so if its in your file for some other reason (as an XML tag, for example), you need to echo these lines to prevent errors. For example, use: ?php echo ?xml version1.0 encodingIUTF-8?; ?

Ratios Essay Example | Topics and Well Written Essays - 750 words

Ratios - Essay Example The ratio analysis will consist of a combination of ratios from three categories. The three ratio categories are profitability, efficiency, and leverage ratios. Three profitability ratios selected for the analysis are net margin, return on equity (ROE), and return on sales (ROA). The three efficiency ratios used in the ratio analysis are sales to inventory, assets to sales, and sales to net working capital ratio. The two leverage ratios selected were debt ratio and the current ratio. Appendix A shows the ratio calculations results for Target in 2009 and 2008 and for comparison purposes the ratios of Costco in 2010. The net margin shows the profitability of the firm by dividing net income by sales. High net margins are a desirable outcome. The return on equity shows how much profits are being created in relation to its equity investment. The return of assets shows how much of a return a company is obtaining from its assets. High ROA and ROE are desirable outcomes. The sales to invento ry ratio shows how well your inventory is producing sales. The asset to sale ratio shows the ability of the assets to generate revenue. The sale to working capital ratio is calculated dividing sales by net working capital. In fiscal year 2009 which ended on January 30, 2010 Target generated revenues of $63435 million (Annual Report: Tesco, 2009). This figure represents an increase in revenues of 0.88%. In 2009 Target had a net margin of 3.92%. The firm was able to increase its overall profitability by 0.40% in comparison with 2008. In order to compare the ratios of the company with a competitor we choose Cotsco. The most recent financial statements of Cotsco were released in fiscal year 2010 which ends on August 29, 2010. The net margin of Cotsco in fiscal year 2010 was 1.67% (Annual Report: Cotsco, 2010). The net margin of Target is better than Cotsco by 2.25%. The return on assets of Target in 2009 was 5.14%. This metric improved by 0.12% in comparison with the previous fiscal yea r. The return on assets of Target is inferior to Costco by 0.33%.The return on equity of Target in 2009 was 16.21%. The ROE of Target is superior to Cotsco by 4.29%. The sale to inventory ratio of Target in 2009 was 8.84. The financial metric was reduced by 0.54. The sale to inventory of Cotsco in 2010 was 13.83. Cotsco had a superior sale to inventory efficiency by 4.99. The asset to sale ratio of Target in 2009 was 0.70. Cotsco had assets to sales ratio of 0.31. The asset to sales ratio of Target was superior by 0.39. The sale to working capital ratio of Target in 2009 was 8.93. The sale to working capital ratio of Cotsco was much better at 47.38. The metric of Cotsco was superior by 38.45. The debt ratio of Target in 2009 was 1.53. Due to the fact that the company has a debt ratio above 1.0 it is in a favorable position to pay off its long term debt. The debt ratio of Cotsco was better at 1.85. The current ratio of Target in 2009 was 1.63 which is 0.03 better than in 2008. The fi rm is a good position to pay off its short term debt because the current ratio is above 1.0. The current ratio of Target is better than Cotsco by 0.47. The operating expenses of Target in 2009 were $13,078 million which represents an increase in operating expenses of 0.42%. The financial ratio analysis performed on Target led me to believe that Target is a good acquisition for the company. Target had excellent revenues and profitability numbers. The 3.92% net margin of the firm is better