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The traditional Islamic jurists opinion is that the
principle of separate legal entity does not exist in Islam. It is for a very simple
fact that a company which is regarded as 'a person' is only a fictitious person and
only an imaginary person, as such, has no capacity to engage in any commercial transaction. However, some Islamic jurists like Mufti Taqi Usmani of Pakistan is of the opinion that in some cases the concept of separate legal entity is recognized in Islam. He gave instances of waqf and baitulmal.
Waqf is a legal and religious institution wherein a person dedicates some of his
properties for a religious or a charitable purpose. Baitulmal means public treasury.
The properties after being declared
as Waqf, no longer remain in the ownership of the donor. The beneficiaries of a
Waqf can benefit from the corpus or the proceeds of the dedicated property, but they
are not its owners.
Mufti Usmani says that it seems that the Muslim
jurists have treated the waqf' as a legal entity and have ascribed to it some characteristics similar to those of a natural person.
What else can I help you with?
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An ultimate parent company considered as a parent company of a subsidiary entity, and the subsidiary entity has its subsidiary entity.
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the difference between a reporting entity and a taxable entity is, a reporting entity is the company or organization and the taxable entity is the individual.
Use subsidiary in a sentence?
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Term accountants use to describe the separation of personal and business records?
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No public liability company its ok
Is Mediterranean shipping company a public company?
No.. It's a 100% privately owned entity.
What is employing entity?
An employ entity or employment entity is a person, corporation, partnership or a group that hires out work to an individual, group or company for the purposes of completing tasks.
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Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
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entity is an object with physical existence(car, house, person) or with conceptual existence (company, university course)
What is the difference between desegregation and integration?
Desegregation refers to the ending of separation of two entities or groups. Integration, on the other hand, is a result of desegregation and refers to the acceptance of an entity or group by a different entity or group.
What is the purpose of ltd?
A limited company is a type of business entity.
When is a company not a legal entity?
A company is not considered a legal entity when it has not been formally registered or incorporated according to the laws of its jurisdiction. For example, sole proprietorships and partnerships may not be recognized as separate legal entities, as the owners are personally liable for the company's debts and obligations. Additionally, if a company fails to comply with legal requirements or is dissolved, it may lose its status as a legal entity.
