A sharing, caring banking system

Article Abstract:

Germany's banking system is composed of the German central banking system, the universal banks, and the specialized credit institutions. The central banking system is independent of the government and is responsible for regulating the national currency. The system is currently under review due to questions raised by German reunification and the proposed creation of a European central bank. The universal banks provide securities, retail, and investment services and are of three types: private commercial banks, public credit institutions, and cooperative banks. The specialized credit institutions are typically savings banks and mortgage banks. German banks' long-term view of industry finance is largely attributable to their emphasis on relationship banking, in addition to the fact that German banking law allows banks to take equity investments in companies.

Central Reserve Depository, National commercial banks, Banking industry, Germany, Services, Cover Story, Central banks, Universal banks

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Incorporation and the damages ceiling

Article Abstract:

Negligence claims against accountancy firms have been mounting since the 1970s. This is burdensome for partners since they are liable for their firm's debts, both separately and jointly. Because so much is at stake, it is imperative that partners deal with each other in good faith, something that is only possible if the partners know each other well. Firms with partners numbering in the hundreds and even in the thousands, as can happen in the US, can never hope to get to know one another well enough to inspire trust. It is, therefore, proposed that the number of partners be limited to 20 and that firms with more than this number be required to incorporate. Specific tax laws should be introduced to ensure that the change from one status to another will not unduly burden business organizations with new tax liabilities.

Accounting, auditing, & bookkeeping, Analysis, Evaluation, Accounting firms, Accounting services, Partnership, Partnerships, Incorporation

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