Template:Branches and affiliates: Difference between revisions

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-===[[Branch]]es and [[affiliate]]s===
+Few things are apt to cause more confusion, fear and loathing for less good reason the legal status, as regards ''itself'', of a company’s various [[branch]]es.
-Few things are apt to cause more confusion, fear and loathing for less good reason the legal status, as regards itself, of a company’s various [[branch]]es. This is apt to confuse [[muggle]]s, which on a busy day can be intensely frustrating for [[Mediocre lawyer|a busy solicitor]], but on a slow one is fertile grounds for a little sport at the expense of our non-magical friends. You will be surprised how often one is asked to review, approve or even sign a contract, [[keep-well agreement]] or [[service level agreement]] between a branch of a company and its head office. The best response is just to sign it, but purists will find this at least aggravating and in many cases a betrayal of the attorney’s sacred oath.
-*'''[[Branch|Branches]]''': If a [[company]] is a person, think of a [[branch]] like an arm or a leg. A “[[branch]]” is a single office or presence of a larger [[legal entity]]. It does not have its own [[legal personality]] or [[creditworthiness]] — like an arm or a leg it is part of a greater whole. A [[branch]] may just be a single premises of the company — the “Muswell Hill branch of Sainsbury’s”, for example — but in the world of [[high finance]] it is usually whole presence of that [[legal entity]] in a given city or country.
+It is apt to thoroughly confuse [[muggle]]s which, on a busy day, can be the last thing a [[legal eagle]] needs, but on a slow one is fertile grounds for a little sport at the expense of our [[Muggle|non-magical friends]]. You will be surprised how often one is asked to review, approve or even sign a [[contract]], [[keep-well agreement]] or [[service level agreement]] between a branch of a company and its head office.
-*'''[[Affiliate]]s''': By contrast, a company’s [[affiliate]] is a related but separate [[legal entity]]. If a company is a person, its affiliate is its parent, child, or sibling. Parent affiliates are actually even called [[parent]]s. Children are [[wholly-owned subsidiaries]], ugly stepchildren and bastards are [[majority-owned subsidiaries]] and siblings are known as companies “under common ownership”. There is plenty of scope for ugly sisters, black sheep and long-lost cousins from Australia, as you can imagine. Proper [[Affiliate|affiliates]] may be consolidated from a financial reporting perspective, but generally (and unless it has specifically agreed to) an affiliate is not responsible for performing the obligations of its any of its [[affiliate]]s unless it agrees to do so by [[contract]] (such as a [[guarantee]]).
+The most pragmatic response is just to sign it, wearily, but purists will find this at least aggravating and many will regard it as nothing less than a betrayal of the attorney’s sacred oath. It should not take a first in jurisprudence from Cambridge to comprehend that a fellow cannot enter a legal contract with herself.<ref>Or a lease: {{casenote|Rye|Rye}}.</ref>
+*'''[[Branch|Branches]]''': If a [[company]] is a [[Corporate personality|person]] — and legally, it is — think of a [[branch]] like its arm or leg. A “[[branch]]” is a single office or presence of the larger [[legal entity]]. It does not have its own [[legal personality]], [[creditworthiness]] or independent standing in the commercial world. Like an arm or a leg, it is part of a greater whole. It may just be a single premises of the company — the “Muswell Hill branch of Sainsbury’s”, for example — but in the world of [[high finance]] it is usually the whole presence of that [[legal entity]] in a given city or country.
+*'''[[Affiliate]]s''': By contrast, a company’s [[affiliate]] is a related but separate [[legal entity]]. If a company is a person, its affiliate is its parent, child, or sibling. Parent affiliates are actually even called [[parent]]s. Children are [[wholly-owned subsidiaries]], ugly stepchildren and bastards are [[majority-owned subsidiaries]] and siblings are known as companies “under common ownership”. There is plenty of scope for ugly sisters, black sheep and long-lost cousins from Australia, as you can imagine. Proper [[Affiliate|affiliates]] may be consolidated from a financial reporting perspective, but generally (and unless it has specifically agreed to) an affiliate is not responsible for performing the obligations of its any of its [[affiliate]]s unless it agrees to do so by [[contract]] (such as a [[guarantee]]). <br>