Definition: When something is founded on something else, it signifies that it is established or built upon that particular thing. For instance, if a lawsuit is founded on a breach of contract, it implies that the lawsuit is established on the grounds that someone failed to fulfil their obligations as stated in a contract.
The company’s success was based on its innovative products and excellent customer service. The lawsuit was based on the defendant’s breach of contract. “Founded on” refers to something that is based on a particular idea, principle, or action. In the first example, the company’s success is based on its innovative products and excellent customer service. In the second example, the lawsuit is based on the defendant’s breach of contract. Both examples demonstrate how something can be founded on a specific basis or foundation.
When a company is said to be “founded on” a specific date, it refers to the date on which the company was officially established or incorporated.
Generally, the “founded on” date of a company cannot be changed once it has been officially established. However, in certain circumstances, such as a merger or acquisition, the company’s legal status may change, potentially affecting its “founded on” date.
The “founded on” date is often important for legal purposes, as it helps determine various aspects of a company’s existence, such as its eligibility for certain rights, obligations, and legal protections.
The “founded on” date of a company can usually be found in its official documents, such as the certificate of incorporation or articles of organisation. It may also be available through public records or online databases.
The “founded on” date itself does not directly affect a company’s liability. However, the date of incorporation or establishment may impact the company’s ability to limit personal liability for its owners or shareholders.
Generally, a company cannot change its “founded on” date to gain advantages or alter its legal status. Attempting to manipulate the “founded on” date for fraudulent purposes can have serious legal consequences.
The “founded on” date does not directly affect a company’s intellectual property rights. However, the date of establishment may be relevant in determining the priority of certain intellectual property claims.
The “founded on” date can impact a company’s tax obligations, as it may determine the start of the company’s fiscal year or affect eligibility for certain tax benefits or exemptions.
The “founded on” date is not necessarily the same as the date of first operation. The “founded on” date refers to the official establishment of the company, while the date of first operation is when the company begins its business activities.
The “founded on” date can be used as evidence in legal disputes to establish the company’s existence or to determine the timeline of certain events. However, it is important to consider other supporting evidence and legal requirements in such cases.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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