Misplaced Pages

#151848

26-540: The airport is currently (as of 11 November 2014) 100% owned by the Ministry for Economic Development of Kaluga Oblast. The airport was closed in 2001 due to lack of funding. In 2009 the ownership was transferred from the Russian federal government to the regional government. Reconstruction of the terminal building and the runway began in 2012 after all planning had been completed. The first test flight had been accepted in

52-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

78-487: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

104-586: A government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

130-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

156-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

182-462: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

208-414: A useful part of the company that allows every head of the company to apply new projects and latest rules. Danjaq Danjaq, LLC (formerly Danjaq S.A. and Danjaq, Inc. ) is the holding company responsible for the copyright and trademarks to the characters, elements, and other material related to James Bond on screen. It is currently owned and managed by the family of Albert R. Broccoli ,

234-1002: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

260-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

286-536: The Canton of Vaud in Switzerland, hence the appearance of " S.A. " letters in the first legal name of the company. In 1962, Danjaq began its association with United Artists . Due to a series of failed business interests, Harry Saltzman's personal financial difficulties forced him to sell his 50% share of Danjaq to United Artists in 1975. In 1986, Albert and Dana Broccoli acquired United Artists' 50% stake in

SECTION 10

#1732779913152

312-470: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

338-452: The airport on 18 December 2014. The official opening was on 27 May 2015. Restricted area UU-R56 is located just southwest of the airfield over part of Kaluga town. In 2008, news media announced that Volkswagen Rus OOO (the Russian subsidiary of the German automotive industry conglomerate and holding company Volkswagen Group ) is ready to invest between 400 and 500 million rubles into

364-404: The airport. Volkswagen Air Services charter flights to Braunschweig Airport near Wolfsburg , and Ruzyně Airport , Prague , are planned to start in 2015. Subsidiary A subsidiary , subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company , which has legal and financial control over

390-422: The co-initiator of the film franchise. Danjaq S.A. was founded by Albert R. Broccoli and Harry Saltzman after the release of the first James Bond film Dr. No , in 1962, to ensure control of all future films in the series. The new company was named Danjaq from combining the names of Broccoli and Saltzman's respective wives' ( Dan a Broccoli and Ja c q ueline Saltzman). The company was originally domiciled in

416-470: The company and so assumed complete control of Danjaq. John Cork claims that in exchange for the sale, MGM / UA received an exclusive distribution deal with Danjaq that is far more lucrative than when the shares were originally owned by Broccoli and Saltzman. Danjaq's legal domicile was changed from Switzerland to Delaware in October 1992. The Delaware company's legal name was Danjaq, Inc. The company

442-423: The company. Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called sister companies . The subsidiary will be required to follow the laws where it is headquartered and incorporated. It will also maintain its own executive leadership. The subsidiary can be a company (usually with limited liability ) and may be

468-454: The control of Danjaq: The first was the 1967 film Casino Royale , with David Niven as Bond, and the second was the 1983 film Never Say Never Again , a remake of Thunderball . Never Say Never Again was the result of a legal dispute involving Kevin McClory , one of the credited co-writers of the story used for the novel Thunderball , who was awarded the film rights to the novel in

494-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

520-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

546-482: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

SECTION 20

#1732779913152

572-471: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

598-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

624-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

650-485: The trademarks for material related to the Bond films are held by Danjaq, the copyrights to the first twenty film properties are co-owned by Danjaq LLC and Metro-Goldwyn-Mayer Studios (the technical successor to subsidiary United Artists ). The copyrights to Casino Royale , Quantum of Solace , Skyfall and Spectre , are shared between Danjaq LLC, MGM, and Columbia Pictures . Two Bond films have been made outside

676-554: Was converted to a limited liability company in January 1997. In 1999, as part of a settlement of a lawsuit between MGM and Sony , Sony acquired MGM's interest in the Spider-Man film rights, while Danjaq bought out the rights to the novel Casino Royale . Following the death of Albert Broccoli in 1996 and Dana Broccoli in 2004, control of Danjaq was passed to Dana's son (and Albert's step-son), Michael G. Wilson . Although

#151848