Account of Profits
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An account of profits (sometimes referred to as an accounting for profits or simply an accounting) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment. In conducting an account of profits, the plaintiff is treated as if they were conducting the business of the defendant, and made those profits which were attributable to the defendant's wrongful actions. This can be rather complex in practice, because the defendant's accounting records must be examined (sometimes by a forensic accountant) to determine what portion of his gross profits were derived to the wrongful act in question. Historically an account was not an equitable remedy, but was an action at common law, and is therefore technically an instrument of law, though it arose at a time before the distinction between law and equity was marked. Co-owners in concurrent estates also have the right to an accounting of profits, in order to properly apportion income from the use or leasing of the property. Case law has shown roughly two approaches to assessing the extent of an account of profits:
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GNU Free Documentation License Matching Results for Account of Profits:Michal KaleckiMichal Kalecki, (June 22, 1899 in d April 18, 1970 in Warsaw) was a Polish Marxist economist who specialized in macroeconomics of a broadly-defined Keynesian sort. Herbert Simon Herbert Alexander Simon (June 15, 1916 February 9, 2001) was an American psychologist whose research ranged across the fields of cognitive psychology, computer science ... Divine Right of Capital Wealth. To judge by the current arrangement in corporate America, one might suppose capital creates wealth - which is odd, because a pile of capital sitting there creates ... From Wikiquote under the
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