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25-643: The company was founded in 1905 by Max Grumbacher. It became a subsidiary of Sanford L.P. , a Newell Rubbermaid company, until September 2006, when it was acquired by Chartpak, Inc., an art materials and office products company headquartered in Leeds, Massachusetts . Grumbacher markets both collegiate- and professional-grade artist products. The collegiate grade products carry the "Academy" name branding. The Academy line currently consists of oil, acrylic, and watercolor paints as well as three brush lines. The Grumbacher professional product line consists of "Grumbacher MAX",

50-405: 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

75-427: A water-mixable oil paint, which means it can be diluted using water instead of conventional solvents; there are 60 "MAX" colors available. The line also markets "Grumbacher PRETESTED" oil paints (90 colors), which are conventional linseed-oil based paints for professional artists' use. The professional line was rounded out in the spring of 2008 with the return of "Grumbacher FINEST" watercolors (54 colors). Along with

100-476: 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

125-404: 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

150-432: 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

175-455: 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

200-494: A superior professional-grade line, called Grumbacher Finest, which had a brief stint as a brand until its name change to Prismacolor watercolors after Grumbacher's acquisition by then new owners Sanford L.P. This art -related article is a stub . You can help Misplaced Pages by expanding it . This United States manufacturing company–related article is a stub . You can help Misplaced Pages by expanding it . Subsidiary A subsidiary , subsidiary company or daughter company

225-439: A trusted friend". The existence of "another self" was first fully recognized in the 18th century, when Anton Mesmer and his followers used hypnosis to separate the alter ego. These experiments showed a behavior pattern that was distinct from the personality of the individual when he was in the waking state compared with when he was under hypnosis. Another character had developed in the altered state of consciousness but in

250-399: A useful part of the company that allows every head of the company to apply new projects and latest rules. Alter egos An alter ego ( Latin for "other I") means an alternate self , which is believed to be distinct from a person's normal or true original personality . Finding one's alter ego will require finding one's other self, one with a different personality. Additionally,

275-413: 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 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

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300-997: 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

325-753: 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 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

350-497: 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

375-464: 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

400-450: The altered states of the ego may themselves be referred to as alterations . A distinct meaning of alter ego is found in the literary analysis used when referring to fictional literature and other narrative forms, describing a key character in a story who is perceived to be intentionally representative of the work's author (or creator), by oblique similarities, in terms of psychology , behavior speech, or thoughts, often used to convey

425-410: The author's thoughts. The term is also sometimes, but less frequently, used to designate a hypothetical "twin" or "best friend" to a character in a story. Similarly, the term alter ego may be applied to the role or persona taken on by an actor or by other types of performers. Cicero coined the term as part of his philosophical construct in 1st-century Rome , but he described it as "a second self,

450-453: 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

475-582: The manufacture of paint, Grumbacher currently produces nine brush lines and a full line of media, grounds, solvents, varnishes and artist accessories. Grumbacher's current range of watercolors includes the Academy watercolor line, a student line in 7.5ml tubes, and the Finest line, a professional grade of watercolors in 14ml tubes. The colors in both lines offer a diverse palette and are as rich and light-fast as most competitive grade lines. Grumbacher also recently released

500-555: 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

525-479: 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,

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550-468: 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,

575-430: 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

600-402: The same body. Freud throughout his career would appeal to such instances of dual consciousness to support his thesis of the unconscious. He considered that "We may most aptly describe them as cases of a splitting of the mental activities into two groups, and say that the same consciousness turns to one or the other of these groups alternately". Freud considered the roots of the phenomenon of

625-460: 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

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