Company Law Assignment 1

| The partners are jointly and severally liable for business debts and obligations. The partners are held personally responsible for the business and may be sued personally for liability. Partners’ personal assets are subject to lawsuit(s) made against the business. Lack of continuity; death of a partner may end the partnership/business if a buy/sell agreement is not in place. Disagreements may be difficult to resolve.

In this task, Customer of Legislation, I will discuss the five main acts of parliament that the legislations are made for the business. The legislation is a law, which there are five for businesses, which everyone must follow the law, however, the ideas of Laws in a business are made by the government to make sure customers of a business are protected from a business by the five Acts of Parliament. These Laws of parliament will make sure the Business follows the rules for customer’s protection purposes. However, if they don’t follow the rules, the customers could be harmed; the businesses must be honest to customers; the business must not take advantage of customers.

Jeb and Josh can be employed by their LLC. The tax deductions available to the LLC are plentiful: medical expenses, pension plan, business trips and entertainment. There are more sources of capital for an LLC than for a sole proprietor and partnership. With an LLC Jeb personal creditors’ cannot sue the company, and Josh is not liable for Jeb’s personal obligations. This business should protect the members’ personal asset from a lawsuit resulting from Jane’s injuries.

All operations within an organisation must be viable through legislation. Legislation often constrains just how much information an organisation can have and the manner in which it can be used. Legislation exists to protect both employee and employer from unfair conduct. Legislation is a law which has been produced by the government. Legislation exists to authorise access to particular files, to sanction individuals who do not abide by guidelines set, to restrict how much information can be given, etc. For example, employees must have a formally written contract of employment prior to commencing work with a company. It protects employees against unfair dismissal and states that a redundancy pay must be paid if the

The ______ approach to business and society introduced in the text is a descriptive framework that integrates legal and societal considerations with mainstream theories of competitive advantage and social

“Liabilities are debts: money you owe. Every business carries some liabilities—for example, ongoing payments to suppliers, rent for your office, compensation to employees, or fees for contractors” (Mancuso, 2014). Added liabilities may result if a business is ravaged by a fire or flood or if the business owner(s) become the victim of a lawsuit—for example, a patron, client or customer decides to sue your company after hurting themselves on company property. It is the intent of this paper to examine the role and responsibility of liability in different types of businesses from sole proprietorships to

A partnership is an arrangement between two or more groups, organizations or individuals to work together

A contract is “an agreement between two or more persons which are legally binding.” (Jones, 2013, p83), there are a few essential elements that create a contract, this consists of an offer and acceptance, consideration, an intention to create legal relations and consists of certain terms. An agreement consists of an offer and an acceptance, this is where two parties negotiate and express a mutual purpose that of which is usually legally binding. The second essential is consideration, this is where an action or promise is carried out or not carried out as an exchange for another parties action or promise, so in Naz’s case he is trying to sell his car for £11,500 or the nearest offer, he is giving a promise that he will give sell car for the

Atkinson J said in the if there is an agreement between the parent company and the subsidiary, and this amounts to it being an agent of the parent company when carrying out its business. This will allow the court to lift the corporate veil to show that the parent and subsidiary are the same legal personality.

It is necessary to determine when L was removed as director of SPG and SET to ascertain the validity of the plaintiffs’ appointment as administrators. To establish L’s time of removal, one must first conclude whether the decision at the meeting took effect immediately, or if the subsequent messages exchanged between M and L, and belated lodging with ASIC, suggest a later removal date.

In the Final Paper (Case Study) it speaks to the following case and circumstances. Knarles and Barkley are father and son respectively. Barkley is seventeen years old. They operate a facilities maintenance company that regularly does business in the District of Columbia, Maryland and Virginia. The company is based in Maryland. They have a number of contracts with building owners where they have agreed to provide building maintenance to both residential and commercial buildings within the three jurisdictions already mentioned. They receive a monthly payment of $2,000 to $4,000 depending upon the size of the building. They bill the owners for any equipment of a substantial nature that has to be replaced.

A partnership is a business organization where the partners own the business together and are

Currently Mrs Needle is successfully operating as a sole trader, however now that she wishes to expand the business and incorporate four new members into the business Mrs Needle must consider operating as one of the following business structures, an ordinary partnership, limited liability partnership or a limited company. At the moment the dressmaking business is being run on a fairly small scale out of Mrs Needle’s home, therefore I would not recommend at this stage the business being run as a limited company. This is because as a limited company you are expected to pay corporation tax, in addition to this Mrs Needle and her partners will still be required to pay income tax from there directors salary. If the dress making business is

The amount that a person is liable to pay to a party is the amount the company would be liable to pay to the party if the company had ratified the contract and then did not perform it at all.

This essay will explain the concepts of separate personality and limited liability and their significance in company law. The principle of separate personality is defined in the Companies Act 2006(CA) ; “subscribers to the memorandum, together with such other persons as may from time to time become members of the company are a body corporate by the name contained in memorandum.” This essentially means that a company is a separate legal personality to its members and therefore can itself be sued and enter into contracts. This theory was birthed into company law through the case of Salomon v Salomon and Co LTD 1872. This case involved a company entering liquidation and the unsecured creditors not being able to claim assets to compensate them. The issue in this case was whether Mr Salomon owed the money or the company did. In the end, the House of Lords held that the company was not an agent of Mr Salomon and so the debts were that of the company thus creating the “corporate Veil” .