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MLC203 Corporations Law

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Answered

Task

Assignment 

Jen and Max want to start an online business that helps people with their home needs, connecting them to tradesmen, services and consultants. They discuss that it is a risky business plan and want to make sure that they don’t lose all their assets if their business runs into losses. At the same time, they are worried about the costs of maintaining a company.

While they are discussing the type of entity they should conduct the business with, they enlist the help of Pam, a software consultant, to set up the website. Since Pam is also knowledgeable about the type of business and has experience as a director of a few other companies, Jen and Max feel that they can rely on her for advice regarding business decisions. They are also considering whether it is prudent to appoint another friend, Terrance who is an accountant, to take care of finances and other legal requirements. Ultimately, Jen and Max incorporated a proprietary company called J&M Pty Ltd and named themselves as directors. They were also first shareholders of the company, each holding 50 shares. 

J&M Pty Ltd incurs losses in the first few months and on Pam’s advice, Jen and Max allotted 50 shares each to Terrance and Pam. Terrance wants the company to branch out into online sales and begins to negotiate with EKart Ltd about a possible joint venture. However Pam does not agree with the decision and asks Terrence to stop negotiations. Since J&M Pty Ltd has been running under losses, it has not paid Pam for her initial services of setting up the website and Pam asks Jen and Max to pay her what is due. Jen and Max refuse to pay anything since they are of the view that their personal assets will not be attached for liabilities arising from a company.

Jen and Max come to you and seek legal advice about a number of matters. Draft a memorandum advising them about the following:

(i) whether the choice of business entity was a right for the business needs of Jen and Max.

(ii) whether their company should adopt a constitution and if yes, what it should stipulate.

(iii) whether Pam and Terrance are directors of J&M Pty Ltd. 

(iv) whether Jen and Max are liable to pay Pam for her services in setting up the company website.

(v) whether any recourses are available to Terrance to proceed with the negotiations with EKart. 

MLC203 Corporations Law

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System and Management Logisitcs

(40) The directors of Summit Ltd are fearful that Scrooge, who has been steadily acquiring shares in the company, is planning to wrest control from them. To maintain their control of the company, they issue extra shares to their cohort, Placido. On what basis can Scrooge challenge this action? Se ...

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BLE215 Business Ethics And Law

Questions: TASK Main Assessment Part 1.Breach of Contractual Relationships and RemediesRaymond works on a part-time basis for a firm of accountants in its taxation department, but he also runs a small consultancy business, of which he is the sole proprietor, specialising in personal taxat ...

View Answer
Q

Management

You are an accountant working for Flinders Partners, and one of your clients is Empire Hotels Pty Ltd (Empire), which owns several luxury hotels servicing Melbourne’s elite.  Empire was incorporated in 2012, and does not have a written constitution.  The directors and shareholders of ...

View Answer
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LAW505 Taxation 1

Question: Bill decided not to sell the property opting instead use the apartment as a bed and breakfast following an increased interest in regional holidays. It was available for bookings from the beginning of February. He did however sell two paintings that had been hanging in the studio apart ...

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