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Main Body

Discuss about the Bachelor of Business for Corncobs.

There are different type's business structures in Australia and the each has some advantages and disadvantages. Hence it is important to choose appropriate business structure as per the characteristics and requirements of the business. The correct business structure is one of the most important aspects of the business entities and plays vital role in the success of the entities. Different types of business structures need various types of legalities. Moreover, to start up a new business as well as carry out the business the business entities must comply with the legal obligations for the types of business running the organization (Abbott, Pendlebury, & Wardman, 2013). There are various laws, such as taxation laws, environmental laws, labor laws, etc., which the business entities must comply in the process of doing business in Australia. According to the case study, Dr. John Jeckle is going to open a business, from where he with his team produce genetically developed corn cobs and trade them in Australia. The report will provide appropriate guidance for this business of Corncobs.

As per the case study, the Dr. John Jeckle is known as a bio-geneticist who with his 25 colleagues is depicted to be working on the research project in sparing the genetically modified corn cobs at the Imagine Medical College. Therefore the corn cobs are depicted to be testing like the chocolates as it is being described by the Dr. John Jeckle. As per the potential earn is being considered, the Dr. John Jeckle is continuing the additional research on this. Therefore, the case study is depicted to be surrounding the genetically modified crops which are being used for showing the appropriate enhancement of the work and also the explanation is surrounding the researches which are going on by the Dr. John Jeckle (Allison, & Prentice, 2009). As per the advancements are considered in this case study, the corn cobs early testing is described to be showing the causes of the damage to the internal organs of the laboratory rats and also the development is depicted to be showing the genetically modified corn cobs as they are significantly successful in nature. Therefore the enhancement of the testing is very much requisite for the purpose of attracting the people and also the enhancement of the study can be easily made by showing the appropriate description of the project. Therefore, the purpose which is being targeted by the Dr. John Jeckle is to establish an appropriate work which will be showing the enhancement of the project as it is being allocated in this case. Thus it also enables in establishing the appropriate factors which are explained in this case study (Arup, 2006). As per the study is surrounding, the segregation of the business types are essential for the development of the structure and this the explanation of the work is very much essential as the project is being undertaken in this case.

Explanation of the Case Study

The types of the business with their advantages and disadvantages which are being explained in this case can be made by showing the explanation of the different types of the business structure (Arup, 2006). The explanation of the structure can be shown by showing the explanation of the types of the business with the advantages and the disadvantages are provided in the following points which are as follows:-

  • The sole proprietorship is identified to be the high level of the autonomy in which the owner has to run the business without any other owners of the company. The establishment of the work is being made by showing the explanation of the work which is requisite for constructing the appropriate enhancement of the company’s funds and is also liable for the individual structure and the growth of the project (Bently, Ng, & D'Agostino, 2010). The major disadvantage is that the lack of liability protection can be easily depicted for the business owner.
  • The partnership business is consisting of the two or the more individuals who have no ability to collaborate and also the partners can also easily share the responsibilities as it is being managed by the company and also it enables in sharing the appropriate structure of the business which is responsible for the growth of the business structure (Vickery, & Pendleton, 2006). The development of the study can be easily conducted by showing the appropriate business format who is enabled in showing the enhancement of the returns of the tax and also the profits and the loss are equally shared which is totally dependent on the total number of the partners involved (Bonomi, Romano, S?arc?evic?, & Volken, 2011). If the business assets, in this case, is showing the enhancement of the study.
  • The LLC Company is showing the appropriate hybrid of the business entity which enables the business partner to have the appropriate protection of the company’s debt and the obligations. The flexibility of the business is being made by showing the allocation of the profits and the losses to the great extent and also the greatest benefit is being made by showing the explanation of the benefits in the form of the costs (Gamble, Du Plessis, & Neal, 2008). This shows the appropriate enhancement of the structure as it is being considered in this case.
  • The corporations provide the officer's liability limited, directors and the officers with the protection against the obligations. Therefore the advantages of the company are depicted to be showing the appropriate enhancement of the profit as it is being explained in this case. Thus the structure of the study can be easily explained by showing the ability to raise the capital issues in the form of the stocks and the bonds (Gibson, & Fraser, 2013).

Therefore the above explanation is appropriate executed which will be helping Dr. John Jeckle to choose the kind of the business structure that he wants to undertake. This will enable Dr. John Jeckle to have the appropriate decision of the structure (Vermeesch, & Lindgren, 2005). 

There are many different types of business entities operating their business in Australia, such as sole trader, partnership, LLC (Limited Liability Company), and trust. All these different business structures have different type's liabilities and benefits. The sole proprietorship provides a high level of autonomous power to the business owner and requires minimum formalities and regulation from the local, state and federal Government (Lambiris, & Griffin, 2013). The owner is responsible for paying the entire debt and obligation of the business entity.

The partnership firm also has massive liabilities as each partner is responsible for paying the debt and obligation of the partnership firm. The LLC or Limited Liability Company is also a good choice for the newly proposed company of Dr. John Jeckle. Here the members of the business entities have limited liabilities from company's debt and obligation. Besides this, the member of business entities can divide the earning of the company in any ways as per their choice. The flexibility permits the LLC's to allocate the earnings and losses for great tax advantages of the member of LLC (Latimer, 2006). However, the formation of LLC is costly plus it may not be capable of raising capital for the business as it cannot issue share or stock like a corporation. Hence, LLC has to rely on the personal assets of the members to funding company's business activities.

However, as the LLC cannot issue share to raise fund for the business entity and the company of Dr. John Jeckle to need huge fund and investment thus need to issue share for raising fund from the public. Hence, the corporation will be suitable for the proposed business of Mr. John Jeckle. The corporation gives shareholders, officers, and director's limited liabilities to protect company's obligation. The liability of the shareholders of a company's debt does not lengthen his/her investment in the company. The most vital advantage of a corporation is the capability of the business entity to raise capital for the company by issues bonds, and stocks (Latimer, 2010). The income from the bonds and stocks can be used to pay the business entities existing obligations. The disadvantages are the company has to pay double tax. The corporations have to file a business tax return and pay tax on the revenues earned by the company. From all these points, it helps in taking an appropriate decision about the structure of the business by Dr. John Jeckle and his friends. As the Dr. John Jeckle Company need large investment from the public hence, the corporation will be suitable for their business (Miles, & Dowler, 2012).

Conclusion

There are different types of business entities operating their business. It is essential to select correct business structure as per the need and nature of proposed business before initiating the business venture. The above-mentioned case study stated that Dr. John Jeckle and his friend want to start a new business that helps them in raising capital from the public. Moreover, as the corporate structure allow them to raise fund from the public and the public can invest in their company through buying bonds and stocks of the company (Robertson, 2008).  Hence, corporately is suitable for their business. 

References

Abbott, K., Pendlebury, N., & Wardman, K. (2013). Business law. Andover: Cengage Learning.

Allison, J., & Prentice, R. (2009). Business law. Austin, Tex.: University Co-Op.

Arup, C. (2006). Labour law and labour market regulation. Annandale, N.S.W.: Federation Press.

Bently, L., Ng, C., & D'Agostino, G. (2010). The Common Law of Intellectual Property. Oxford: Hart Pub.

Bonomi, A., Romano, G., S?arc?evic?, P., & Volken, P. (2011). Yearbook of Privat International Law: Volume XII: 2010. Mu?nchen: De Gruyter.

Gamble, R., Du Plessis, J., & Neal, L. (2008). Principles of business law. Pyrmont, N.S.W.: Lawbook Co.

Gibson, A., & Fraser, D. (2013). Business law 2013. Frenchs Forest, N.S.W.: Pearson Australia.

Lambiris, M., & Griffin, L. (2013). First principles of business law. Sydney: CCH Australia.

Latimer, P. (2006). Australian business law 2006. North Ryde, N.S.W.: CCH Australia.

Latimer, P. (2010). Australian business law 2010. North Ryde, N.S.W.: CCH Australia.

Miles, C., & Dowler, W. (2012). A guide to business law. Pyrmont, N.S.W.: Thomson Reuters (Professional) Australia Limited.

Robertson, P. (2008). Australian master tax guide 2008. Sydney: CCH Australia.

Vermeesch, R., & Lindgren, K. (2005). Business law of Australia. Australia: LexisNexis Butterworths.

Vickery, R., & Flood, M. (2012). Australian business law. Frenchs Forest, N.S.W.: Pearson Australia.

Vickery, R., & Pendleton, W. (2006). Australian business law. Frenchs Forest, N.S.W.: Prentice Hall/Pearson Education Australia.

2008. Sydney: CCH Australia.

Vermeesch, R., & Lindgren, K. (2005). Business law of Australia. Australia: LexisNexis Butterworths.

Vickery, R., & Flood, M. (2012). Australian business law. Frenchs Forest, N.S.W.: Pearson Australia.

Vickery, R., & Pendleton, W. (2006). Australian business law. Frenchs Forest, N.S.W.: Prentice Hall/Pearson Education Australia. 

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