country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

HI6027 Business And Corporate Law 5

tag 0 Download6 Pages / 1,335 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Questions:

Q 1.

Differentiate between a sole trader, company and a partnership. Support your answer to this by citing the advantages and disadvantages of using each business structure.

Q 2.

Provide a case summary of the case “Salomon v Salomon & Co Ltd [1897]” using the IRAC method.

What was the significance of this case law in relation to the legal concept of separate legal entity?

Q 3.

When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts?

Q 4.

Provide a case summary of the case “Lee v Lee’s Air Farming Ltd [1960] UKPC 33” using the IRAC method. What legal principle came out of this case in relation to why the court lifted the corporate veil in this case?

 

Answers:

1

A sole trader is considered as an individual or any entity who practices a business alone. It is measured as the easiest method of occupation and the inexpensive procedure of the commerce where other than the sole trader no other person or entity shall be obligated for the profits incurred and the losses in the business. A Company is mentioned  as any body or organization that is devouring a separate individuality separately from the proprietors of the corporation and they are the procedure of the occupation that is maintained privately by the proprietors. It is operated by two or more individuals jointly either in a limited way or as a full time basis.

The benefits of the sole owner is that it is easy to control the business as there is no liability and all the profits are individually gained. The benefit of the company is that it is considered as a distinct and separate entity other than the business proprietors. Whereas, partnership firm is relaxed to govern and the liabilities are shared between the partners.

However the drawback of sole owner is that it is uncertain in command to protect the monetary issues as it depends upon a single person. A company may be expensive and problematic to uphold if the business. In a partnership firm the difficulty is in regards to the dissolving as the company might dissolve with the consent of any of the partners.

 

2

Issues:

The main matter that rose in respects to the element that even though the company is stated to be a separate being but still should the shareholders be liable for the debt of the company.

Rule:

The key regulation was considered as the doctrine of the corporate veil that was laid down stating the company as a separate and a distinct legislative entity different from that of the other proprietors and the shareholders of the corporate house.

Analysis

This legislation is noteworthy throughout the corporation law as through this instance the standard and the code as per laid down as the corporate character is recognized. It brands the corporation a distinct lawful entity  that defends its shareholders to not have any kinds of obligation in circumstances of damage. In overall, footings it is specified that by the submission of the code or the principle a business converts to  “separate legal entity. So in circumstance where the business fits beneath the damage that the  stockholders or the other proprietor shall not be capable to litigate the stockholders for the corporation for the damage in command to the payment of the debts.

Conclusion:

In conclusion, the standard or the principle of the “separate corporate personality” were enacted and introduced through this case. It positions that the business to be a dissimilar lawful unit that in chance defend the stockholder  commencing from the expense of the debts and the unresolved in circumstances of damage or once the additional creditors or the stockholders want to experience their misplaced quantity from the company’ stockholder for the loss that is suffered.

3

The principle of the Corporate veil is specified as the imprint of unraveling a corporate unit from that activities to concern to the stockholders of the corporation. It defenses the stockholders of the corporations from the act complete by the corporation. “The Corporation Act” does not clearly define the circumstances where the “corporate veil” will be elevated. The situations and the circumstances upon which the veil could be elevated is once the there is a rupture of the responsibility by the director  or the substance is associated to definite commercial criminality or liquidation. The common grounds when the law court elevates the “corporate veil” is when the associates of the business are pandered in deceitful performances. The purpose schedule it is to discover the actual benefits of the associates. In such circumstances, the associates could not use the Salomon code to discharge from the accountability. The Law Courts have not delivered a precise summary of when the veil will be elevated. Supplementary, this is not specifically stated in the Corporations Act 2001 (Cth). Usually, they can be divided into two shared groups where it may be conceivable. However it is renowned, further these two classes, managers may be held accountable. These comprise where there is a opening of the duties of the directors, in debt interchange, and business corruption. In a case where any corporation is structure for the sole determination to revenue the advantage of the veil it will be raised by the law court. In another case where the business is an intervention the parental corporation will be made accountable by the law court by elating the veil. The Law court possess the authority to lift the veil if the company is distressed is practice of the veil in instruction to avoid or gratifying the legalized accountabilities. For instance in a case where a business be indebted for the money but handover the possessions significantly to extra object in command to disregard the sum the law court has the authority to “lift the veil” in that instance.

4

Issue:

The main matter that is prominent in the condition is that whether Catherine must be accountable in order to acquire the payment in the form of compensation from the demise of her spouse from the corporation that they possessed.

Rule:

The chief legislature s that were functional in the subsequent circumstance was the principle of the “separate legal identity”  and the concept of the “corporate veil”.

Analysis:

According to the actualities of the situation where Catherine lost her spouse in the plane crash and sought reparation from the corporation that was owned by themselves by the solicitation of the doctrine of the company to be considered as a separate legal entity. The Court of appeal disallowed it by affirming the detail that the two workplaces were dissimilar from all other and cannot not be associated so the principal domestic association was not recognized. But in regards to the judgment of the privy council, Mrs. Lee was made qualified for the reparation upon the detail that the corporation was a discrete lawful object so upon the submission of the principle of the distinct corporate she may arrive into an agreement with her personal corporation bearing in mind the corporation as a distinct object. It was specified that though Mr Lee was the executive yet Mrs.  Lee will be accountable for the reparation upon the detail that the partner was occupied for the company and the corporation to be measured as the “separate legal object”. This laid case is notable as it starts that the industries may be answerable to wrongdoing since companies have a separate lawful appeal and have the capability to arrive into agreements.

Conclusion

In conclusion, it is specified that the code of the “separate legal personality” of the business was used and the law court raised the veil as there was the commission of  a misbehavior as the stockholder declined to wage the reimbursement to the widow that will be measured as a illegal demeanor.

 

Bibliography

Farrar, John. Corporate governance: theories, principles and practice. Oxford University Press, 2008.

Jager, M. O., et al. Law and Practice of Company Accounting in Australia. Lexis Law Publishing (Va), 1987.

Jones, Paul, et al. "An exploration of the attitudes and strategic responses of sole-proprietor micro-enterprises in adopting information and communication technology." International Small Business Journal 32.3 (2014): 285-306.

Lee v Lee’s Air Farming Ltd [1960] UKPC 33

Salomon v A Salomon & Co Ltd [1896] UKHL 1

Tomasic, Roman, Stephen Bottomley, and Rob McQueen. Corporations law in Australia. Federation Press, 2002.

Warren, Marilyn. "Corporate Structures, the Veil and the Role of the Courts." Melb. UL Rev. 40 (2016): 657.

Whincop, Michael J. Corporate governance in government corporations. Routledge, 2017.

Yogaratnam, Jeswynn. Corporations law: in principle. Thompson Reuters, 2017.

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Business And Corporate Law 5. Retrieved from https://myassignmenthelp.com/free-samples/hi6027-business-and-corporate-law-5.

"Business And Corporate Law 5." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/hi6027-business-and-corporate-law-5.

My Assignment Help (2020) Business And Corporate Law 5 [Online]. Available from: https://myassignmenthelp.com/free-samples/hi6027-business-and-corporate-law-5
[Accessed 09 August 2020].

My Assignment Help. 'Business And Corporate Law 5' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/hi6027-business-and-corporate-law-5> accessed 09 August 2020.

My Assignment Help. Business And Corporate Law 5 [Internet]. My Assignment Help. 2020 [cited 09 August 2020]. Available from: https://myassignmenthelp.com/free-samples/hi6027-business-and-corporate-law-5.


Conclusions are a major component in a dissertation paper. Students take the most time in writing a quality conclusion and thus look around asking how to write a good conclusion. If you hire experts from MyAssignmenthelp.com, you can be assured to get top-notch homework writer. The professionals make use of both primary and secondary research to deliver a detailed dissertation paper. Review some of our best dissertation sample available on our website and then judge us.

Latest Business Law Samples

BUSL251 Business And Corporations Law 2

Download : 0 | Pages : 6
  • Course Code: BUSL251
  • University: Macquarie University
  • Country: Australia

Answer: Role of ASIC ASIC or Australian Securities and Investment Commission is an independent governing body in Australia that works as an integrated consumer credit, corporate, markets and financial services regulator. It operates under the Corporations Act 2001 and ASIC Act 2001. This particular segment discusses the investigation done by ASIC upon the top financial institutions regarding their governance of non-financial risks. The Articl...

Read More arrow Tags: Australia 8 Business and Corporations Law Maccquarie University 

LAW 452 Law Ethics

Download : 0 | Pages : 9
  • Course Code: LAW 452
  • University: University Of Tasmania
  • Country: Australia

Answer: Introduction Under the law, bar is deemed as the legal profession as an institute; and a barrister, known as bar at law, is deemed as a kind of lawyer, in the common law jurisdiction. It is a common perception that the barristers indulge in grey areas of the law, in order to bring the most favourable results for their clients, particularly in the present world of increased competition and decreased fees. All this makes it important fo...

Read More arrow

LAW 2516 Ethics And Law Management

Download : 0 | Pages : 4
  • Course Code: LAW 2516
  • University: University Of Michigan
  • Country: United States

Answer: Introduction: The term “Motivation fee” can be interpreted in several ways. Motivation is the level of energy, commitment and creativity of the employees, which is only applicable in the employment. Different theories and methods have been found where the employees get the motivation in exchange of monitory satisfaction or related rewards. The Fee is defined as allowance, which employees get for their employment. Here acco...

Read More arrow

LEGL201 Company Law

Download : 0 | Pages : 5

Answer: The directors are the main backbones of any company and they are provided with numerous duties and liabilities the breach of which can make them liable as per the said Act. One of such duties is the continuous disclosure of information that has the effect on market value. Continuous disclosure exists on the principle such that all the investors must have equal access to the company information regularly. In the present assignment, this...

Read More arrow Tags: Australia Sydney 8 corporate law Australia Catholic University 

HND136 Law And Legal Solutions

Download : 0 | Pages : 24
  • Course Code: HND136
  • University: University Of Sunderland
  • Country: United Kingdom

Answers: Task 1 1. Legal system:  The legal framework in the HKSAR region comprises of two primary legislative systems. The two legislative systems are known as the Rule of the law and the Sources of the Law. These two laws define and govern the legal entities within the region of HKSAR. The evaluation of the legal framework has been portrayed in the following:  The Rule of the law: The rule of law is one of the most looked upon and...

Read More arrow Tags: Hong Kong 8 Law and Legal solutions Other 
Next
watch

Save Time & improve Grade

Just share Requriment and get customize Solution.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,381,240

Orders

4.9/5

Overall Rating

5,085

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

529 Order Completed

95% Response Time

Ivan Blank

PhD in Functional Human Biology

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

134 Order Completed

95% Response Time

Thomas Nelson

MS in Information Systems Technology with Specialization in Database Administration

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2830 Order Completed

97% Response Time

Leroy Bicknell

MBA in Marketing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1265 Order Completed

97% Response Time

James Cook

Masters in Management

Wellington, New Zealand

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Awesome work. Awesome response time. Very thorough & clear. Love the results I get with MAH!

flag

User Id: 383727 - 31 Jul 2020

Australia

student rating student rating student rating student rating student rating

Work was done in a timely manner took it through grammarly checked for plagiarism very well satisfied

flag

User Id: 463334 - 31 Jul 2020

Australia

student rating student rating student rating student rating student rating

Great work for the short notice given. Thank you for never disappointing and helping out.

flag

User Id: 194216 - 31 Jul 2020

Australia

student rating student rating student rating student rating student rating

I received a full point on the assignment. Thank you for all the help with the assignment.

flag

User Id: 411395 - 31 Jul 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?