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LST5CCL Company And Commercial Law

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Questions:

Based on this experience, Mary, Fred and Chris want to manage their risks much better, in particular limit their liability. They are also in need of some cash and want to raise it by selling shares to families and friends.

a) What type of business should Mary, Fred and Chris operate now? Again, support your answer by citing relevant cases and statutes.

Unfortunately, the trouble for the business does not end there. Chris, Mary and Fred changed business form and are now all directors of the business.

Chris is upset for being blamed for the incident with the customer and wants to make it up to Mary and Chris. He finds out that the neighbouring shop is available for sale for $120,000 – a prize that he considers a bargain. Chris decides to take out a loan for $150,000 in order to buy the shop and have some spare money for renovation.

The constitution/ replaceable rules of the business state that a director has power to manage the ordinary affairs of the company, however any contract for goods and services (including a loan) exceeding $100,000 must be signed by a director and another person authorised by the board for that purpose.

Chris did not discuss this with any of his colleagues before signing the contract.

b) Is the business bound by the loan contract under the Corporations Act 2001 (Cth)?

c) Has Chris breached any duties as director under the Corporations Act 2001 (Cth) by taking up the loan?

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My Assignment Help (2021) Company And Commercial Law [Online]. Available from: https://myassignmenthelp.com/free-samples/lst5ccl-company-and-commercial-law/business-structure-of-a-corporate-sector.html
[Accessed 28 October 2021].

My Assignment Help. 'Company And Commercial Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/lst5ccl-company-and-commercial-law/business-structure-of-a-corporate-sector.html> accessed 28 October 2021.

My Assignment Help. Company And Commercial Law [Internet]. My Assignment Help. 2021 [cited 28 October 2021]. Available from: https://myassignmenthelp.com/free-samples/lst5ccl-company-and-commercial-law/business-structure-of-a-corporate-sector.html.


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