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LST5CCL-Company And Commercial Law

tag 0 Download 12 Pages / 2,871 Words tag 03-11-2020
  • Course Code: LST5CCL
  • University: La Trobe University
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  • Country: Australia

Question:

Julio, Carolyn and Trisha meet each other while studying at La Trobe University. They decide to go into business together called Finance R’Us. Their plan is to provide different types of financial advice to their clients. Julio specialises in tax advice, Carolyn has a passion for accounting and Trisha knows the ‘ins and outs’ of investment.
 
In order to save money, they decide to keep it simple and just write down some rules of their agreement on a serviette. They write that they agree to put equal money into the business and to share the profits equally, and that everyone will be involved in the management of the business. Still they are a bit short on money so Julio’s sister, Sarah, is happy to come in and provide a loan of $40,000 for which she will receive 2% of the net profit over 5 years. She is only interested in helping her brother and his friends out, she is more of an artistic nature and thus not interested in the business. They start their business, which is to provide bespoke financial services. It becomes very popular as all three are very passionate and know their finance areas well.
 
1) Under what type of business structure is this business running? Furthermore look at everyone who might be involved in this business, i.e. Julio, Carolyn, Trisha and Sarah and discuss their status in regards to the business. Give reasons for your answer; in particular support your answer by citing relevant cases and statutes.
 
2) Discuss whether Julio and/or his business partners are liable for the damages suffered by X? Please make sure that you only assess the legal risks under contract.
 
3) Discuss whether Julio and/or his business partners are liable for the damages suffered by Y? Please make sure that you only assess the legal risks under tort of negligent misrepresentation. Also support your answer by citing relevant cases and statutes.
 
4) What are their options? Think about whether they
 
• can change something in their procedure when giving written advice;
 
• can make their responsibilities clearer; or
 
• have to change their business structure. Give reasons for your answer; in particular support your answer by citing relevant cases and statutes.
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My Assignment Help. (2020). Company And Commercial Law. Retrieved from https://myassignmenthelp.com/free-samples/lst5ccl-company-and-commercial-law/structure-of-business.html.

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[Accessed 15 August 2022].

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My Assignment Help. Company And Commercial Law [Internet]. My Assignment Help. 2020 [cited 15 August 2022]. Available from: https://myassignmenthelp.com/free-samples/lst5ccl-company-and-commercial-law/structure-of-business.html.


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