Types of Business Ownership & Legal Consequences for IOM Fresh Produce

Learning Outcomes Assessed: 

Explain sources of law, business transactions, the nature and management of a company, the concept of business liability in negligence, the vicarious liability of an employer and also individual employment rights.

Assessment Brief

Virat operates as a sole trader (IOM Fresh Produce) selling fresh produce to local takeaways and convenience stores. Virat has ran the business for five years. Over the last two years, Virat has found that the business has grown in terms of demand and employees. This has placed a number of pressures on Virat whilst also presenting a number of opportunities. As of September 2021 Virat has decided to expand the business. However Virat is not sure of the most appropriate form of business ownership for IOM Fresh Produce.
 
Explain to Virat, what types of business organisations are potentially available in terms of reorganising IOM Fresh Produce, and the legal consequences for each option.  Ensure you support this explanation with a recommendation of the most suitable organisation type for Virat to choose for IOM Fresh Produce.

First class (70% and above): 

Students will provide an in-depth explanation of key business law terms and sources of law, additionally demonstrating excellent understanding of business transactions, the management of a company and the concept of business liability in negligence. Focused and justified recommendations will be made in relation to the vicarious liability of an employer and also individual employment rights. Extensive research demonstrating use of a wide range of current secondary research sources will be evident. Academic style and referencing will be excellent.  

Second class (50-69%): 

Students will provide a comprehensive explanation of key business law terms and sources of law, additionally demonstrating critical understanding of business transactions, the management of a company and the concept of business liability in negligence. Justified recommendations will be made as to the vicarious liability of an employer and also individual employment rights. Research demonstrating use of a wide range of current secondary research sources will be evident. Academic style and referencing will be good.  

Third class (40-49%):

Students will provide a satisfactory appraisal of the key business law terms and sources of law, additionally demonstrating critical reasoning of business transactions, the management of a company and the concept of business liability in negligence. Considered recommendations will be made as to the vicarious liability of an employer and also individual employment rights. Research demonstrating use of a range of current secondary research sources will be evident. Academic style and referencing will be fair.