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TITLE:Workwear Ltd. Unit:legal aspects and government influences - Essay Example

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Work wear ltd.: Legal Aspects and Government influences Legal aspect :task a Introduction Work Wear Limited is a business that has been set up by Claire & Robert Brown, their daughter Anna Cox-Brown and a friend Cuthbert Bridge…
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Download file to see previous pages Anna Cox-Brown and Cuthbert are sidelining Claire and Robert Brown and this has caused conflict to their earlier partnership relationship. (Allen, 2009) Partnership A partnership is defined by the Partnership Act as the relationship which involves two people holding a business together with the main objective of making profits. This is a definition which explains the relationship which exists between the two partners’ partnership is not a body corporate and as such does not hold a legal personality status. A partnership has several disadvantages which make partners convert it to a company so as to deal with these advantages. One of the consequences of not being a body corporate is that the debts of the business are the debts of the individuals within the partnership. All the partners of the business therefore share a liability jointly to the debts of the company. The death of any one of the partners will lead to the dissolution of the business unless the partnership agreement stipulates a different approach. A partnership is also not allowed by law to own property since the entity is not a legal person. Another disadvantage of being in a partnership is that the partners may be sued for the business’s debts. The advantages attributed to a partnership include the following. First a partnership is fairly easy to start as it does not require many documents and requirements to start. It has also the advantage that due to the several numbers of partners it has the ability to raise fund s and capital for its startup. Partnerships also have the advantage of being cost effective as each partner can specialize in a certain section of operation of the business and also the fact that each partner will bring his skills and qualifications to the table. When a group of business individuals decide to start a partnership the best way to deal with the advantages related to this business entity is it has a business pre nup. This document should spell out what will happen when and if different situations that are a threat to the business happen. These includes when a partner wants to get out of business, a partner wants to retire, when a partner dies etc. Private Limited Company A private limited company is a type of company classification that has limited liability to its shareholders but it has restrictions to the ownership of the business.(Senge, 2006) The restrictions are spelled out in the company’s articles of association or its bylaws which are put in place to protect the company from hostile takeover attempts. The major restrictions are that the partners shall not sell their shares or transfer them without fist offering them to the other shareholders for them to buy. The number of the shareholders cannot exceed a certain fixed figure say fifty members. The following are the advantages related to a private limited company. When a private limited company is set up it protects the personal assets of the members and also the entity has more access to resources and can easily acquire credit from the commercial institution among others. The greatest advantage however is the limited liability status; this is because they are treated as single entities which make the company to be its own person who is responsible for its own debts. Forming a private limited company also has tax deductible costs and allowances which can be redeemable againstprofits. There is also the advanta ...Download file to see next pagesRead More
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