Nobody downloaded yet

Company Law - Coursework Example

Comments (0) Cite this document
Summary
Company law Name: Instructor: Task: Date: Introduction Company law represents an enormous legislation that seeks to govern diverse aspects of corporations. The legislation provides a legal structure for corporations. The legislation is an all-encompassing since it governs formation, extent of operations, management and dissolution of companies1…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.6% of users find it useful
Company Law
Read TextPreview

Extract of sample "Company Law"

Download file to see previous pages This legislation is a critical constituent of the constitution since it provides guidance to corporate entities2. Initially, company act begins by establishing diverse business forms. The key forms include partnership, sole proprietorship and companies. Sole proprietorship Sole proprietorship is the oldest business structure normally founded by a single party. Consequently, the founder of the organization serves as the overall manager of the entity3. Sole proprietorship lacks a legal personality since the owner is accountable for the organization liabilities. Similarly, the revenues of this entity act as the income of the founder for tax purposes. Sole proprietorship is the most rampant form owing to easy in formation. Moreover, the entity’s governance follows few regulations thus its operations are easy to manage. Despite the inclusion of the business form in company law, the entity lacks legal personality4. Therefore, strict legal analysis deters inclusion of Sole proprietorship in this legislation. Because of the absence of a distinct legal personality, the founder bears all legal consequences that relate to the entity5. Partnership Represents an organization founded by more than one individual. An assorted forms of this partnership exists. Notably, the differences to the partnership exist due to liability of the founding members6. Unlimited liability characterizes a general partnership. Consequently, founders bear legal liability both individually and jointly for business’ transactions. This means that the entity has no legal individuality. Similarly, the founders coin a ratio that dictates sharing of profits. This ratio principally corresponds to the capital ratio. This section of the company provides the basis for dissolution of partnerships. Additionally, the legislation provides for limited partnership. Limited partnership deviates from the convectional partnerships by admitting partners with limited liability. Subsequently, the unlimited partner bears the blunt of the entity’s losses. Partnerships suffer multiple management hitches due to differing ideologies of the partners. However, the Company act provide for a treaty that guides the partnership. The treaty outlines how the partner will operate the entity. Moreover, it establishes the responsibility of the partners. Limited liability companies The Company act predominantly addresses this entity in detail. Fundamentally, a company represents an alliance of individuals with a unified objective. The legislation begins by establishing an entity with a distinct legal individuality7. The distinct legal individuality arose through judicial precedents. The distinct legal personality allows the entity to transact in its own identity. Additionally, a company can undertake legal action against a party. Similarly, the entity can be a defendant in litigation. “Salmon vs. Salmon” established the legal identity of the companies. Salmon, a shoe designer, incorporated his business with himself as a debenture holder8. Additionally, the entity borrowed more money creating creditors. Owing to industrial upheaval, the entity collapsed and the creditor applied for liquidation of the entity. In adherence to the company act, the liquidators paid Salmon prior to the creditors. Nonetheless, the creditor argued that the entity was a deception hence creditor should receive refunds before Salmon. The lords stated that the entity’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Company Law Coursework Example | Topics and Well Written Essays - 2500 words”, n.d.)
Retrieved de https://studentshare.org/law/1391896-company-law
(Company Law Coursework Example | Topics and Well Written Essays - 2500 Words)
https://studentshare.org/law/1391896-company-law.
“Company Law Coursework Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/law/1391896-company-law.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Company Law

Company Law

...? Company law has been an interesting matter of study since decades. In the company law a variety of difference exists between the liability of the directors or the employees and thus they are convicted based on certain situation. The paper studies two different cases and helps to analyze the difference between the judgments provided based on the variability of the situation. It also underlines the fact that the courts held matter of fraud in a serious manner. Williams Vs. Natural Life Health Foods Ltd The case of William vs. Natural Life Health foods limited is an important element of study in the company law and the contract...
6 Pages(1500 words)Essay

Company law

...? Topic (Company Law) A company acquires its legal personality after registration under the companies Act. Through incorporation, a company becomes a legal entity separate and distinct from its members who are the shareholders. Registration of a company involves delivery of memorandum of association, article of association, declaration by promoters of their intention of being formed into a company and list of directors to the registrar of companies as entailed in the companies Act. The company registration constitutes it “a body corporate.” It becomes a “legal person” or...
12 Pages(3000 words)Essay

Company law

...?Company Law Table of Contents Company Law Table of Contents 2 Question 3 Step 3 Step 2 3 Step 3 7 Step 4 7 Question 2 8 Step 8 Step 2 8 Step3 10 Step 4 10 References 11 Bibliography 13 Question 1 Step 1 The case discussed in the paper of SamTrax Pty Ltd and the Compact Bank related to the Corporations Act 2001 (CTH) specifically pertains to the duties of the directors under the specified Corporations Act. Step 2 A company is considered to subsist in a non-physical form and so, requires carrying out its activities with the assistance of other individuals. The individuals include the directors, employees or rather the agents and the secretary who are...
8 Pages(2000 words)Essay

Company law

...? Company Law No: Company Law Question No Advise Leaping Lizard Coffee Emporium Pty Ltd on whether the company will have to honor the contract for $25,000 that has not been approved and signed by the managing director. Corporations Act 2001 The Corporations Act 2001 in fact an act of Commonwealth of Australia that deals with the business entities of Australia from federating level to inter state level. It mainly focuses on companies besides other entities like partnerships / managed investment schemes1. The Corporations Act is an important legislation passed by the legislators that governs the companies in Australia. It...
8 Pages(2000 words)Essay

Company Law

...?The factual scenario raises various issues in company law relating to the legality of proposed transactions and directors duties. With regard to theproposed transactions and dissatisfaction of Ergan, Arif and Moshe as minority shareholders in the actions of Pedro and Morgan; this initially raises issues of breach of directors’ duties under the Companies Act 2006. Section 171 of the Companies Act 2006 (CA) provides that “a director of a company must- a) act in accordance with the company’s constitution, and b) only exercise powers for the purposes for which they are conferred” (CA). Section 175 of the CA further imposes a positive...
3 Pages(750 words)Essay

COMPANY LAW

...Court of Western Australia held that s440C of the Corporations Act protects receivers from conversion claims by the owner of goods subject to retention of title where the company is under administration at the time. What this indicates is that if Black Books has been placed under the receivership owing to the actions of the other two creditors—Supplier and Pressing—it is impossible for Black Books to refuse 8 ceding the ownership of the land to Lender. This is completely against the law. However, if there is a clause in the debenture or contractual agreement which claims that Black Books could offset its debt to Lender through alternative payment and not ceding the landed property, then Lender could ask...
10 Pages(2500 words)Essay

Company law

...? Company Law Section A One of the chief law issues is a conflict of interest. There is also bleach of company law as itis illegal for a company director or any shareholder to be in partnership with a competitor. This is because the party may involve itself in bringing down the other company. Teaming up with a rival company is also an action highly discouraged by law. This means that Muna has no legal power to defend the legal actions against him. He is not acting for the success of the company, which is the key objective of all directors (Banks & Banks, 2009). Rangers Ltd can proceed with the proposed alteration if Muna continues to express interest with the rival company. However, Kumar illegally helped his cousin acquire shares... in the...
4 Pages(1000 words)Essay

Company Law

...?COMPANY LAW Business law has a great bearing in the success of a business. These laws are mechanisms that have been put in place tooversee a conducive business environment. Basics fundamental business laws that apply in a business set up include, contract law, property rights, land rights, land titling system, intellectual property rights, company law, collateral law, and insolvency law (Cheesman, 2009). Note however, that the arbitration system and enforcement capacities also have a role to play as far as business law is concerned. Under this sphere are the commercial courts and the specialized economic courts. They come in when transactions between parties are not honored. Further, company law largely interprets business law... to the...
4 Pages(1000 words)Essay

Company Law

...An Evaluation of the Relevance of the Legal Capital Rules in Hong Kong in Relation to the Provisions of the Companies Ordinance Regarding Par Value Shares and the Restrictions upon Reduction of Capital and Share buy backs I. Introduction As juridical persons that maintains separate entity from their owners, corporations has the right to sue, be sue, enter into contract and borrow money on its own1. Together with this capacity comes the responsibility to perform its contractual obligations including paying debts to its creditors2. However, some provisions in the companieslaw have given corporations an escape route that can be used to circumvent the legal protection of legal capital in...
12 Pages(3000 words)Essay

Company Law

...This paper is an analysis on the notion that incorporation of companies has made it possible for individuals to have the ability of controlling companies, without them being liable for the liabilities of the company. In defending this statement, the researcher will analyze various statutes and case laws in regard to incorporation of companies, after which, the researcher will come up with a relevant conclusion. Incorporation refers to the process of legally creating a corporate entity, as separate from that of the owners of the organization1. This concept of incorporation comes with numerous advantages to the owners of the business under consideration....
8 Pages(2000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Company Law for FREE!

Contact Us