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Company Law Assignment - Essay Example

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The paper "Company Law Assignment" will explore the most suitable legal structure to adopt for the retail business, and the legal structure for the farm will follow, and lastly, the paper will explore the most suitable legal structure for a speculative mining venture…
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Company Law Assignment
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Download file to see previous pages Anyone who wants to set up a retail business venture should be prepared to breathe, eat and dream work for his business to succeed. A retailer buys goods in bulk from wholesalers and resells the goods at a profit to consumers at the right size and an appropriate price. With reference to the amount of capital available for this family for the business ventures, I would suggest a sole proprietorship for the retail business venture. This business legal structure will allow the family to own its unincorporated business.
This business venture will allow parents to delegate responsibilities to their children for the activities of the business run smoothly (Pride et al. 67). The family will operate the retail business as an extension of itself. The organizational structure of a sole proprietorship business is attractive since the losses and the profits of the retail venture are entered in the owner’s tax returns. This business structure does not have a room for separate filling. The owner of the business is accountable for any business liabilities; thus, the head of the family will manage to involve his spouse and kids in the business, and exempt them from the liabilities of this business.
Therefore, should anyone sue the business for injury, breach of contract or debts, the court can only levy the property of the head of the family, but not any property that belongs to the wife or children. As far as the relative flexibility of a sole proprietorship retail business is concerned, the business is easy....
This business venture will allow parents to delegate responsibilities to their children for the activities of the business run smoothly (Pride et al. 67). The family will operate the retail business as an extension of itself. The organizational structure of a sole proprietorship business is attractive since the losses and the profits of the retail venture are entered in the owner’s tax returns. This business structure does not have a room for separate filling. The owner of the business is accountable for any business liabilities; thus, the head of the family will manage to involve his spouse and kids in the business, and exempt them from the liabilities of this business. Therefore, should anyone sue the business for injury, breach of contract or debts, the court can only levy the property of the head of the family, but not any property that belongs to the wife or children. As far as the relative flexibility of a sole proprietorship retail business is concerned, the business is easy, and its structure is easy to understand. Further, the business is highly flexible, because it is run the way the owner of the business decides. Liability of this business lies with the owner and nobody else, and he is accountable for the entire activities of this business (Pride et al 67). Sole proprietorship can easily attract funding from banks and other financial institutions. A retail business venture under sole proprietorship has several merits. The first advantage is that the business is less complex, and decision making process is uncluttered and fast than a partnership, or other business structures (Boone & Kurtz 78). Furthermore, the chief merit of a sole proprietorship is that it is the ...Download file to see next pagesRead More
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