International Electronic Journal of Mathematics Education

Running head: BUSINESS LAW
BUSINESS LAW
Name of the student
Name of the university
Author note

BUSINESS LAW1
Answer to question 1
Bill can undertake business, and there are several steps involves in the registration of
business. One of the crucial steps for initiating the business is the registration of business.
Fundamentally the business is made registered with the state where the business will works.
Registration of business with the stare organization assists in initiating and operate the business
legally. Secondly, choosing the structure of the business that has to be decided prior to the
registration of the business (Foerster et al. 2017). The choices that are available are a
corporation, sole proprietorship, Limited Liability Company, or partnership. In order to make
registration of any category of business, there is a requirement to choose the name of the
business. Most Texas states involved do not permit two businesses to functioned in the state with
having a similar name. Thus due to this, it would be wise to select backup names if the situation
arises that first selection had already been applied by someone (Davies 2020) In case of
registration of the corporation, it is necessary for the name of the business to carry one of the
designations that are corporation, incorporated, Inc, Corp, Co, company—then obtaining a
business license and the license rest on the category of business. Mary is the wife of Bill, and he
can be included Mary as the co-owner of the business. The ownership interest of the co-owners
in the business organization is acquired by the personal ownership of the stock certificates that
are issued by the corporation. The personal obligation of the co-owner is restricted to the value
of types and the number of the stock certificate owned.

BUSINESS LAW2
Another to question 2
The features of the company structure include the following. Firstly it is the artificial
person that is established by the law. Secondly, the company has a separate legal entity that is
distinct from the shareholder or the members of the company. Thirdly the company is a legal
entity that has a common seal on which the name of the company is engraved. Fourthly the
company has perpetual existence that implies that unlike a partnership, the corporation is not
hampered by lunacy—death, retirement, or insolvency of the directors or members. Fifthly the
company has a limited liability that is the obligation of the member of the corporation is
restricted normally to the quantum of shares guarantee or held by them ( Hannigan 2018).
Furthermore, the other features involve the distinction of ownership from that of management,
share transferability. The company complied with all the responsibilities under the Corporation
Act, 2001. That implies that operations of the business are managed by the directors as well as
owned by the shareholders. The capital earned by the business belongs to the company. The
directors are obliged to complete the annual review as well as make payment of an annual fee.
The procedure of registration of the company involves login firstly to ASIC and register
the name of business under the License and Registration tab and then enter the Australian
business number. After that entering the proposed business name and also need to select the
period of registration ten, it is required to enter the name and details of the business holder after
that entry of business address. After that, confirm the entitlement to hold the particular business
name. Therefore for this, the holder cannot engage in any sort of illegal offenses, and the same is
outlined in Business Name Registration Act, 2011. Mary can become a co-owner of the
company. Bill will initially start the business with the assistance of his wife. He asks his friend