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Assignment on Company Law (Solution)

   

Added on  2021-06-17

4 Pages1164 Words50 Views
Running head: COMPANY LAWCompany LawName of the StudentName of the UniversityAuthor note

1COMPANY LAWJournal TopicsCompany LawWeek 1 Alternative Business Structures – The business structures include soletraders, companies, partnerships, associations and trust. I believe a sole tradership is referred to as the most easiest kind ofbusiness organization. In such a structure, the concept ofunlimited liability is applicable in this as the sole trader ispersonally liable for the debts of the business. As per the articles, I have observed that companies are generallyused to create business organization. In companies, there areproper essential financial and legal merits. In my opinion, partnerships are the most regular kind of businessorganizations where two individuals or partners form the company. As per my knowledge, a trust has necessary merits when they arelinked with a company. Associations on the other hand, are notused as a business entity. Week 2According to the articles, it can be stated that companies and corporationshave the same rights as a human being or a natural debt who can sue andget sued. However, every company must e registered under the AustralianBusiness Number. Companies can usually be segregated into two. Onebeing a proprietary and the other is public. As observed from the articles,the companies of Australia are governed under the Corporations Act2001. Week 3From the articles, I have observed that for the constitution of a company,a formal document is necessary since it sets out the rules that govern thecompany. A constitution of a company describes the relationship of thecompany with its directors, shareholders and other officers associatedwith the undertaking. Once a company is constituted, it follows the rulesof the Corporations Act that is applicable as well. The document ofcompany constitution is essential as it contains of all the details offormation including the memorandum and articles of association. As perthe articles, the constitution is a contract that has been formed betweeneach member and the company and between the company secretary andcompany. However, I believe that a company adopt a constitution afterand before the registration.Week 4According to the articles, companies can deal with outsiders, promoters,and corporate liability. In my opinion, a company can enter into acontract with an outsider with the help of an agent who will be acting onbehalf of the company. The outsider or the promoter is usually known asthe agent. Without the authority of the company, an agent cannot act onbehalf of it. The company gives the authority of an agent. Outsiders andpromoters must be certain that the agent they are working with has anactual authority to bind the company. Authority of the company caneither implied or express actual. Week 5I believe that the power of the members is in the voting method of thecompany. The decisions of the company are dependent on the votingcapacity of the members of a company. It was observed from the articlesthat the cooperatives of the consumers distribute the dividends as pertheir members with trade. The dividends are usually cleared off by thecredit union for representing the interest on the deposit of a saver. Ibelieve dividends are paid to their shareholders and the directors establish

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