Business Law - Regulation and Rules Assignment

Added on - Nov 2020

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BUSINESS LAW
Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1..................................................................................................................................1Advise Michael and his sons of the steps that they need to undertake for incorporate andregister a company and also advantages and disadvantages of running a business as acompany......................................................................................................................................1QUESTION 2...................................................................................................................................4Advise the Poolworths Ltd about their legal position.................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONBusiness law refers to laws which governs dealings between matter of commercial andpeople. It involves prevention of problems which could hurt the entity and cause disputes onlegal basis(Ingram, 2015). This report will lay emphasis on solutions which occurred inbusinesses presented in the given case study. The report will provide solution along withappropriate regulation and rules in those situation. This report will cover by an advice to Michaeland this sons for steps they need to undertake for registration and incorporation for a companyalong with advantages and disadvantages of running business as a company will also bediscussed in the report. The report will also covers an advise for legal position of Poolworths Ltdfor the case given.QUESTION 1Advise Michael and his sons of the steps that they need to undertake for incorporate and registera company and also advantages and disadvantages of running a business as a company.Case summaryMichael owns a restaurant as a family business. By identifying prevailing opportunityand growth Michael purchased an another restaurant for the purpose of expansion. His son wantto get converted this family businesses in a family run company. In addition to they want tochange name of the company as “Sicilian Treats”. Michael is not able to understand any benefitfor running a company. Also, he is in trouble that his son might push him out of the business.IssueAdvise advantages and disadvantages of running a business into a company. Also, thesteps for formation and incorporation of company so that trouble of push out from business canresolved along with change in name of business.RulesCompanies law:The Australian company law provides guidelines, regulation and rules tocomply with every company running in the country. The company law prevents, monitor andcontrol activities of business of a company in order to ensure elimination of misrepresentation,fraud and other activities. The corporations act 2001 and companies act 1961 are covered undercompany law of the country. The act under these laws provides a range of guidelines, standardsand rules which need to be complied with the company at the performance time with various1
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