(Solution) Case Study Business Law
Added on 2021-01-02
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Case Study BusinessLaw
Table of ContentsINTRODUCTION...........................................................................................................................1PROJECT 3......................................................................................................................................1Explaining steps to be taken to form a company.........................................................................1Nature and essential elements of articles and memorandum of association................................1Involvement and extent of liability of shareholder in expansion of company.............................2Nature of shares and difference between ordinary and preference shares...................................2Passing of resolution in company................................................................................................2Powers of directors of company..................................................................................................2Duties of directors of company ...................................................................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONBusiness law is a set of various rules, regulations and legislation that helps thegovernment in maintaining the control and monitor over various business activities. The presentstudy provides legal solution and advise to business for expansion purpose. The advise is beingprovided on the basis of various laws relating to the company law in context the formation,elements of memorandum of association, duties of directors, etc.PROJECT 3Explaining steps to be taken to form a companyAs per the provisions of Company Act 2006 of UK, for the purpose of formation of acompany, the following steps are needed to be followed:First step is to set a name of the company that must not be identical to any anotherexisting companies (Set up a limited company: step by step, 2019).After setting name, LCR Ltd. needs to choose the board of directors of company.Further, the LCR Ltd. should decide the shareholders.After deciding board members and shareholders, the company needs to detect someindividuals that would have major control over business activities.Preparation of important documents and maintenance of company' s record is anotherstep of formation of company.After all these steps, the LCR Ltd. would be able to form and register the company.Nature and essential elements of articles and memorandum of associationMemorandum and articles of association shows various clauses, rules, regulations andlimits of company to the extent of which it can perform its business activities. Creation of bothmemorandum and article of association is a legal requirement stated in the company act 2006. RecommendationBeing a limited company as per the provisions of company law, LCR Ltd. is required toprepare its memorandum and articles of association (Nolden and Sorrell, 2016). While preparingmemorandum of association, it should include all the key information relating to theincorporation of business should be included. In addition, the articles of association should beprepared by involving all the rules and regulations that is needed to be comply by it whileperforming its business activities.1
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