Company Law Study Material with Solved Assignments and Essays - Desklib

Running head: COMPANY LAW
Company Law
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1COMPANY LAW
WEEK 1: Alternative Business Structures - Sole Traders, Companies, Partnerships,
Trusts and Associations
This week’s topic deals with the various structures of a business that consists of partnerships,
sole traders, trusts, associations and companies. The journal states that the structure of a
business plays an important role as choosing the right structure is essential for the running of
the business. The structures that have been mentioned above are known as the most common
structures, which an organization should undertake. I believe that the easiest form of business
refers to sole tradership where an individual alone takes care of the entire business and carries
out the duties and responsibilities accordingly. According to me, this is the most simple form
of business structure that should be followed. On the other hand, a partnership form of
business refers to a situation where two individuals carry on a business together as per the
journal. In a partnership form of business, the two individuals who are associated with the
organization will be held liable for both profits and losses. It will be shared equally between
them. As per my knowledge, the organizations are referred to as those companies that include
shareholder, employees and directors. They are said to have a separate legal entity and hence
the company will be treated to be a different character than its members. As per the journal,
associations are formed by a group of individual and trust is directly related to the company.
In my opinion, a business structure must be either a sole trader or a partnership.

2COMPANY LAW

3COMPANY LAW
WEEK 2: Companies and Incorporation
A Company is also known as an organization that is incorporated and registered under the
Corporations Act, 2001. I believe, owning a company means having proper responsibilities
and liabilities. A company is however said to have a natural debt based on which, a
corporation can be sued. There is a particular process of registration that is necessary and
must be followed in Australia. A company is said to have incorporated if only it has
completed the registration. An organization will be registered also based on what kind of
company it actually is, A company can either be a public or a proprietary company.
Therefore, it can be said that the Corporations Act, 2001 governs all the existing companies
of Australia.
WEEK 3: Company Constitution
A Company can be constituted as per the provisions and legislations of the Corporations Act,
2001. As per my knowledge, a company should follow the relevant steps that are required for
the formation of a company. Therefore, the basic step is to prepare a formal document that