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(Solved) Business Law - Assignment

   

Added on  2020-05-16

16 Pages3531 Words110 Views
Law
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Running head: BUSINESS LAWSBusiness LawsName of the studentName of the universityAuthor note
(Solved) Business Law - Assignment_1

1BUSINESS LAWSTable of ContentsAnswer 1..........................................................................................................................................2Answer 2..........................................................................................................................................6Answer 3........................................................................................................................................10Bibliography..................................................................................................................................14
(Solved) Business Law - Assignment_2

2BUSINESS LAWSAnswer 1This section of the paper provided advice to Harry, Meghan, William, and Kate in relation to thetypes of business structures and their advantages and disadvantages. There are three primarytypes of business structures which can be selected for the purpose of indulging into businessoperations. These are as follows 1.A sole proprietorship 2.A partnership 3.A companyPublic Company Private company This section of the paper provides a discussion in relation to all three types of business structuresand discusses their advantages and disadvantageSole Trader This is a form of business activity which is carried out by a single person. No other person hasany control or obligation in relation to a proprietorship business. The business and the personwho is in control are one and the same before the law. Thus the rights and duties of the personare the same as the rights and duties of the business. The business is carried out by the proprietorin its own name. The advantages and disadvantages of a sole trader are as follows. Advantages-
(Solved) Business Law - Assignment_3

3BUSINESS LAWS1.The business of proprietorship is the simplest form of business to be set up. The form ofbusiness structure needs the lowest cost as compared to the other business structures inrelation to set up as well as administrative requirements.2.The sole responsibility of the business is on the sole owner. This means that the personhas supreme Control over the operations of the business. He has the right to take alldecisions in relation to the business and is under no obligations in relations to thedecisions taken by him as compared to that in other forms of business structures1. Disadvantages 1.The advantage of limited liability is not provided to the sole trader from a commercialperspective which is otherwise available in a company form of business structure. In casethere is a failure in relation to the business then the proprietor will have to take soleresponsibility in relation to the failure and the liability may extend towards attachment ofpersonal assets of the person. 2.The form of business structure has scope of raising capital from the public and thus if theproprietor wishes to expand the business the structure is not reliable. Partnership A partnership is a form of business structure in which two or more people indulge in carrying outa commercial activity or a business having a mutual purpose of gaining profit. The business isgoverned by the terms set out in the partnership agreement or deed. However there is no featureof a separate legal entity in a partnership. Any loss or profit which is made by the business is1Hannigan, Brenda.Company law. (Oxford University Press, USA, 2015.)
(Solved) Business Law - Assignment_4

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