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Business and Corporation Law Assignment Report

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Added on  2020-01-28

Business and Corporation Law Assignment Report

   Added on 2020-01-28

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BUSINESS ANDCORPORATE LAW
Business and Corporation Law Assignment Report_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Key features of Partnership as compared to Joint Venture....................................................1Applicable Legal Framework.................................................................................................1Comparing the business Structure..........................................................................................2Advantages and Disadvantages..............................................................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONA business organization is formed by a person or more than one person to collaborate toattain the common objective of undertaking commercial activities in order to earn income. Theseorganizations can be either incorporated as a company under the applicable Corporate law or canexist in the form of an unincorporated entity. The instant report is an analysis of the decision ofXiaojing, Lance and Nick in relation to operating their herbal product business throughunincorporated entity. Key features of Partnership as compared to Joint VentureA partnership firm can be characterized as an ongoing relationship which exists betweenthe partners. Unlike an incorporated company, partnership firm does not have any legal existenceof its own. In the event any of the partners resign or dies or leaves the partnership for any reason,the partnership shall be automatically dissolved, though no impact shall be made on thecontinuity of business (Buckley and Casson, 2010). The primary rationale for formation of apartnership is undertaking a business venture with the intention to earn profits. Moreover, eachof the partner is a co-owner, working together on an agreement to share all the profits as well aslosses. In the case of Hurst v, Bryk and ors. (2002) it was opined by the court that all the partnersshall be liable jointly and severally for all the debts which have been incurred by theirpartnership firm. On the other hand, Joint Venture is formulated between individuals orcorporates, in order to pursue a common strategic goal, parallel to maintenance of their separatebusiness. As against the nature of a partnership, Joint Venture may be formed to pursue tospecific purpose which could be anything in the form of research and development or any suchactivity (Joint Venture in the UK: Overview, 2017). The primary rationale for formation of theserelation is for distribution of cost and risk, in addition to contribution in terms of capabilities ortechnology.Applicable Legal FrameworkThe governing law for partnership firms is entailed in the Partnership Act 1890, inaccordance to which any association existing between two or more individuals, for conductingoperating a business, with the intention to earn profits can be defined as Partnership Firm. Inaccordance to the 2002 amendment any number of persons can form a partnership, however, theminimum remains to be two (Yamin and Golesorkhi, 2010). It is important to note that all the1
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