Company Law Journal: Analysis of Business Structures and Governance

This assignment is a journal that analyzes various aspects of Company Law. It begins with an overview of different business structures, including sole traderships, partnerships, and companies, emphasizing their legal and financial merits within the Australian context. The journal then delves into company registration, types of companies, and the significance of the Corporations Act 2001. It explores the process of company constitution, the roles of promoters and outsiders, and the rights of company members, particularly concerning voting and dividends. The journal further discusses corporate governance practices, the duties and liabilities of directors and officers, and financing methods. Finally, it examines available remedies for directors and shareholders, providing a comprehensive understanding of company law principles.

Running head: COMPANY LAW
Company Law
Name of the Student
Name of the University
Author note

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Journal Topics Company Law
Week 1 The Structures of the Alternative Business consists of companies, sole traders,
partnerships, trust and association. The journals have discussed about these
structures as they are related to Corporation Law.
 Firstly, as per the journals, the most simplest type of business is
sole tradership in the business organization. An individual who is
solely responsible regarding all the aspects of the business carries
out a sole trader business structure. It is also referred to as an
inexpensive kind of business structure that is usually preferred in
Australia. The concept of unlimited liability can be applied in a
sole tradership form of business.
 I believe that the structure of a partnership business is treated to
be as the most common type of businesses that are executed by
two individuals in an organization. In a partnership form of
business, both the partners will be liable for the profits and losses
equally. In business organizations, there are necessary legal and
financial merits.
 As per the articles, companies are organizations, which consist of
directors, employees and shareholders. A company is considered
to be as a separate legal entity that is it has a own identity and
different from its members. A company can sue and be sued.
 As per my knowledge and research, a group of individuals that
cannot form a business entity forms associations. A trust on the
other hand is always related to the essential merits when they are
linked with the company.
Week 2 As per the articles, I have observed that a company can be compared to human

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individuals as they own the same rights. This is because like human beings, a
company or a corporation can have a natural debt based on which a company
can be sued. The process of registration is necessary in Australia. Every
company of Australia should get themselves registered under the Australian
Business Number. As observed from the Corporations Act, 2001, a company
can be divided into two kinds. One is a public company and the other is a
proprietary company. However, all the companies are governed under the
Corporations Act, 2001.
Week 3 As per my opinion, for a company to be constituted necessary steps must be
followed. A formal document sets out the rules governing the company. The
constitution of a company defines the affiliation of the shareholders, members,
directors and other existing officers who are engaged with such kind of
organization. When a company is formed, the policies and rules of the
Corporations Act are to be followed and applied. However, for the constitution,
this document is mandatory since it consists of all the relevant details of the
formation process. The details also include articles and memorandum of
association. Thereafter, I beieve that a contract is created between the company
and the members associated. Before the process of registration, the company is
then constituted.
Week 4 The articles state that generally the companies handle and manage with the
promoters, outsiders and the liability of the corporation. According to my belief,
a company can form and enter into a contract with a third party or an outsider.
The outsider can also be a promoter who plays the role of an agent. If the
company does not provide the authority, an agent cannot carry out or execute
the duties. The company gives the authority to its agents. The promoters and
outsiders should be confident about the work. However, the authority of the
company can be both implied or express.

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Week 5 In my opinion, voting rights lies with the members of the company. The voting
process decides and takes a few significant decisions for the company. From the
articles it was observed that the cooperatives of the consumers allocate the
dividends according to the members of the trade. The dividends are paid off by
the union for representing the interest on the deposit of the saver. As per my
knowledge, the shareholders get the dividends and therefore the directors
determine by such a method where a dividend must be cleared off. Therefore,
the dividends are basically calculated based on the points where one has earned
in the line.
Week 6 In my opinion, a set of practices and policies of the corporate governance that
were based on a firm that can be directed and controlled. The aim and objective
of the corporate governance is to engage with the interests of the company. The
interests usually deal with the suppliers, shareholders, customers and the
government. The corporate management is necessary, as it is the process of
directing and leading a company. The company’s management governs all the
existing resources of the strategic planning. These objectives of the company
can be applied based on the strategic planning.
Week 7 The articles state that directors have the duty to monitor and look after the entire
business and handle the affairs of the company. I believe that according to the
article the directors and officers have a few legal duties and rights depending on
the common law. The officers and directors of a company have a set of
liabilities and duties as mentioned in the law of corporate governance. The
directors should act and carry out the activities in good faith while dealing with
the interests of the company. If the acts are not executed, other officers and
directors will be liable for committing a breach of duty. Corporation Act will be
applicable in such a situation, as the duty will be owed to the corporation.
Week 8 Financing is an act of producing funds for the activities of the business by