This report provides a legal analysis comparing two primary business structures in Australia: partnerships and companies. The report begins by defining partnerships and companies, referencing relevant sections of the Partnership Act 1891 and the Corporations Act. It explains the key characteristics of each structure, including liability, agency functions, and contractual obligations. The report then delves into fiduciary duties within each structure, outlining the responsibilities and obligations of partners and company directors. It references cases such as Mercantile Credit Co Ltd v Garrod and Salomon v A Salomon and Co Ltd to illustrate legal principles. The report concludes with a discussion of the Australian Securities and Investments Commission v Vizard case, highlighting the regulatory environment and the consequences of breaching directors' duties. Overall, the report offers a comprehensive overview of the legal considerations for choosing a business structure in Australia, emphasizing the importance of fiduciary duties and compliance with corporate law.
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