IOM Solutions: Legal Business Structures and UK Business Law

This report provides an analysis of UK business law and legal structures, with a focus on IOM Solutions, a company supplying electrical parts to local vendors. It covers various legal structures, including sole proprietorships, general partnerships, partnerships, and limited liability companies, explaining their characteristics, advantages, and disadvantages. The report also discusses key aspects of business law in the UK, such as contract law, company law, and employment law, as well as concepts like vicarious liability and business liability in negligence. The study recommends a partnership structure for IOM Solutions, highlighting its benefits in terms of diverse skills, financial resources, and decision-making perspectives. The report concludes that understanding and adhering to business law is crucial for the effective and long-term operation of a company, emphasizing the importance of fair practices and legal compliance. Desklib offers a range of resources, including past papers and solved assignments, to support students in their academic endeavors.

ASSESSMENT 1

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Business and organization in UK- ......................................................................................1
Enterprise group action direction of company - ...................................................................2
Sole trade - .............................................................................................................................3
General partnership - .............................................................................................................3
Partnership - ...........................................................................................................................4
Limited liability - ..................................................................................................................4
Recommendation for IOM Solutions -...................................................................................4
CONCLUSION................................................................................................................................5
References:.......................................................................................................................................5

INTRODUCTION
The term concern refers to an enterprises entity engaged in commercial, building or
commercial activity. Businessmen can be be profit or non profit organisation. Business law is
a term which elaborates the rules and duties link to the practices in a concern, it creates
some plan and norms for company which are explored as essential for an institution to
adapts the rules during actioning activity (Noskova, 2019). . These units of regulation have
been created by the governing bodies for particular country which makes for conducting,
selling and dissolving the company. It assist the company in neglecting the illegal actions or
activities. It assist in the business in neglecting the unfair practices that occur with in the
company. It has been explored with private and public enterprise to adapts and follow the
legal formalities that has been emerged and generated to creating the authentic behaviour of
the legislation . Here are various kinds of legal structures that are being consist a various
legal activity in order to register it in organisation. It is also known as commercial law or
corporate law . It has been found that it contain law for both kind of concern , as well as
different sectors have v assorted kind of laws and actions in order to secure them from caught
by the governing bodies for unfair enterprises. It is mandatory to registered under the
company act or any other norm. the considered company is IOM solution which is giving
the electrical parts to the local vendors. This report must cover legal business structure of
UK further it will explain about the certain kinds of laws related with the employment and
employees.
MAIN BODY
Business and organization in UK-
It is defined as an company , industry which are involved in any expertise, monetary
or any other commercial purpose of generating money (Law, 2019).. Law is a broad term
which includes various of regulations and it has been explored that all those laws are
business company. A concern or institution social group have been managed by different
statute law which are even in list -
various kinds of laws -
1. contract law - it states to the law which sets certain rules and modulate link to the
written or verbal hold along the two organization. It states as a judicial
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agreements which explains the process of dealings the goods and employment .
Capital and buildings between the persons.
2. Company law - it is also famed as corporate law as it involves modulate connected
to the person enterprise concern behaviour and relationship. Usually, it deals with the
legal profession link up to the company.
3. Employment law - it is explained as the section of law that modulate the relation of
employee and leader, if in employees count is more than one person in concern the
management is utilising occupation laws. It main intention is to save the powers of
employees at work place. It operates for securing discrimination, support healthy and
safety , creating a least needed for economic support and another ones (García-Álvarez
and et. al., 2018)..
Enterprise group action direction of company -
It is elaborated as the business dealing which considers the activity link with the
management of message engineering from the view of company. Various tools have been
given to the business in regards to track the human action of transportation.
1. vicarious liability - it is justified as a confidence in which one individual Is occurred
by total responsible for any unregistered activity of a third party. Their own share
of obligation carried by the fractional person. It tends to grow in the constitution
where an individual expected to response for third person has been analysed In
actioning the activity. Usually it is legitimate term which penman the legal right
that a monitor extremity bears for the actions acted by an authority or subordinates
(Ronda-Pupo, G.A., 2020). .
2. Business liability in negligence - neglect is stated as the opening of responsibility and
province. At workplace any expertise person is not capable to act the assigned task
according to needed benchmark,it leads in breach of duty of care. An enterprises may
face some issues of fiscal issues or losses due to attitudes of expertise people
operating In the company. Certain times their negative behaviour also tends to
negatively effect or causes damage to the structure value. A term is justified as a
civilian law which states by the unfair or unregistered activity completed by an
individual. That improper practices may leads in any hazardous or any fiscal loss for
concern. Certain times evildoing are also considered as the cause due to harm
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causes by ignorance. It means the ignorance leads in cause of harm which do not
comes under crime.
3. Termination of partnership - It is not essential to finish ant particular task and
formalities during establishing company. The expiration of sharing business can be
hold place only in the condition of ending of involvement. Whenever all members
wishes to close up enterprise , they are allowed to act so. There is no any legal
ceremony is needed to wind up. The sharing business act has improved certain
articles for resolving the business concern (Eisenstadt and Pacella, 2018). .
Sole trade -
It is the type of business which is very basic and easy to start up. This includes the
investment and owned by the single person ,risk and profits both are in part of owner although
decision making powers are in the hands of particular person. This type of firm needed a huge
legal formality and huge preparation in regards to launch a concern . There is no whatever
abstracted judicial personality of business organisation. All the part and domain have been
performed by the owner itself. Because of this limitless liability, individual is liable to pay all
the debts of organisation. In the case of insolvency and death of owner, lone mercantilism can be
dissolved. Less requirement of assets and simple to malfunction the operations are consider as
the vantage of this business. The owner of sole trade have lack of social control ability and
happening which act as obstacle in making firmness, it is believe as the huge separate of this
concern artefact. It is beneficial for owner to start a company by investing huge amount whereas
, the owner have to bear all the risk alone.
General partnership -
It is defined as the business entity in which all the business operations are being
managed and acted by a particular person. In summarised term it is described as a business
partners in which two or more person come together and invest as per there will and they all
act as a owner in business (Sarti, Bellavitis and Martini, eds., 2018).. As days are spending
business operations are being operated by the members although decision making power are
in the hands of those members. During incorporation the broad partnerships the spouse
decided a particular magnitude relation in which they will portion revenues and losses. Easy
segmentation of powers and duties among the partners is included as the benefits of this
business structure. On the other side there is deficiency of participation of any changing
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interest which leads that the involvement of basic partnership is very easy. This kind of
legal structure is beneficial for company and this also contributes others capital and contributes
the capital from every member of the business but it has a huge chance of conflicts between
them as they have to share a profits equally or according to the contribution.
Partnership -
It is kind of legal structure that is consist of more than one person at least two persons
are required to start this kind of firm. This is consist of various structure and formality like
sharing profits In between members and also risk is shared among them so that they can have
all the things that occur in company is bear by both partners. All the members are in person
liable for their liability and losings of the company (Duménil and Lévy, 2019). It is register
under the business act and every thing Is written in the documents and all the clauses that firm
have to follow in order to adapt a systematic functioning. It is mandatory for the firm
organization to register them in the partnership link to firm. Accessibility of partnership
whereas the liability of partners are the negative elements of business structure. This has a
benefit of making business organization more improved and developed but on the hand it has a
disadvantage of sharing details and other information among the partners that has a huge risk of
leaking details in market or rivals.
Limited liability -
It is a judicial construction of company in great London which the susceptibility of a
director is limited to a particular magnitude. It Is similar to the quantity of finance created by
an individual in the company. Obligation of person is restricted only in the situation of
sharing business and organisation. It is a condition under which the members or director of
the business structure is responsible only to pay the indebtedness up to the limit its equity.
The members of limited liability company are reliable to pay tax amount and self employed
tax on the income which they earned from organisation (Serpanos, 2018) . this kind of
business have a benefits of having large amount of invest this kind of business operates at huge
level. But it has a unlimited liability in an institution and business have to bear all that.
Recommendation for IOM Solutions -
It is analysed from above study that the sharing business as it includes particular
business is the most reliable business as it includes more than one owner which leads an
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developed business and effective functioning in the market place. All the persons have
various skills and learnings and it takes all ability and learnings together and developing
the operations of whole company. Because of this availability of some partners provides
different financial resources with in the company in order to invest in growing business and
capital. In instance during taking any decisions at organisation the management can have
assorted advices as the point of view of all persons are various (Davidson and Forsythe,
2020).
CONCLUSION
It is terminated from above report that concern legal document is a broad word as it
comprise of various laws that are essential for company to adapts for the reason of
operating business activity in an impressive mode. During operating the regular activity in
an industry. There are various structures In UK which are elaborated in justified manner .
All the legal structures of business follows the proper legal formalities in order to establish a
business. In last there is recommendation of consider company an accurate business structure
is proprietorship. There are different kinds of legal business ranges from the partnership
who bears all the risk and liability for the company (Solomon, Palas, and Baranes, 2020). it is
also concluded from above report that companay consist of the further activity they must
considers that all the activity is being done with the aim of making the business or
organisation in long terms. It touches everyday activity and it is important for company to b
e registered under the acts and clauses all the actions are being with the aim of making money
and actions it is also essential to adapt a fair means of actions.
References:
Books and Journals
Davidson, D.V. and Forsythe, L.M., 2020. Business law: Principles and cases in the legal
environment. Wolters Kluwer Law & Business.
Duménil, G. and Lévy, D., 2019. The real and financial determinants of stability: the law of the
tendency toward increasing instability. In Financial Dynamics and Business Cycles
(pp. 87-115). Routledge.
Eisenstadt, L.F. and Pacella, J.M., 2018. Whistleblowers need not apply. American Business Law
Journal, 55(4), pp.665-719.
García-Álvarez, M.T. and et. al., 2018, March. Proposal of a knowledge management model and
virtual educational environment in the degree of law-business. In World Conference on
Information Systems and Technologies (pp. 1275-1286). Springer, Cham.
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Law, C.C., 2019. Managing enterprise resource planning adoption and business processes: A
holistic approach. Cambridge Scholars Publishing.
Noskova, M., 2019. International Business law. Bratislava: Comenius University.
Ronda-Pupo, G.A., 2020. The performance of Latin American research on economics &
business. Scientometrics, 122(1), pp.573-590.
Sarti, R., Bellavitis, A. and Martini, M. eds., 2018. What is Work?: Gender at the Crossroads of
Home, Family, and Business from the Early Modern Era to the Present (Vol. 30).
Berghahn Books.
Serpanos, D., 2018. The cyber-physical systems revolution. Computer, 51(3), pp.70-73.
Solomon, D., Palas, R. and Baranes, A., 2020. The Quality of Information Provided by Dual‐
Class Firms. American Business Law Journal, 57(3), pp.443-486.
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