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HA3021-Corporations Law

Question

Answered

Questions:

1.Differentiate between a sole trader, company and a partnership. Support your answer to this by citing the advantages and disadvantages of using each business structure.

2.Teresa and Alison operate a partnership making and selling jam. A reduced supply of fruit has resulted in a fall in sales. Alison purchased a large supply of glass jars that must be paid for within 30 days. The funds are not available to meet this expense. Teresa was not consulted when Alison bought the jars and insists that Alison pay for them out of her personal savings.

What do you think will be the legal consequences here resulting from Teresa͛s decision not to consult Alison?

3.Provide a case summary of the case ͞Salomon v Salomon & Co Ltd [1897]͟ using the IRAC method. What was the significance of this case law in relation to the legal concept of separate legal entity?

4.When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts?

5.Provide a case summary of the case ͞Lee v Lee͛s Air Farming Ltd ΀ϭϵϲϬ΁ UKPC ϯϯ͟ using the IRAC method. What legal principle came out of this case in relation to why the court lifted the corporate veil in this case?

HA3021-Corporations Law

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LAW2001 corporate law

ASE STUDY 1Lawrence, Bernard and Donald were all executive directors of an insurance company called InsureIt Ltd. Donald was the finance director and Bernard was the Chief Executive Officer of the company. In addition to being a director, Lawrence also owned a substantial amount of shares in InsureI ...

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The High Court of Australia

H A2022 Final Assessment T1 2021 Student Number: (enter on the line below) Student Name: (enter on the line below) HA2022 BUSINESS LAW FINAL ASSESSME N T TRIMESTER 1 , 2021 Assessment Weight: 50 T otal M arks Instru ...

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LAW8500 Australian Commercial and Corporations Law

Instruction to complete assessment tasks: This assignment involves researching a problem, using critical thinking to reach a resolution after finding relevant information to address the question. To research a problem, you must know where to find the law, and choose what is most relevant to your re ...

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