Reference no: EM132501478
HA3021 Corporations Law Assignment - Holmes Institute, Australia
Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
1. Discuss the foundations of Australian Corporations Law and constitutional aspects and administration.
2. Apply legal principles to real case situations in the context of different types of business organizations and the legal issues that arise in day to day business.
3. Analyse the incorporation process and characteristics of corporate legal personality.
4. Demonstrate the legal principles for managing a company in particular the company's relationship with others.
5. Critically analyse the concept of corporate internal rules and management.
6. Analyse the role and responsibility of directors and members in the management of the company.
7. Analyse the interaction between members' rights, directors' duties and corporate governance.
8. Analyse the procedures regarding external administration and winding up.
9. Identify and analyse legal issues arising from the administration of a company.
Assignment - Tutorial Questions
Description: Your task is to answer a selection of tutorial questions from weeks 1 to 5 inclusive and submit these answers in a single document.
Week 1 Question - 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. (10 marks)
Week 2 Question - 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 Teresa's decision not to consult Alison?
Week 3 Question - 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?
Week 4 Question - When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts?
Week 5 Question - Provide a case summary of the case "Lee v Lee's Air Farming Ltd [1960] UKPC 33" 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?