Reference no: EM132425707

Questions -

Q1. What information must appear on every public document signed or published on behalf of the company? On what other documents must this information appear?

Q2. What rules govern the internal management of a company? Can these rules be varied? If so, how?

Q3. Ruprecht and Lawrence have now filed a positive solvency resolution with ASIC. Why would they have done so? Under what circumstances are they required to file a negative solvency resolution?

Q4. Prior to incorporation, Claire entered into a contract with Phil to provide computers to a soon to be incorporated company, Modern Family Services Pty Ltd. Upon incorporation the directors of the company refused to ratify the contract made by Claire as they can obtain the same services less expensively from another business. Phil has spent time, expertise and money preparing to perform the contract. Advise all parties of the issues raised and the likely outcome.

Q5. What risk management practices should a tax practitioner/adviser or accountant adopt to minimise the likelihood of negligence occurring?

Q6. Steven and Lamont have recently set up an accounting practice in partnership. They have prepared a written partnership agreement in which it states that any purchase over $1,000 shall only be made after both partners agree. Steven and Lamont purchased all their office furniture and equipment from Mack at OfficeStuff. Mack contacted Steven and offered the partnership a great deal on a computer package for $2,000. Lamont is out seeing clients and cannot be contacted. Steven goes ahead and purchases the computer package. When Lamont is informed he says the purchase is not valid and wants Mack to take the computer package back and refund their money. Mack refuses. Discuss the issues raised and the likely outcome of these circumstances.