LA4008 Company & Partnership Law Assignment Example UL Ireland
To provide students with an understanding of the legal regulation for different business entities, including corporations and partnerships. The module will consider the formation and operation of each type of business entity, and the key legal issues which arise in relation to each. In addition, the different taxation regimes applicable to each type of business entity will be considered.
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In this course, there are many types of assignments given to students like a group project, individual assignment, continuous assessment, report, business plan, business proposal, executive summary, and other solutions are given by us.
On successful completion of this module, students will be able to:
Assignment Task 1: Identify the process of establishing business units
The process to establish a business or partnership in Ireland is relatively simple. The first step is to decide on the type of business you want to set up. This will be either a company or a partnership.
Once you have decided on the type of business, you will need to decide on the structure of your business. There are three types of company structures in Ireland:
- Private company limited by shares,
- Private company limited by guarantee and
- Public limited company.
There are two types of partnership structures:
- General partnerships and
- Limited partnerships.
You will also need to decide on the name of your business. The name of your business can be the same as the name of the company or partnership, or it can be a different name. You will also need to decide where to incorporate your business. This will be either in Dublin or Northern Ireland.
After you have decided on a company name and a company structure, you can set up your company online with the New Business Service of the Companies Registration Office (http://www.cro.ie/). You will need to pay a fee of €300 to set up a company. There is no minimum capital requirement to set up a company in Ireland.
The process to set up a partnership is slightly more complicated. You will need to complete a Partnership Declaration Form (Form PA1) and send it to the Registrar of Partnerships. There is no fee to set up a partnership. You will also need to decide on the name of your partnership and register it with the Partnerships Registry. You can find more information on registering a partnership at http://www.partnershipsregistry.ie/. There is no minimum capital requirement to set up a partnership in Ireland.
Assignment Task 2: Specify the relevant documentation required for incorporation or partnership formation
The documentation required to set up a company or partnership in Ireland is relatively simple. To set up a company, you will need the following documents:
- Articles of Association
- Certificate of Incorporation
- Memorandum of Association
- Register of Members
- Share Certificates
- Director’s Service Agreement
To set up a partnership, the following documents are required:
- Form PA1 (Partnership Declaration Form)
To set up a company online with the Companies Registration Office, you will need to provide the following documentation:
- The name of your business/company;
- Whether you want to hold classes of shares or not;
- The names and addresses of all directors;
- The proposed address for the registered office of your business/company.
To set up a partnership online with the Registrar of Partnerships, you will need to provide the following documentation:
- The name(s) of each partner;
- The proposed address for the registered office of your business/company.
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Assignment Task 3: Offer a concise description of the steps involved in winding up a business entity
A company can be wound up voluntarily if there is no opposition to its doing so, or it can be wound up compulsorily if its assets are insufficient to repay its debts. A company cannot be wound up by the members. The winding-up of a company is a process that is carried out by a liquidator.
The winding-up of a partnership is a process that is carried out by a partner or partners. A partnership can be wound up voluntarily if there is no opposition to its doing so, or it can be wound up compulsorily if its assets are insufficient to repay its debts. A partnership cannot be wound up by the partners. The winding-up of a partnership is a process that is carried out by a liquidator.
In order to wind up a company or partnership, you will need to complete the relevant application form and send it to the Companies Registration Office or Registrar of Partnerships, as appropriate. There is no fee to wind up a company or partnership.
Assignment Task 4: Differentiate between the role of directors and shareholders
- The role of the director is to manage the company on a day-to-day basis. The role of the shareholder is to own shares in the company and have a say in how it is run.
- A director does not need to be a shareholder, but a shareholder must be a director.
- A director can be held liable for debts of the company if he/she has not acted prudently and in good faith. A shareholder cannot be held liable for the debts of the company.
- A director can be removed from office by the shareholders. A shareholder cannot be removed from office by the other shareholders.
- A director is appointed by the shareholders. A shareholder cannot be appointed by a director.
- A director is a person who takes part in the management of a company without becoming a full-time employee. A shareholder is an investor who holds shares in the company. They have ownership but no control over the company’s assets or decision-making process.
- A director does not need to be a shareholder but usually is as it makes it easier to exercise control. A shareholder does not need to be a director, but usually are because it gives them the right to attend and speak at shareholders’ meetings.
- A director’s liability is usually covered by an insurance policy to safeguard the business against potential lawsuits. A shareholder has no legal obligation to contribute to a company’s debts or obligations, as is the case with a director. A shareholder cannot be held personally liable for the actions of other shareholders or directors but can lose their investment if they fail to act prudently.
Assignment Task 5: Distinguish the types of liability arising from business trading units
A business trading unit is a store or office from which goods and services are traded. Business units can be categorized in different ways depending on the type of liability they may give rise to:
- An office for buying and selling shares is called a stockbroking office, and it gives rise to unlimited liability. A company limited by shares provides its shareholders with limited liability. A partnership is a type of business that gives rise to unlimited liability for its partners.
- The owners of a business trading unit can be held liable for the debts of the business if they have not acted prudently and in good faith. This is known as joint and several liabilities, which means that each partner is regarded as equally liable for the other partner’s debts.
- A limited company is formed by one or more shareholders who contribute assets such as cash to buy shares in the company. The shareholders then agree to limit their liability to the value of their shares in the event that the company is wound up. This is known as limited liability.
- A partnership is a type of business that gives rise to unlimited liability for its partners. This means that the partners are liable for all the debts and obligations of the partnership, no matter how large they may be.
- A limited company is a separate legal entity from its shareholders and directors. This means that the company can continue trading even if the shareholders or directors lose their money or go bankrupt. A partnership is not a separate legal entity from its partners, which means that if one partner goes bankrupt, the other partners are
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Assignment Task 6: Critique the effectiveness of incorporation versus partnership models of business activity
The incorporation model of business activity offers limited liability to its shareholders, meaning that they are only liable for the debts of the company up to the value of their shares. This is an attractive feature for investors as it limits their financial risk in the event that the company goes bankrupt.
The partnership model of business activity does not offer limited liability to its partners, so if the business goes bankrupt, all of its partners are liable for its debts. If one of a partner’s creditors demands that they pay up, then the other partners will have to reimburse them for their share.
This is a key difference between incorporation and partnerships because it means more time and effort must be spent safeguarding assets in case the business goes bankrupt. This requires shareholders and directors to act prudently at all times, otherwise, they risk losing their assets if there are any debts left after the company is closed.
Combining both models of business activity offers the best of both worlds because it offers limited liability but also allows people to act more freely without having to worry about protecting their assets. A company limited by shares can become a partnership if the shareholders agree to change the company’s memorandum and articles of association. This allows for more flexibility and gives the shareholders more control over the company.
The incorporation model of business activity is seen as more reliable because it offers limited liability to its shareholders. However, this does not mean that partnerships are not reliable. A well-managed partnership can be just as successful as a limited company.
There are pros and cons to both the incorporation and partnership models of business activity, but ultimately it depends on the individual business and what is most important to them. The incorporation model is seen as more reliable because it offers limited liability, but this does not mean that partnerships are not reliable. A well-managed partnership can be just as successful as a limited company. It is important for businesses to weigh up the pros and cons of both models and decide which one is best for them.
Assignment Task 7: Assess the key issues in the rights and obligations of shareholders
The rights and obligations of a shareholder in a company are set out in the memorandum and articles of association. The shareholders have the right to share in the profits generated by the company which will be distributed as dividends, allowing them to benefit from any success that the company has. In return for this, shareholders must abide by rules relating to how much money they can invest in the company, how they can vote at meetings, and what happens to their shares in the event of a liquidation.
- Shares in a company are normally transferable, meaning that they can be sold to other investors if the shareholder wants to sell them. However, this is not always the case and some companies have rules which prohibit trading in shares. This means that each shareholder has the right to transfer their shares into someone else’s name, but they do not have the right to specifically sell them on.
- Shareholders may find themselves in a situation where one of their fellow shareholders is mismanaging the company and putting it at risk. In this instance, it is possible for the shareholders to vote on whether or not they can remove them from their position. This is known as getting rid of a director under the “noisy withdrawal” convention because it means that they are withdrawing their consent for the director to continue in their role, but this would have to be done via a special resolution which requires more than 50% of shareholders to agree.
If a company is liquidated, the shareholders will have to prove that they are owed money by the company in order to receive a payment. This can be done by showing that they held shares in the company at the time it was liquidated or that they are owed money by the company as a creditor.
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