1、Case Study 1 Questions: 1. List the main business organizations recognized by Scots Law. 2. Given the fact that Lisa will be running the business herself and, for the time being, she is unlikely to be employing anyone, how would you classify her business? 3.Identify two advantages and two disadvanta
2、ges of the type of business organization run by Lisa Case Question 1 The main business organizations recognized by Scots Law are: Sole trader Partnership Limited liability Private company Public company Question 2 Lisa is running a very small business, so the most appropriate form of organization is
3、 sole trader. According to the Companies Regulation 1992, Lisas organization form does not fit for the condition of private company; such a private company is limited by shares or by guarantee and need only have on member. As a result, we can judge that the organization form of Lisas company is sole
4、 trader. Question 3 Advantags: very basic legal requirements to comply with Total control over his/her business and does not have to take into account the opinions of any shareholders. It is the simplest form of business organization recognized by Scots Law A sole trader is to all intents and purpos
5、es to be regarded as a self- employed person. Disadvantages: A sole trader may find it difficult to fund an expansion of the business because she/he can not offer shares to other parties in order to raise funds. If the business fail, the sole trader is said to have unlimited liability for any debts
6、or obligations owed to third parties. The inclusion of new partners would force a change in the nature of business, operation by converting it into a partnership or some other form of corporate body. (in any case), A business expansion requiring a major injection of capital might entail a loss of co
7、ntrol over the business because new members who are a source of new finance will almost certainly demand a say in the running of the business. 以上优、缺点各选两个答即可以上优、缺点各选两个答即可 Case Study 2 Question 1 What are the main differences between a traditional partnership and a limited liability partnership (LLP)?
8、 Partnership Unincorporated body Partners have unlimited liability in respect of partnership debts No need to be registered with registrar of companies and no need to supply formal documents Regulated by Partnership Act 1890 LLP Corporate body Members enjoy limited liability in respect of LLP debts
9、Must be registered with the registrar of companies and certain documents must be supplied Regulated by LLP Act 2000 Question 2 What are the main advantages for an existing partnership when it changes to a limited liability partnership? The reason why many traditional partnerships try to translate to
10、 LLP is that the members can enjoy the limited responsibilities. Further more, under the conditions of losing of privacy and greatering external regulation for the members, lots of traditional partnerships definitely hope to translate to LLP.(because of LLP) Question 3 What is the nature of the lega
11、l relationship between partners in firm and members of a LLP? There exist a fiduciary relationship in law relationship between company and partners. 2 According to Limited Liability Partnerships Act 2000, section 6 regulations, there should be recognized to an agents relationship between members and
12、 LLP. 3 The general rule of the law agency that an agent (member) must always act in the best interest of his principal (LLP). 4 A member is not an agent of his fellow members. Case Study 3 Question 1 What is a companys objects clause? Object clause Exist inMemorandum of Association inin。 Object cla
13、use Usually a company established purpose and a list of the company can be engaged in business or commercial behavior。 Before the reforms introduced by the Companies Act 1989, The company shall not be entitled to any third person and signed commercial agreement, unless the object clause of explicitl
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