HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA3021 Corporations Law Individual Assignment T1 2021 Assessment Details and Submission Guidelines Trimester T1 2021 Unit Code HA3021 Unit Title...

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overall its 5000 words but untill tomorrow i only need answer plan


HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA3021 Corporations Law Individual Assignment T1 2021 Assessment Details and Submission Guidelines Trimester T1 2021 Unit Code HA3021 Unit Title Corporations Law Assessment Type Individual Assignment Assessment Title Case Study on Corporations Law Purpose of the assessment (with ULO Mapping) The purpose of the Individual Assignment is to provide students with an opportunity to demonstrate their level of learning of the various key concepts taught in the unit and apply them in analysing and answering two case problems by citing the relevant legal rules and cases and applying these to the facts of the case. In this Individual Assignment, students are required to: • Reflect critically on the legislation and the relevant case law relating to the different business structures, in particular corporations and partnerships, and apply legal principles to real case situations. (ULO 2) • Analyse the incorporation process and explain the laws and regulations that govern the different forms of legal entities including the significance of the concept of separate legal entity. (ULO 3) • Analyse the roles and duties of directors in the management of the company and the and responsibilities of members in a company. (ULO 4) Weight 40% of the total assessments Total Marks 40% Word limits Answer plan – 1,000 words Assignment draft – 2,000 words Final Assignment report – 2,500 words with full academic references Due Dates Week 5 – Answer plan due Week 7 – Assignment draft due Week 9 – Final Assignment due Weeks 10 – 13: Individual Oral Presentations Submission Guidelines ● All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. ● The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. ● Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using the AGLC style. Page 2 of 8 HA3021 Corporations Law Individual Assignment T1 2021 Assignment Specifications Purpose: The purpose of the Individual Assignment is to provide students with an opportunity to demonstrate their level of learning of the various key concepts taught in the unit and apply them in analysing and answering two case problems by citing the relevant legal rules and cases and applying these to the facts of the case. Instructions: Please read and re-read carefully to avoid mistakes. Individual Report 1. The individual assignment is about business structures and director’s duties. There is only one main question to be answered but broken down into four (4) sub-questions. 2. The individual assignment is worth 40% of the total marks in this unit. 3. This individual assignment comprises three separate submissions: an answer plan, an assignment draft and a final assignment. Each submission is worth separate marks. 4. Answer plan: you are required to submit an answer plan, which outlines your answer, including the relevant sections of law and cases that you plan to cite in support of your answer. ● Due date: Week 5 ● Weight: 10% of the total individual assignment marks ● Length: 1,000 words 5. Assignment draft: you are required to follow your answer plan and produce a written draft of your answer. The answer must cite relevant sections of law and cases that you specified in your answer plan. In addition, your draft must include a list of academic references that you have researched for your assignment. ● Due date: Week 7 ● Weight: 10% of the total individual assignment marks ● Length: 2,000 words 6. Final assignment: you are required to submit the final version of your assignment. The final version must include an official Holmes Institute cover sheet, as well as academic referencing (either in- text or footnotes) and a full Reference List. ● Due date: Week 9 ● Weight: 20% of the total individual assignment marks ● Length: 2,500 words Page 3 of 8 HA3021 Corporations Law Individual Assignment T1 2021 7. Word count limits are strictly enforced. A deduction of two (2) marks will be imposed for every 50 words over the word count for either part of the report. Anything over the word count will not be read by your lecturer. 8. The total word count for the report must be clearly written on the cover sheet of the assignment. A paper will not be marked if the word counts are not written on the cover sheet. Individual Oral Presentation You are required to present your answers in a short oral presentation that will be delivered during the live interactive online tutorials. Presentations will run from Weeks 10 to 13. Your lecturer will schedule the particular tutorial when you will present. Each oral presentation will last for five (5) minutes and will involve you briefly presenting the answer to the question and answering questions posed by your lecturer. ● Presentation dates: Weeks 10 to 13 ● Weight: 10% of the total mark in this unit ● Length: 5 minutes The individual oral presentation is an integral part of the assessment schedule in this unit. Any student who submits a written assignment but does not do an oral presentation in class will not have their assignment marked and their mark released until a presentation has been completed. Important Reminders: ● All assignment submissions must be de done online and run through SafeAssign. No hard copies are to be submitted. ● You must attach as the official Holmes Institute cover sheet to your assignment and upload on Blackboard. ● The assignment must be submitted via SafeAssign on Blackboard and show a similarity percentage figure. Any assignment that does not show a SafeAssign similarity percentage will not be marked and be required to re-submit. ● Late submissions will be subject to Holmes Institute policy on student assessment submission and late penalties (please refer to subject outline and Student handbook). ● All reports are expected to observe proper referencing in accordance with the Australian Guide to Legal Citation (AGLC). A copy of the AGLC has been posted in the Week 2 tutorial folder. You may also download a copy for free via this link: https://law.unimelb.edu.au/__data/assets/pdf_file/0005/3181325/AGLC4-with-Bookmarks-1.pdf ● In general, for written reports, a SafeAssign similarity percentage of 25% or below is acceptable. Regardless of the similarity figure, all assignments must use in-text citation and observe proper referencing rules. https://law.unimelb.edu.au/__data/assets/pdf_file/0005/3181325/AGLC4-with-Bookmarks-1.pdf Page 4 of 8 HA3021 Corporations Law Individual Assignment T1 2021 ● All assignments are expected to strictly follow Holmes Institute’s Academic Conduct and Integrity Policy and Procedures. A copy of the Policy is available on the Holmes Institute home page. (About Holmes > Policies) This policy is also explained in your Student Handbook. ● Plagiarism and contract cheating in any form will not be tolerated and will have severe consequences for the students found committing the same, including receiving zero (0) for the entire assignment and possible failure in the unit. ● Any assignment that is found to contain fake or bogus references or references that are clearly irrelevant to the subject matter of the assignment will receive an automatic zero (0) mark. ● You are required to turn on your video camera and show your face during the individual oral presentation. You are expected to wear appropriate business attire during the conduct of your individual presentation. Assignment Question • There will be four (4) questions in total, which will be released progressively and must be answered according to the following schedule o Questions 1 and 2: released at the end of Week 2. Answers must be submitted in the Answer Plan. o Question 3: will be released at the end of Week 5. Answers to Questions 1, 2 and 3 must submitted in the Assignment Draft. o Question 4: will be released at the end of Week 7. Answers to Answers to Questions 1, 2, 3 and 4 must submitted in the Final Assignment. • Read Questions 1 and 2 below on Business Structures and plan your answers. • Prepare an answer plan for your answer. Using your answer plan, you are then required to draft your answer and later finalise your answer. • Follow the word counts specified for each individual component of the individual assignment. • A minimum of 6 genuine and relevant Australian legal references are required for the Draft and Final Versions of the Individual Assignment. Examples of relevant references include the Corporations Act 2001 (Cth); the Australian and Securities and Investment Commission’s (ASIC) website (www.asic.gov.au), the website of the Australian Business Register’s (ABR) website (www.abr.gov.au). • The full citations for all sources cited in your answer must be listed in a Reference list at the end of your answer. • In addition, any online sources cited in your answer and listed in your Reference List must include a valid hyperlink that allows access to the full text of the source. http://www.asic.gov.au/ Page 5 of 8 HA3021 Corporations Law Individual Assignment T1 2021 Congratulations! You have secured a graduate position with a large firm of corporate advisers. Hannah Finley, a partner in the practice, asks you to attend an 10:00 a.m. meeting on Monday with herself and Russel Robbins, a longstanding client of the firm. You will be required to take notes and prepare answers to Russel ’s queries. Russel Robbins is married to Megan Mays. They have one child, Ellie, who attends a local private school. Russel is very entrepreneurial and has been running a second-hand and vintage clothing business in Albury, NSW, by himself as a sole trader for the past five years under the business name of Pinnaclewear. A lot of Russel’s customers are other businesses, both local and overseas. Turnover was $285,000 in the first year and has now grown to over $3 million per annum. The business operates from rented premises, but Russel would prefer to buy a building. Currently, Pinnaclewear employs eight staff. Russel has plans to expand the business further. He also wants to diversify into food and catering in the near to medium term. Russel’s mother, Violet, is a retired accountant and he regularly asks her for advice. Violet suggested recently that
Answered 31 days AfterApr 23, 2021HA3021

Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA3021 Corporations Law Individual Assignment T1 2021...

Harshit answered on Apr 24 2021
141 Votes
QUESTION 1
From the given facts Mr. Russel wants to change the current business structure of Pinnaclewear which is a second hand and vintage clothing business currently run as a sole trader. There are some criteria that Mr. Russel needs in the new business structure as well such as that he still wants to be in control of his business, he wants to protect his personal assets from the Assets of the business, you want to diversify into food and catering business in the future etc.
Following are the options av
ailable with Mr. Russel to restructure his business in Australia:
COMPANY
In Australia, Australian Securities and Investments Commission and administers the Corporations Act, 2001 along with any other legislation related to companies. Company as a business structure is itself a separate legal entity apart from the owners. The owners of the company or not liable for any debt or losses as incurred by the company as a company holds a debt in its own name. [footnoteRef:2] [2: https://business.gov.au/planning/business-structures-and-types/business-structures/company
]
There are two types of companies that can be formed in Australia which are as follows:
· Proprietary limited company: In a proprietary limited company, it cannot raise money from general public by issuing shares. This is also known as private companies and it cannot have more than 50 non-employees shareholders. The shareholders of the company are liable for the amount which the shareholders have not yet paid for the shares of the company. The un-paid amount of the share capital is the amount which a shareholder is liable in a proprietary limited company which is almost zero and most of the cases as shareholders fully paid the amount of shares when the same are acquired.[footnoteRef:3] [3: https://legalvision.com.au/advantages-disadvantages-operating-proprietary-limited-company/]
· Public limited company: A public company is a company which has more than 50 non-employees shareholders and the shares of which is being listed in the financial market and are available to the public. Must have at least 3 directors and 1 secretary out of which at least two directors and one secretary must be ordinarily resident in Australia. The public limited company has to provide the auditor's report to ASIC with the financial statements and the director’s report.
PARTNERSHIP
A partnership firm is Incorporated with the help of a contract where in two or more people come together to form a partnership business. These people in a partnership firm are known as partners. The profits or losses are shared in the ratio as decided by the partners in the partnership contract.[footnoteRef:4] There are three types of partnership firms that can be incorporated: [4: https://business.gov.au/planning/business-structures-and-types/business-structures/partnership
]
· General partnership: In this partnership firm the partners have equal responsibilities and the liability for that and obligation is unlimited.
· Limited partnership: In this partnership firm the liability of the partners is limited to the amount they have contributed in the partnership. Under this the investors are added as limited partners they are not interested in the day to day activities of the business.
· Incorporated limited partnership: Under this partnership there has to be one general partner and one limited partner. For the general partner can be held liable for the debts and losses with unlimited liability where as the liability of the Limited partner will be the amount contributed in the partnership.
TRUST
In a trust form of business structure, a trust deed is formed between the trustee and the trust to conduct the business. A trust is formed between the Trustee and the beneficiaries. The Trustee is responsible for everything in the trust which includes income and losses. The trust deed is the governing document in a trust beyond which no decisions could be made.[footnoteRef:5] [5: https://business.gov.au/planning/business-structures-and-types/business-structures/trust]
QUESTION 2
Currently the business structure of Mr. Russel is sole trader. If he wants to change the business structure from any of the above mentioned structures, Mr. Russel should consider the following factors while choosing the right business structure:
COMPANY
A company will be formed as a separate legal entity which will help the cell to separate his personal assets with the Assets of the company thereby protecting his personal assets. As Mr. Russel wants to expand in the future, he will require capital investment in the business for expansion. A company form of business will help Russel to procure the loan or other capital investment faster. He can dilute his shares in the company for investment made by an outsider. If he holds the majority of the shares in the company is still can the control the company as he does not want to lose control over his business. [footnoteRef:6] [6: https://asic.gov.au/for-business/running-a-company/company-officeholder-duties/
]
A company is set up under the Corporations Act 2001 and the initial cost of...
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