Question: 1. Explain why is a partnership considered as a default business structure? Discuss at least three differences between a joint venture and a partnership? 2.

1. Explain why is a partnership considered as a default business structure? Discuss at least three differences between a joint venture and a partnership?

2. Discuss the nature of liability of a partnership under contract, tort, and crime ?

3. Explain the manner in which trusts are managed. What are the main purposes of discretionary trusts?

4. What criteria are used under the Corporations Act to distinguish between small and large proprietary companies? What advantages are available to small proprietary companies under the Corporations Act? (2 marks)

5. Discuss by referring to relevant cases why the principle of lifting the corporate veil is viewed as "imprecise metaphor". ?

6. Explain instances when the corporate veil will be disregarded in corporate groups under the common law and under the Corporations Act. ?

7. Discuss the statutory and common law restrictions on the company's ability to change its constitution. ?

8. Explain when third parties cannot rely on statutory assumptions when entering into contracts with a company and who needs to prove that the assumptions should not apply. ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Partnership as a Default Business Structure and Differences from Joint Ventures Partnership is considered a default business structure because its relatively simple to establish it doesnt require fo... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

1. Explain why is a partnership considered as a default business structure? Discuss at least three differences between a joint venture and a partnership? (3 marks) 2. Discuss the nature of liability...

Could you take a look at the attached tax forms and see if I filled them out correctly. It is a group assignment, and I only have to provide IRS Forms 3800 and 5884. I'm also attaching the story...

See page 129- 137 on attachment for more details there are five steps to the project. Step 1: Create the loan amortization schedule for the property. Step 2: Create the depreciation schedule. Step 3:...

Scragg v. Lotzkar Between Mitch Patrick Scragg, plaintiff, and Rodney Lotzkar, Mark Lotzkar and D'arcy Harry Hipwell, defendants [2004] B.C.J. No. 2335 2004 BCSC 1447 Victoria Registry No. 02/5196...

The privatization of state owned enterprises was pushed by the World Bank (WB) and International Monetary Fund (IMF) in the World Development Report of 1983, on the basis of policies introduced by...

ASSESSMENT Qualification: BSB51915 Diploma of Leadership and Management Unit of Competency: BSBMGT517 Manage operational plan Student Name: Thi My Tham Nguyen Student ID: 1439205 Assessment Due Date:...

A manufacturer of watches incurs a production cost of $10 per watch and sets a wholesale price of $20 per watch. During a regular week, the retailer sets a price of $35 per watch and sells 1000...

Most golfers are probably happy to play 18 holes of golf whenever they get a chance to play. Ben Winter, a club professional, played 306 holes in 1 day at a charity golf marathon in Stevens,...

16. Calculating Rates of Return (LO3) On February 2, 2016, an investor held some Province of Ontario stripped coupons in a self-administered RRSP at ScotiaMcLeod, an investment dealer. Each coupon...

Federico Buenrostro was the CEO of the California Public Employees' Retirement System (CaIPERS) from 2002 to 2008; Alfred Villalobos was a CaIPERS board member from 1993 to 1995. Buenrostro created...

6. Consider the list of current and classic issues in accounting presented below (or others specified by your instructor). With your instructors help and guidance, form a team of students to...

On June 30, ANB Holdings Inc. showed a cash balance on their books of $10,788. The bank statement from the companys bank showed a month end balance of $14,146. On reviewing the bank statement, the...

(a) A company entering liquidation has reported assets with a book value of $200,000 and a liquidation value of $120,000, and previously unreported software that it estimates it can sell for $25,000....

what is meant by Locally monotone curves in inscribed square problem? please write it in your Owen words

The return of goods to the supplier will affect the purchase account. Question 27Answer True False

On July 1, 2014, Pushway Corporation issued 100,000 shares of common stock in exchange for all of Stroker Companys common stock. The Pushway stock issued had a market value of $500,000 on the date of...

Tiffany & Company is a luxury jeweler and specialty retailer that sells timepieces, sterling silverware, china, crystal, fragrances, and accessories through its retail stores worldwide. Signet...

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2014. Statement of Income and Retained Earnings for the Year Ended December 31, 2014 ($ in...

T F Although it is not an exact science, the measurement of the bumps on an individuals head can be used to determine his or her personality traits. (p. 111)

T F Some men in India have a psychological disorder in which they are troubled by anxiety over losing semen. (p. 104)

3.9 Identify methods of behavioral assessment and describe the role of a functional analysis.