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H/617/0736 Importance of Different Types of Company

University: UK College of Business and Computing

  • Unit No: 4
  • Level: High school
  • Pages: 14 / Words 3551
  • Paper Type: Dissertation
  • Course Code: H/617/0736
  • Downloads: 21
Question :

 This assessment will cover the following questions:

  • Investigate the various types of businesses for instance incorporated and unincorporated and evaluate how they are legally formed.
  • Illustrate the potential influence of the law on a business.
  • Generate the basic nature of legal systems.
  • What are the appropriate legal solutions to resolve areas of disputes?
Answer :

INTRODUCTION

Law is the most important area for any the sectors as it is the primary source of collecting relevant information. Whenever any of the business performs its commercial work, then it is necessary to understand that they are needed to follow law and ethical terms so that target can be accomplished. In this file, topics has been divided into three different task as in first task their will be complete discussion about how any of the law is formed and what are the necessary area which is needed to be focused the most. In second task, formation and importance of different types of company will be discussed and in the last task three different cases are to be solved with the help of relevant dispute resolution process.

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TASK 1

Explain different sources of law used in the English legal system and the role of government in making and applying these laws in the justice courts.

Any of the country can perform its business activity only in the situation where they have developed the laws and regulations. In order to understand about the UK law and regulation, it has been formed on the basis of different sources and those sources are discussed below in detail.

Act of Parliament is of the main way in UK through which any of the law is commenced. Here, House of Lords and House of Common has to take part where they have to discuss on the bill that whether that bill is acceptable or not for commencing the law. This laws are most powerful as it doesn't give power to any of the law making body to overrule their decision.

Common law are some of the laws and regulations which is needed to be understood that they are not possible to commence within the House of Parliament or by any of the law making body. In this respective situation, certain power has been given to the judges of court where they can form the law and declare the decision so that right judgement can be given in the case.

European Union Law has its own importance as Nation like UK required number of sources to commence law because it is not possible for Act of Parliament to cover each and every area. This source was introduced since the end of world war. It has contributed to commence more then half of the law in UK premisses which is not allowing to create any of the violence.

All of the this above mentioned sources have been crucial for the business organisation as it is necessary for them to understand that company make take any of the decision as per the rules and regulation made by the mentioned sources.

Role of Government

Everyone is required to understand that law forming process has been never an easy task because it is necessary to cover all of basis requirement for effective result. It should be the process where systematic manner is very important. In the same way, UK is one of the country where ruling government has the most important role at the time of forming effective laws and regulations. Whenever government start to commence the law they start with the process of forming bill which is to be drafted for further discussion.

Bill is drafted in first reading for the first time and it is necessary that member has to give the suitable title which is relevant for the bill. Once the work related to giving title is completed it is mandatory for first reading team to forward it for the next reading which is second reading. In this particular stage, minor discussion is to be done in which it is necessary to decide that whether bill can should be further discussed or not. If in any of the circumstances it is not discussed then it not transferred further. Else, it is presented for committee stage where it is necessary that detail examine of the points should be done. It is required just because to check that whether any of the points is having any of the issue or not. IF any of the point faces the problem then in that particular stage report stage has to amend that respective point. Now, once the work of report stage is completed they transfer the bill to third reading where member of house of common has to cast their vote just to check who is agreed with the terms and condition and who is not. If voting process is in favour then bill is forwarded to house of lords where peer member recheck all of the process. Then, finally they send the bill for Royal Assent, where final approval is being taken.

Applying it to justice Court

Justice court always plays the crucial role within the business organisation and it is necessary to understand that they must have to understand about the law to declare any of the decision. The judges of Justice court is required to declare their decision on the basis of laws and regulations which has been formed by the legislative body. If in any of the situation justice court fails to declare their decision on the basis of legislation then in that respective situation they have the option to take the help of common law where decision is based on the basis of situation.

Critically evaluate the effectiveness of the legal system.

As per the above scenario, it is clear that UK legal system is well formed which gives the clear idea to business organisation to take any of the long terms decision which can be helpful for the purpose of reducing the overall expenses. For example: ABS is a multinational company wants to invest in the premisses of UK, then in that particular situation they have the option to plan for long term decision because laws and regulations do not bring drastic changes. On the other side, law does have the negative side as well as there are number of law which are not being utilised as for that they must bring some of the amendments so that positive changes can be brought.

TASK 2

Investigate the different types of businesses (incorporated and unincorporated) with their legal way of formation.

Organisations can be of different types but their main motive is always same i.e., earning the profit. It is needed to understand that whenever any of the business is being incorporated they must plan about their tactics so that goals can be achieved (Beatty, Samuelson and Abril, 2018). There are some of the business whose main motive is to start the business in less legal proceeding whereas some of them are still there which have to start the activities by following the complete procedures. To understand about the company, it has been discussed in detail below:

Unincorporated Business organisation

These are those form of company where legal formalities are very less and it gives less burden to the one who invest their capital. This types of company have to perform their business activity a limited ground to earn the profit. Below, some of the types of unincorporated business has been discussed.

Sole Proprietorship is smallest form of business is sole proprietorship where investor himself/herself has to manage each and every work. There are very less legal formalities in it which allows investor to give more focus on this types of businesses (Orlov, 2016). Whenever any of the sole proprietorship is needed to be commended then there are certain rules and regulations which is needed to be followed. The first work which is needed to be done is that National insurance number must be obtained. Also, registration for self-assessment with HMRC is also needed to be done.

Partnership a form of business where can be started only in the situation where number of invest come together by having the common objective. But, the main thing which is needed to be understand is that in ant of the situation the maximum number of limit should not exceed. To start any of the partnership firm, it is compulsory for the investor that they must prepare the partnership deed which plays the crucial role. Secondly, there is also a requirement to have a registration in HMRC (Cameron, 2017).

Incorporated Business Organisation

The form of business where legal formalities are quite complex. For business organisation, it is needed to understand that all of the formalities must be fulfilled in any of the situation. Below, there are some of the business organisation to which falls under the category of incorporated are:

Private Company limited by Share is the form of business which is performed limited number of investor for the purpose of earning the profit is known as private company limited by share. Whenever any of this company is incorporated it is necessary to understand that legal formalities must be followed to accomplish the target. To start any of the private company limited by share, firstly it is necessary to select the name and address. Then, Memorandum of Association (MOA) & Article of Association (AOA) is to be prepared. List of available member is also required in it. Finally, documents is to be submitted in Companies House.

Public Limited Company is the business organisation where various types of legal formalities are needed to completed for the purpose of accomplishing the goals is known as public limited company (Peterson and et. al., 2016). This types of company does have the involvement of public as well. Whenever this types of company are incorporated then they must ensure that all of the legal formalities are being completed. To start any of the public limited company, it is necessary that name is to be decided with register address. First director and shareholder also has a equal important role to be played. Then, it is necessary for the company that MOA and AOA should also be prepared. In the ending stage, documents are to be submitted in Companies House with registration fees.

How those business are managed and funded. Also with advantage and disadvantage.

In case of Sole Proprietorship, business activity is necessary to be performed by investor and they are the one who need to manage every single work. To raise the fund, credit card and introduction of additional capital plays the crucial role over here. The crucial advantage in it is that it is easy to start the business activity in it. Whereas, it do get any of the legal recognition in context of law.

Partnership is formed it is required to decided who will play the important role over here so that business goals can be accomplished and as per the requirement the nominated partner as per the partnership deed plays the crucial role to decide that who will have the important role at the time of taking any of the decision (Powell, Parker and Kilcoyne, 2017). Bank loan, credit card, additional investment from partners is main source of raising fund. Here, Decision making process become more effective which is a positive site of it and negative side of partnership is exit of single member can end the deed can create legal issues for existing members.

Private Company limited by Share is a types of company which hands the responsibility to manager to manage all of the work and even member also take the part in it. Most popular form of raising the fund is Bank loan, credit card and many more. Profit making chances increases in it which is the major pros in it and on the other side, It faces the problem at the time of following legal formalities as they are very lengthy.

Public Limited Company provides Company Secretary, directors are the key person to manage the business activity. Issuing sharing in the market, debenture, bank loan etc. are the main source of raising the fund (Drummonds, 2016). Gets the rights to sue and be sued on the name of a company is the benefit for this types of organisation and negative of public limited company is related with Penalty as they are very high which can bring business back to losses.

Differences among legislation, standards and regulations analysing their impact on business.

For any of the company, legislation, standard and regulations bring lots of changes as it guides how any of the business is needed to be performed. Legislation is the primary body of government which commences the laws for different sector including business organisation. Regulations simply helps to categorised that what are those laws which is applicable upon the business organisation (Wachter and Mittelstadt, 2019). Regulations simply gives the idea that for what purpose law has been formed. In the final section, Standard which tells that whenever any of the business is performing their business activity they must give focus that those laws must be followed in specific manner and if it is not done then legal actions can be taken easily.

Illustrate how company, employment and contract law has a potential impact upon business.

Company law: The law and regulations which guides that how any of the company is required to work within the market is known as company law. In UK, if any of the business activity is required to be performed then prior approval is required to be taken from Companies House. The main impact of company law on any of the business is that it doesn't allow any of the organisation to work as per their own opinion due to which chances of occurrence of errors remain very less.

Contract law: The form of law which gives the idea to any of the business organisation to enter into any of the legal agreement is known as contract law. Whenever any of the business enter into the contract, it is necessary for them to make sure that they are working as per its terms and condition and if in any of the situation they fails to do so then it will be said as breach of contract. In any of the situation, it do not allows any of the two business organisation to enter into those contract or agreement which are unlawful or void in nature which means it has a positive impact for any of the company (Picciotto and Mayne, 2016). If in any of the circumstances breach occurs then legal actions can be taken.

Employment Law: The form of law where relation about any of the employer and employee is discussed is known as employment law. It is needed to understand that employment law is one of the way which simply helps to maintain the relation. The main impact of employment law is that it doesn't allow company to be biased with any of the employees in any of the situation.

TASK 3

First Case

The given case is all about the breach of contract where Maxwell is trying to sell the painting to another person just for the purpose of personal benefit which is completely against the law. But, Angelica is the who doesn't want to lose particular painting where she has already paid 10% advance for the purpose of reservation.

Contract law: The law which has been formed in order to develop the legal relationship between two or more then to party is known as contract law. In given case scenario, the terms and condition has been breached by the seller which is against the law. Here, legal case can be filed against Maxwell.

Filing the legal case is never an easy process so it will be important for Maxwell and Angelica to sort out the matter by taking the legal advises. They have the option to take the help of Conciliation where conciliator will be the one who will try to give advises to both of them that once good is sold cannot be sold to another (Tucker, 2016). If it will be done then Maxwell may have to suffer. Here, conciliators main target will be to find the way that how they can help Angelica to get the respective painting which they have purchased.

Second Case

In this case, as company is offering Nicholas Jakob the job to another branch which is located in London. But, Nicholas is the one who is denying to work to another branch. In this respective situation, it will be important for both company and Nicholas to work as per their convenience else they must try to find the possible outcomes (Orlov, 2016). By looking at the situation, it will be important for Nicholas to try and find the new job as it was his choice to not join any of the other branch which is located outside the Newcastle and in this respective situation legal action is also not allowed to be taken.

In addition, it will be necessary for them to bring out the best of the employment law for effective result because it is the situation where finding the effective solution is tough work. It will be necessary for the business organisation to provide him the opportunity to find another job because it not possible for him to shift the city. Also, compensation money can be given to Jakob which can allow him to find the new job for him.

Third Case

In this respective case, Johnson was the one of the employee of construction company where it was written that Be aware as stairs are not fixed. As Johnson has to suffer just because of stair at the time of working in the office premisses. As Johnson is trying to claim with construction company for the salary as he was injured while working in the company but company is not willing to pay in this respective situation.

Here, it will be necessary for company to compensate Johnson as he got injured at the time of working within the office premisses. As understanding is crucial in this respective case so it will be important for the party to take the help of Arbitration process (Wachter and Mittelstadt, 2019). Talking about the arbitration process, it will be the way which will try to bring out one of the positive result which will be required to followed by both the involved party. It is also necessary once decision is declared over here is mandatory to be followed. In addition, as per Employer Liability Act 1957, it is necessary for any of employer that if any of the employee gets into the accident within the premisses of organisation, then in that respective situation it will be necessary for employer to bear all of the expenses related to medical. Also, in this respective situation, salary is also required to be paid by employer as a part of compensation.

You need to evaluate the effectiveness of the legal advice, solutions and support you presented to resolve each dispute.

In the above mentioned cases, different suggestions where presented which clearly try to explain that any of the problem can be solved without involving any of the legal proceeding. The mentioned legal advices wants to explains that when ever any of the cases is filed into the court then lots of legal work is needed to be done which creates lots of unnecessary problem and even it consumes unnecessary problem for the involved parties. On the other hand of side, above mentioned process are easily and result oriented in very short period of time.

CONCLUSION

As per the above discussion, it is very clear that any of the law making process requires systematic process where it is needed to understand that decision of law is required to be taken only after considering each and every area. Whenever any of the company is formed it is needed to make clear that all of the legal documents are already submitted within the Companies House because omission of any information can create the problem for the business organisation. Any of the case is solved only whenever all of the relevant information has been collected so that appropriate decision can be declared. Looking for the best assignment help in the UK? Get the best academic writers at the best price.

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