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1、1CompanyLawSummaryofTopics1.1JointVenturesAJointVentureiswhereseparateentitiesconductsomecombinedprojectventuresharingtheresultingproductnotasabusinessincommonbutasindependentoperatsintheirownright.PursellvNewberryJVadva
2、ntages?ConductseparatebusinessevencompeteindifferentareaswithfellowJointVenturers.?EachJointVenturerisliableonlyftheirownactivities.?EachJointVenturercanmaketheirowntaxationarrangementsraisingofcapital.?JointVenturershav
3、ealotofprivacycankeepsecrettheiraffairsfromanothermember.?JointVenturesarenotsubjecttoanyparticularregulationotherthanthebusinessfmoftheirganisation.JVdistinguishedfromPartnerships?JVreceiveapredeterminedshareoftheenterp
4、riseproduct.?JVnotsubjecttothePartnershipActconsequentmutualrightsobligations.?JVareresponsibleftheirownindividualliabilitiesobligations.?JVcanselltheirsharetoanothersubjecttotheJointVentureAgreement.1.2PartnershipsPartn
5、ershipsaregroupsof2melegalpersonswhoassociateinamutualbusinessenterprisedistributetheprofitsamongstthemselves.Partnershipsaredefinedins.5ofthePartnershipActastherelationwhichsubsistsbetweenpersonscarryingonabusinessincom
6、monwithaviewtoprofitAnAssociationaJointVenturearenotPartnershipsbecauseanAssociationdoesnotdistributedividendstoitsmemberstheJointVenturedoesnotcarryonamutualbusiness.LiabilityofpartnersfTtscontractss14Fiduciarydutys3234
7、Relationshipbwpartnerss23s24NewPartnerLib.s21RightsPartnermemberNos115PartnersDealingswithOutsiders?PartnersarebothPrincipalsAgentsoftheirPartnership.s9?PartnersareliableftheactionsoffellowPartnerswherethoseactions:?arec
8、onnectedtothebusiness.MercantileCreditvGarrod.?areactionsdoneintheusualbusinessmanner.GolbergvJenkins?areactionsofatypenmallycarriedonbythePartnershipUnlessthePartnerdoesnothaveauthitytheoutsiderwasawareofthelackofauthit
9、y.AnoutsiderondiscoveringthatapersonwasaPartnercannotholdthePartnershipliabletheymusthavebeenawarethataPartnershipexisted.LiabilityofPartnersfTtsContracts?JointLiabilityiswherethePartnersnamedinlitigationaresuedtogether.
10、Nofurtheractioncanbetakenagainstthepartnership.?SeveralLiabilityallowsPartnerstobesuedindividuallyatanytimeftheliabilitiesofthePartnership.TtsCrimesotherwrongsallowfSeveralLiability.s14.APartnershipwillbeliablefwrongswhe
11、thertheyreceiveanybenefitnot.PolkinghnevHoll.?ThePartnershipActdistinguishesbetweenobligationswhereLiabilityisJointJointSeveral.Contractualobligationsarejointliabilities.2.IntroductiontoCompanyLawTheASIC?Executivebodyadm
12、inistersCoLawReptstotheGov.disseminatesinfmationAdvisesboththeGovernmentCpationsastoCompanyLaw.?KeepsDatabasesofinfmationRegistersfthePublic.(OT)?Registersnewlyincpatedcompanies.CpateLawRefmProgramAct1999:?introduceastat
13、utybusinessjudgmentruleintroduceastatutyderivativeactionfshareholders?clarificationofdirectsduties:carediligencegoodfaith?subsidiariesdirectabletomakedecisionsingoodfaith(favouringtheparent)?Changestocivilpenaltiesapplyi
14、ngtodirects?fundraisingeasiermeoptionsoutsideofjusttheprospectuschangeaccountingstards3OnePersonCompaniesAllproprietarycompaniescanfmwithonlyonememberdirects114?Asoledirectmayexerciseallpowersofthecompanys198E(1)?s135(1)
15、Replacerulenotapplysinglepersonco.nogoveranceruleunlessadoptedconstitution?Bankruptcyofasoledirectshareholders201F(3)(4)(5)?DeathMentalincapacityofsoledirects201F(2)(4)(5)?Onedirectcanappointanotherdirectmerelybysigninga
16、recds201F(1)?Resolutionscanbepassedwithoutameetingbyplacingitinwritings249B(1)?Remunerationofsoledirects202C?Outsidersdealingwiththecompanycanassumethatthedirectactsonbehalfofthecompanys128129OtherTypesofCompanies?Holdin
17、gCompaniescontrolasubsidiaryCompany.?specialprovisionsGroupAccounts.SubsidiaryCompaniesareownedbyanotherMajitys46.?FeignCompaniesareCoyincpatedinanothercountry.?TrusteeCompaniesareincpatedtrusteesmanagepeoplesestatesbyli
18、cence.2.2RegistrationofaCompanyPreregistration:Registrationoneapplicationfmcontain:?typeofcompanyproposedcompanyname(ifanyreservationofanames601DA)?potentialmembersshares(numbersamounts)?directs(alldetails)addressregiste
19、redofficeofficehours(fapubliccompany)placeofbusinesss117.?IfaguaranteecotheamountguaranteedIfapubliccompanywithaconstitutionacopyofitsconstitution.ASICissueaCertificateofIncpation&ACNs119comesintoexistences118fromthatpoi
20、nt.Postregistration:?CompanymustappointaCompanySecretary(ifapubliccompany)s204A?UseACNonallCompanyDocuments.?EstablishShareRegisters&issuesharecertificates1096MinuteBookss251AFinancialrecdss286–289?displaycompanyname&has
21、regularofficehourss144s145InventionFinancePL&svFlavel?mustlodgewithinamonthofIncpationallthedetailsofitsAddressnamesaddressesofDirects.?Publiccompanymustholdanannualgeneralmeetingwithin18monthsofitsregistrations250N2.3Li
22、ftingtheVeilofIncpation?IncpationofaCobecomesadistinctLegalEntityaLegalPersonisdistinctfromitsEmployeesMembers.s119.CoyhasthesameliabilityasaNaturalPerson.s124.MembersonlyliablefthePaidUpValueofShares.?CoycannotbeusedtoC
23、overVeilwhatisIllegalFraudulentAgainstPublicInterest.?IfIndividualscovertheirwrongfulactivitiesCourtmayLifttheVeilofIncpationnotallowtheprotectionoftheCpation.GreenvBestobellIndustriesPLStatutyPiercingoftheVeilCLholdingi
24、ndividualsresponsibleftheiractions:?s131(2)aPromoterisliableuntiltheCompanyratifiestheirPreregistrationContracts.?s254TDirectsarePersonallyLiablefDividendsifthereareinsufficientprofits.?s588GADirectpersonallyliablefadebt
25、wheretherewasnoreasonablegroundstobelieveitcouldbepaid.ManagementisliablefanydebtincurredwhilethecoisInsolvent.StatewideTobaccoServicesLtdvMley?s588Vs588YholdingCo.liablefsubsidiariesinsolventtrading.?IncomeTaxAssessment
26、ActEnvironmentalProtectionActOccupationalHealthSafetyTheCommonLawCompaniesareSeparateEntitiesfromtheirFoundersOwners.SalomonvSalomon.LeevLeesAirFarmingMacauravNthernAssuranceIndustrialEquityvBlackburn.1.ResidenceofCompan
27、yMalayanShippingCovFCT2.FraudUsedCotocoverapersonalfraudbreachofcovenantGilfdMotsvHne3.AgencyParentCo&itsSubsidiarynotbeviewedasseparateentities.DHNFoodDistributsvTowerLondonBoughCouncilIndustrialEquityvBlackburnPioneerC
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