BUSINESSLAWTutorial3 - -Declaration of compliance...

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BUSINESS LAW Tutorial 3 TEAM A 1) Sole Trader -One natural person conducting business with a view to profit -limited capital -small scale operation Partnership S3(1) PO -the relationship between two or more persons carrying on business in common with a view to profit Note: LPO -No Separate Legal Personality -No Limited liability except LPO Companies -Registered under CO -Separate Legal Personality -Limited Liability Possible 2) Explain Agency -Authority of an agent may be -Express -implied -ostensible -holding out -s7PO -In companies the directors are agents for the company and the company as principal -agents are fiduciaries -agents must act with care and skill 3) Sole Trader -operation at will -no registration Apart from BRO Partnership -By Agreement which can be -Oral/ Written/ Conduct -BRO Company -By Registration of documents under the C.O.
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-Memorandum -Articles
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Unformatted text preview: -Declaration of compliance Termination-Sole Trader –at will-Partnership –Notice/End of Term/End of Project/ Death or Bankruptcy of a partner/ Court Order Company-usually by the winding up procedure-Dissolution 4) Private Limited Company-Must comply with s29 CO-Max 50 members-Pre emption rights-No Public Offers Advantages (features)-Separate personality SALOMON-Limited Liability-Capacity to sue and be sued-Own property-Perpetual existence-Criminal liability-Raise capital-By giving charges Disadvantages-Cost of Setting up and Running-Less flexible then partnership-No floating charges-Limited Privacy-Limited Membership 5)-Wong can give notice to his fellow partners-Wong must ensure he is not held out as being a partner after he leaves s16 P.O. TEAM B 1) Distinguish –Limited by shares –by guarantee...
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This note was uploaded on 11/06/2009 for the course BUSI BUSI 1003 taught by Professor Woods during the Spring '09 term at HKU.

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BUSINESSLAWTutorial3 - -Declaration of compliance...

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