Setting up a partnership problem question - commercial law - Free Essay Example

Sample details Pages: 8 Words: 2465 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Compare and contrast essay Did you like this example? Mr. Azwan and Mr. Zuhri are undecided whether to set up a company or a partnership. Don’t waste time! Our writers will create an original "Setting up a partnership problem question commercial law" essay for you Create order Before provide any suggestion, Mr. Azwan and Mr. Zuhri have to understand what is the difference between this two types of business. Partnership is a type of unincorporated association, which is an organisation without any legal personality distinct from its members.[1] This kind of business organisation is one of the favourable ways for many professionals, such as doctors, solicitors and accountants, to start their business by contributing their skills and knowledge, capital, and other resources together. Partnership was governed by the law in Malaysia, Partnership Act,1961. Refer from thePartnership Act 1980, partnership has been defined as the relation which subsists between persons carrying on a business in common with a view of profit.[2] Formation of a partnership To form a partnership, there must existing a free consent for all parties, consideration, legal purpose to form a partnership, and must be competencies partners. Under the Section 21 of the Partnership Act 19 61, stated that à ¢Ã¢â€š ¬Ã…“the mutual rights and duties of partners whether ascertained by agreement or defined by this Act may be varied by the consent of all the partners and such consent may be either expressed or inferred from a course of dealingà ¢Ã¢â€š ¬Ã‚ . Partnership is a contractual relationship, which is formalised by written agreement. Partners need to create a contract with each others, and everything stated in the agreement or contract must be cleared and agreed by all of the partners. Once partners have signed the contract, every terms stated in the contract were agreed by partners and need to fulfill and be responsible on it, such as carry on a business together to make and gain profit. Besides that, terms in the contract can be classified in implied and express terms. Implied terms can be varied by the partnership deed, such as management and indemnity, where express terms can be varied by consent from partners. Non-Separated Legal Identity. Partners hip is a not a separate legal identity, and they are existing two or above partners in the firm, who also have the power or authorities to manage the business. Means that they need to obtain the consent from partners before make any changes and decisions which will affected or related to the firm. In partnership, there are two types of partners existed, who can be as an active partner or a sleeping partner. Active partners are those who responsible on the business operation, where sleeping partners are not allowed to take part in the management of the the business and cannot ask for any extra money to pay those debts they owed. Liability Under the Limited Liabilities Partnership Act 2012, partners are the agent who represented their firm and stated that if partners unable to repay those debt, will be borne out of the property of the limited partnership. Limited partnership must be registered with the Registrar of Companies, and all of the partners must signed a statement which information are related to the firm name, general nature of the business, principal place of the firm, full name of each partners, date commencement and lifetime, description of every limited partner, and sum contributed by every limited partners. the firm name must be ended with the words à ¢Ã¢â€š ¬Ã‹Å"limited partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢. Every partners are liable for the business debt and it is unlimited. Generally, partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢s obligation or debts are liable for every partners. As partnership firm are those partners agreed to run the business, liable to the liability owed for the business, jointly and severally for tortuous acts and wrongs. The total amount for each partners to pay can be depends on the ratio of how much capital they had been contributed to the firm. Dissolution and winding up The dissolution of a partnership is the process during which the affairs of the partnership are wound up, which means the partnership has already comes to an end. If there are changes occurs in membership, the firm need to be dissolved at the time, even business activities are still carrying on by other partners. Where the firm is dissolved and not carrying on the business activities as before, the firm will be winding up. There are fews reasons for a firm to dissolved. Partnership firm can be dissolved by partners, who determined to leave. Partners choose to leave might because of the performance of business, conflict existed between partners, or else. One of the partners choose to leave, the partnership will be terminated. There are a provision is made to regulate this situation. the death or bankruptcy of a partner will also causes the agreement be terminated. Partnership firm can be dissolved by court order. In section 37 of Partnership Act 1961, there are existing this rules, for the purpose to terminate the partnership agreement. The firms are unable to generate profits or the performance of the partner who are incapable fulfilling the part of his responsible in the contract, partnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s behaviour or conducts already breach the partnership agreement, and also if the court considers that it just and equitable, court will order the firm to dissolved. Therefore, the reasons for Court to dissolve a partnership must be based on those reasons. Timing also become one of the reasons to dissolve the partnership firm, lapse of time. When businessman started their business, will be believed to have an indefinitely life time to run their business. But in the agreement, need to stated down the specified lifetime. Company A company is a legal entity which have a legal personality, separate and distinct from its members and shareholders. Companies Act 1965 is the principal of the legislation to govern the formation and operation of the company. Every company running business in Malaysia need to register to the Registrar of Companies Malaysia, and become a registered company. registered company. Existing Act is to protect the right and interests of shareholders, and also provides facilities for the incorporation of companies, management and winding up. A company must have at least 2 members to manage the business. There are two types of company, which is private limited company and public limited company. Private limited company can only have 50 members and not included employee and subsidiaries. They cannot sell their shares to general publics and it is unquoted. the name at the end of the company is with the words of à ¢Ã¢â€š ¬Ã‹Å"Sendirian Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Public limited company is unlimited on their members. This company will used to selling their shares to raise capital and manage by board of directors who are elected by shareholders. The name of this company is ended with à ¢Ã¢â€š ¬Ã‹Å"Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Formation To form a company, refer to the Companies Act 1965, Section 14, any two or more persons associated for any lawful purpose may by subscribing their names to a memorandum and complying with the requirements as to registration form an incorporated company. the persons who wants to run a business in form of company, need to obtain the approval for the company name. Not all the name are acceptable or some name was already existed, to avoid meet the same name of two companies. When prepare to register and open up a business, registration fees are needed to be paid to government. There also have some certain documents to lodge with the Registrar of companies, such as The Memorandum and Articles of Association, Statutory declarations by promoters or directors, Particulars of directors and registered office, Declaration of compliance, and lastly, the statement of the allotment of shares to the subscribers to the Memorandum. Separate Legal Entity Company is being as a l egal person in its own right. The company has a legal identity of it own, which distinct from its members. The law is separated the law from shareholders, directors, or employees in the company. If there is a wrong is done to a company, company has the responsible to obligate, not shareholders. Liability The liabilities borrowed by the company or be in debt to other parties to run the business is known as the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt. The liabilities owed by a company are its own, their members are not liable to pay for the company. For those company who had already registered are having a limited liability, the company do not owned the complete immunity. The limited sum of liability owing was the amount which had already agreed before. If the company are runs out of money, and unable to satisfy their customers, are not allowed to exceed the limitation. Some companies used shares to limit their liability and also by guarantee. People buy shares of the company normall y because of the company have the potential to generate profit and confidence on the higher return. Generally, full price of payment are needed to pay at once. If the investors are allowed to pay half first, another half are liable to the company. Suddenly if the company went into liquidation before they pay the amount of outstanding to the company, they also need to pay at that time to the company. If the shares has already transferred to another person, the person are take over to pay the outstanding amount. Winding up of company Company is Registered under the Registrar of companies and have a legal personality of their own. If the company are going to wind up or in a liquidation, it may be brought into one of two legal process. The ways to winding up can be either because of the court order, voluntary liquidation, and distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Liquidation by court order. A company winding up by court also known as compulsory winding up. Peti tioners can be creditors, liquidators, the Registrar of companies or the Official Receiver which has stated under section 217(1) of Companies Act 1965. Those parties would became petitioners most probably because of the company unable to pay theirs debt. The Court does the order of winding up which appointed by petitioners. If the court considered that there is just and equitable to wind up a company, the court also will gave an order to the company. This could be based on the objects clause of the company are different with the purpose on foundation of the company. If the purpose are failed to be achieved, the substratum of the company also failed. Beside that, the management of a small company are fall into a deadlock decision which unable to make any decisions, and also lack of confidence to manage the business. The problems must be based on the business matters, rather than a personal matters, and must amount to more than merely being outvoted. Voluntary liquidation. there are two types of voluntary liquidations, which are membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations and creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations. Membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidation is decided by the shareholders of the company, which appointed by member to liquidator, whether they want to end up the company or continue to run the business. If they decided to end up the business, they can sell off those assets they owned and gain the money. Normally this will be decided in the general meeting. Creditors voluntary liquidation occurs when the company are into liquidation because of insolvent, from the directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ request. This is who those creditors appoint to the liquidator. It was happened when there are the liabilities more than assets in the company, or the company unable to pay off all the debts.Company must have a meeting with their creditors with 14 days to give an explaination of it. Distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Company need to distribute their assets, which owned by the company, whether the winding up are compulsory or voluntary. Creditors, who the company owed money from them, have the right to sell the assets which he has charge. The assets can be as a mortgage to the creditors. Ultra Vires Doctrine In the simply terms, Ultra Vires means à ¢Ã¢â€š ¬Ã‹Å"beyond the powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"lack of powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ in respect of an act carried out by a person or body.[3] The company has beyond the authority of a corporation to perform, which also meaning that what the company had done was already over their object clause. Those directors have done beyond the restriction. Even though all of the directors in the company are wish to ratify it, but it is not allowed and voided. This doctrine is lack of the legal capacity to incur the responsibility. Ultra Vires has been used in different senses in company l aw. First, ultra vires is used to describe the acts which the action done by the company is beyond its capacity. Second, the agent of the company has carried out an actions which is excess or abuse of their powers, the directors of the company. Third, it is within the capacity and power of the company, but are in violation or in excess of the articles. [4] The development of the Ultra Vires Doctrine is the protects those investors and creditors.It is not to be established yet until the cases of Ashbury Railway Carriage and Iron Company Limited v Hector Riche, (1875). The fact of the case is the company contracted to build a railway line in Belgium, and entered into a contract with Mr Riche to employ him to construct a railway. After Riche had begun work and incurred expenses, the company repudiated the contract. He was left without any remedy becauses the contract was made outside the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s objects clause, which were à ¢Ã¢â€š ¬Ã‹Å"to make and sell, or lend o n hire railway carriages and wagons, and all kinds of railway plaint, fittings, machinery and rolling stock to carry on the business of mechanical engineers and general contractors to purchase and sell as merchants timber, coal, metal or other materials; and to buy and sell any materials on commissions or as agents.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The contract was ratified by all the members of the company, but later on it was repudiated by the company. Riche sued the company for breach of contract. The court held that an ultra vires act or contract is void in it inception and it is void because the company had not the capacity to make it and since the company lacks the capacity to make such contract, how it can have capacity to ratify it. If the shareholders are permitted to ratify an ultra vires act or contract, it will be nothing but permitting them to do the very thing which, by the Act of Parliament, they are prohibited from doing. The contract was beyond the objects as defined in the obj ects clause of its memorandum and therefore it was void. The company had no capacity to ratify the contract. The effect of ultra vires transaction Ultra vires can be classified in contract, borrowings, and In terms of borrowings, which is related to the beyond power of the company in borrowings. The courts have developed certain principles is to protect such lenders. [1]LFB Pg 470 [2]PG 410 [3]136 [4]136

The Ruler Of Germany Adolf Hitler - 874 Words

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Business Capstone Project Synergy Electricity Generator

Question: Discuss about the Business Capstone Project Synergy Electricity Generator. Answer: Risks of Synergy From the video, it clear that the organizations biggest issue at the moment is loss of profitability since 2010. As mentioned by the chief executive officer of the organization, the 2015-16 financial years were a tough one for the organization. He also mentioned that the challenges faced by the organization were mainly because of the changing energy usage patterns by the consumers of West Australia. He also mentioned some other reasons such as difficult economic condition and oversupplied market that are creating problems from the organization. Whatever, the reason is, it is true that slowly but steadily the organization is losing their grip on its market share. From the annual report of the organization it can be seen that the organization is facing challenges that have impacted its bottom line performance with an overall reduction in net profit after tax of $60 million which was nearly 125 million in the last year. This took because of the reduction in revenue of nearly $650 millio n in the year of 2014[1]. In the annual report of the organization it also mentioned that the main reasons behind this low profitability are inclusion of carbon revenue and decline in average electricity prices along with a decline in electricity demand among the consumers. From the video, the thin becomes clearer as in the video it is again stated that the organization has lost 4% profitability in the last year[2]. However, along with the loss in profitability the major risk for the organization is the decrease in demand. It was expected that after 2010, due to excessive use of technologies, the organization will gain more profitability[3]. However, the organization is currently experiencing anything but that. The explanation behind this change is that the consumers and the technological tools have become smarter than expected. Another reason that was explained was the increasing use of solar photovoltaic cells (PV cells) among the consumers[4]. It is stated that nearly 17% which i s 170,000 consumers of Synergy have developed their own power station based on solar energy. Therefore, those consumers are now not buying electricity from the organization or any other organization. Number or such consumers are increasing rapidly. Therefore, the chances are high that in next few years more number of consumers will develop such power stations within their residents and will stop buying electricity from Synergy. This is another major risk for the organization as it will drastically hurt the profitability of the organization in the future. In this situation, it is the high time for the management of the organization to take some steps to deal with the issues. Otherwise, in the near future, it will be impossible for Synergy to cope up with the consumer trend in the power supply industry of Australia[5]. Causes of risks faced by Synergy From the video, it is clear that there are some major reasons behind the fact that consumption of electricity in Australia is reducing day by day. According to the Chief Financial Officer of Synergy main three reasons behind the low consumption of electricity among the consumers are increasing use of smart appliances and use of solar PV cells. Uses of solar energy in Australia: It can be seen that the solar energy system in Australia are popularly used homes and business organizations. Mostly, concentrated solar power energy systems are used to heat water for regular use along with to heat indoor water tanks and swimming pools[6]. Normally, these activities consume a lot of electricity. Using solar power energy is automatically reducing a huge amount of electricity use. On the other hand, in Australia, large scale projects of concentrated solar plants are seen which are responsible for providing electricity to several business organization and homes at a comparatively cheaper price. Besides, the Australian people are also embracing the use of passive solar energy systems at the time of designing and developing new homes. These types of homes are developed with special designs where roofing, windows and the entire architecture is aligned in way that it will face the Sun at unique orientation[7]. In the past, people used sol ar panels as either primary or secondary source of electric power. However, in recent time the price of electricity has increased and as a result, most of the consumers have applied solar panels as their primary and only source of power. From the video, it can be found that nearly 170,000 consumers have developed solar panels in their roofs. The number is also growing rapidly as more consumers are shifting to solar panels from conventional electricity. There are some major reasons behind these issues faced by the leading electricity producing organization of Australia. Those reasons will be mentioned in the next section of the report. Energy efficiency First compulsory regulatory energy efficiency measures of Australia were announced in the year of 1990. These rules and regulations were compulsory for Mandatory Energy Performance Standards (MEPS) for any type of refrigerator and freezers. From then, these standards are extended to a very wide range of residential and commercial appliances and equipments. To the new buildings and infrastructures that were built in Australia, analogous energy efficiency requirements were applied mandatorily. According to (), data was collected to measure the impact of such rules and regulations on the electricity consumption by the people of Australia. It was found that between 2006 and 2013, these mandatory rules and regulations reduced annual demand for electricity by 10.5 TWh or almost 30% of the total TWh reduction. In addition, the home appliances manufacturing companies including companies that manufacture air conditions, freezers and refrigerators started to manufacture products that are more energy efficient than ever[8]. It means those products consume lesser amount of electricity in order to provide expected services. That was another reason that the energy consumption was reduced. Another major reason was increased price of electricity. 2009-2010 was the time when the effect of carbon price on electricity prices became a major national and political issue. During the same year, it was seen that prices of electricity was rapidly increasing because of higher network prices. This became the political issue in Australia and also became a major preoccupation of political debate. As a result of the political attention that was given to the electricity prices, the consumers also started to pay more attention than they had previously done to their expenditure on electricity. Once the consumers started to realize that the price of electricity has increased has increased rapidly, they started to limit their consumption. The outcome showed up strongly in the overall electricity demand figures from 2011. This data or information absolutely matches with the statement of Chief Financial Officer of Synergy[9]. In the video, he continuously stated that the situation related t o electricity consumption drastically changed from the year of 2010. He also stated that due to high price of electricity the organization expected higher profitability. However, the equation and the expectation entirely went wrong as consumers started to look for alternative solutions and started to limit their electricity consumption. The organization never anticipated such behavior of the consumers which led the company to a loss[10]. Recommended solutions In order to deal with the problems, the Synergy and its management will have to take some steps[11]. In the current scenario, there are recommendations are provided below from which the organization can select the best solution to improve their current situation in the market. Strategies to improve sales revenue Once the organization will be able to identify and evaluate main profit drivers in the current scenario, they will be able to establish strategies to grow them further without even increasing the overall cost. If the organization is looking to make the business more profitable, then it will have to find out ways to increase sales revenue as well as decreasing cost[12]. In order to decrease the organizational cost the management of the organization will have to increase productivity of the employees. In order to that, it is necessary to recognize and reward employee contributions with employee performance reviews. Employees can also be trained so that their sales skills can be improved. They must be taught to upsell products so consumers can make multiple purchases at one time. Besides, for the organization it is also important to conduct surveys with the consumers to develop new products. For example, if the demand of solar panels is high among the consumers of Australia, then Synergy can develop a separate and new unit to develop and enhance solar panels. On the other hand, it is seen that the organization is mostly conducting business on Western side of Australia. If the demand for electricity is decreasing in that region, the management of the organization will have to find new consumers[13]. Market researchers can be conducted to make sure if t he organization can expand their business in new areas. Besides, as it is already stated that due to increased price of electricity, the consumers are adapting alternative measures, the organization can identify strategies to reduce the price of electricity to attract the consumers once again[14]. As an immediate step, the management of the organization can deliver price discounts and can conduct promotions to increase the base of consumers. Strategies to decrease cost In order to provide lower electricity price, it is necessary to crease the overall organizational cost of the organization. The organization can start with decreasing stock control which is a good way to streamline the business. On the other hand, the organization can also ensure that it has the right suppliers for the business[15]. Negotiation is always a productive policy for better prices or discounts for buying in bulk. Synergy management can also benchmark its business which will help the organization to compare its cost with similar businesses in the industry to understand whether they are demanding too much from the consumers or not[16]. References Allouhi, A., Y. El Fouih, T. Kousksou, A. Jamil, Y. Zeraouli, and Y. Mourad. "Energy consumption and efficiency in buildings: current status and future trends." Journal of Cleaner Production 109 (2015): 118-130. Al-mulali, Usama, Hassan Gholipour Fereidouni, and Janice YM Lee. "Electricity consumption from renewable and non-renewable sources and economic growth: Evidence from Latin American countries." Renewable and Sustainable Energy Reviews 30 (2014): 290-298. Bahadori, Alireza, and Chikezie Nwaoha. "A review on solar energy utilisation in Australia." Renewable and Sustainable Energy Reviews 18 (2013): 1-5. Buckman, Greg, Jon Sibley, and Richard Bourne. "The large-scale solar feed-in tariff reverse auction in the Australian Capital Territory, Australia." Energy Policy 72 (2014): 14-22. Harries, Tim, Ruth Rettie, Matthew Studley, Kevin Burchell, and Simon Chambers. "Is social norms marketing effective? A case study in domestic electricity consumption." European Journal of Marketing 47, no. 9 (2013): 1458-1475. Hayat, Muhammad Adnan, Farhad Shahnia, and Ali Arefi. "Comparison of the electricity tariffs and bills across the zones of Australian power distribution companies." In Power Engineering Conference (AUPEC), 2016 Australasian Universities, pp. 1-6. IEEE, 2016. Helbig, Sean. "The road toward sustainable energy in Western Australia: what legal and policy settings could make the South West Interconnected System renewable?." Australian Environmental Law Digest 2, no. 3 (2015): 32. Ma, Chunbo, and Michael Burton. "The Public's Preference for Green Power in Australia." In Australian Agricultural and Resource Economics Society Conference, Port Maquarie. 2014. Ma, Chunbo, and Michael Burton. "Warm glow from green power: Evidence from Australian electricity consumers." Journal of Environmental Economics and Management 78 (2016): 106-120. McKerracher, Colin, and Jacopo Torriti. "Energy consumption feedback in perspective: integrating Australian data to meta-analyses on in-home displays." Energy Efficiency 6, no. 2 (2013): 387-405. Prasad, Abhnil A., Robert A. Taylor, and Merlinde Kay. "Assessment of solar and wind resource synergy in Australia." Applied Energy 190 (2017): 354-367. Santamouris, Matheos, Constantinos Cartalis, Afroditi Synnefa, and Dania Kolokotsa. "On the impact of urban heat island and global warming on the power demand and electricity consumption of buildingsA review." Energy and Buildings 98 (2015): 119-124. Shahbaz, Muhammad, Aviral Kumar Tiwari, Ilhan Ozturk, and Abdul Farooq. "Are fluctuations in electricity consumption per capita transitory? Evidence from developed and developing economies." Renewable and Sustainable Energy Reviews 28 (2013): 551-554. synergy.net.au. 2017. "Welcome To Synergy". Synergy. https://www.synergy.net.au/. Tayal, Vanessa Rauland. "Barriers and Opportunities for Residential Solar PV and Storage MarketsA Western Australian Case Study." Global Journal of Research In Engineering 16, no. 7 (2017). Yang, Liu, Haiyan Yan, and Joseph C. Lam. "Thermal comfort and building energy consumption implicationsa review." Applied Energy 115 (2014): 164-173.

The Game Of Golf Essays - Golf, , Term Papers

The Game Of Golf Activty: The Stress-Relase of the Game of Golf As a male in this crazy world, I need a form of stress-relase that won't be destructive on me or anybody else. The game of golf might be boring to others in the sense of, all the golfer does is hit the small, white ball into the hole. True, in essense, this is all the game is about, but the difficulty level unmatched. Just hitting the ball won't make it magically go into the hole. A person must know excatly what is going on at the present time to determine what shot has to be made. This is what is the stress-relase for me. Just tring to determine what shot has to be made, at what angle or at a certain force, takes my mind off what has been stressing me. Having been playing golf for five years, in the begining, the game itself was a stressor. I din't want to play much because I wasn't good the minute I picked up a golf club. Having absolutly no patience, my clubs were thrown many a day. It took me at least a year and a half to compete with anybody. But as I persevered, I relized that I wasn't that bad of a golfer. This enlightenment showed me that is I was to stick with something, that I could be good with a little pratice. As I would go to the golf course, I realized that my problems would seem smaller because I would take a few hours out of my day and not think of it. I guess a person, looking from the outside, would say that golf is a form of escape for me. Regetfully, I would have to agree. If a problem has been on my mind and I can't seem to get my head clear, sure I grab the golf clubs and head out to the course. If I didn't have is simple game of putting the small, white ball into the hole, I know for a fact I would be a nervous wreck. Sports and Games