partnership law

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BULAW2611 Organisations Law – Sem 1, 2018

Assignment One

This assignment is relevant to partnership law (Topic B)
Due Friday 11.00pm, Week 5
Submit online through Moodle
Maximum 1500 words
Worth 20 marks (20% of the final grade)
Students will be required to conduct research, to understand and analyse the law and to structure an argument in relation to a particular aspect of the law. Students should keep a copy of any assignment they submit for marking.
Lecturer/tutor will return marked assignment with written comments included. Marked assignments will be returned within 3 weeks of submission.
Marking guide:

Correct identification of relevant issues  
 
 
 
Correct identification of relevant legal rules, including proper citation of statute and case law
Plausible application of legal rules to the facts of the scenario
Correct conclusion
Total marks 20

 
 

Topic:

Kate, William, Harry and George run a horse stud together. All four are the grandchildren of Edna Barcoo. Each inherited $250,000 from the Edna’s estate and decided to go into business together. They started the horse stud business in December 2015.
Kate, William, Harry and George contributed their full inheritance to the venture, but William also bought along two former racehorses with good pedigree to be used for horse breeding. William never discussed whether he was giving the horses to the business or just lending the horses to the business.
The stud name for the business is ‘Tall Oaks’. This has not been registered as a business name.
As William is the eldest and the most knowledgeable about horses, he manages the stud. By agreement, all purchases are approved by William, although there is a limit for any one purchase of $25,000.
Major business decisions are discussed together and, if necessary, a vote is taken.
Kate looks after the website and all marketing for the stud.
Harry and George primarily look after the horses, the paddocks and the stables.
William runs the breeding program and is responsible for the health of the horses.
The four have agreed to share profits and losses as follows: William 50%, Harry 25%, Kate 12.5% and George 12.5%. William is not paid a salary.
Questions:

  1. Do you think that Kate, William, Harry and George are partners? Why?
  2. Kate arranges for a cocktail party to be held at the stud. It will be attended by many important people from the horse racing set. Kate wants to make a good impression and she buys a $7000 designer dress on credit to wear to the function. She did not discuss the purchase with any of the men as she thought they would not understand. Is the business liable to pay this debt?
  3. Kate, William, Harry and George want to acquire a new breeding horse. It is going to cost $170,000 but the business does not have this amount on hand. They borrow the money from Harry at an interest rate of 15% p.a. Is there any problem with this agreement?
  4. George wishes to leave the stud and take up acting. He wants to make sure he is not liable for any debts incurred before or after he leaves. What can George do to protect his interests? How can George get his money out of the business?

Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.

GET A 40% DISCOUNT ON YOU FIRST ORDER

ORDER NOW DISCOUNT CODE >>>> WELCOME40

 

 

Posted in Uncategorized

partnership law

Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.

GET A 40% DISCOUNT ON YOU FIRST ORDER

ORDER NOW DISCOUNT CODE >>>> WELCOME40

BULAW2611 Organisations Law – Sem 1, 2018

Assignment One

This assignment is relevant to partnership law (Topic B)
Due Friday 11.00pm, Week 5
Submit online through Moodle
Maximum 1500 words
Worth 20 marks (20% of the final grade)
Students will be required to conduct research, to understand and analyse the law and to structure an argument in relation to a particular aspect of the law. Students should keep a copy of any assignment they submit for marking.
Lecturer/tutor will return marked assignment with written comments included. Marked assignments will be returned within 3 weeks of submission.
Marking guide:

Correct identification of relevant issues  
 
 
 
Correct identification of relevant legal rules, including proper citation of statute and case law
Plausible application of legal rules to the facts of the scenario
Correct conclusion
Total marks 20

 
 

Topic:

Kate, William, Harry and George run a horse stud together. All four are the grandchildren of Edna Barcoo. Each inherited $250,000 from the Edna’s estate and decided to go into business together. They started the horse stud business in December 2015.
Kate, William, Harry and George contributed their full inheritance to the venture, but William also bought along two former racehorses with good pedigree to be used for horse breeding. William never discussed whether he was giving the horses to the business or just lending the horses to the business.
The stud name for the business is ‘Tall Oaks’. This has not been registered as a business name.
As William is the eldest and the most knowledgeable about horses, he manages the stud. By agreement, all purchases are approved by William, although there is a limit for any one purchase of $25,000.
Major business decisions are discussed together and, if necessary, a vote is taken.
Kate looks after the website and all marketing for the stud.
Harry and George primarily look after the horses, the paddocks and the stables.
William runs the breeding program and is responsible for the health of the horses.
The four have agreed to share profits and losses as follows: William 50%, Harry 25%, Kate 12.5% and George 12.5%. William is not paid a salary.
Questions:

  1. Do you think that Kate, William, Harry and George are partners? Why?
  2. Kate arranges for a cocktail party to be held at the stud. It will be attended by many important people from the horse racing set. Kate wants to make a good impression and she buys a $7000 designer dress on credit to wear to the function. She did not discuss the purchase with any of the men as she thought they would not understand. Is the business liable to pay this debt?
  3. Kate, William, Harry and George want to acquire a new breeding horse. It is going to cost $170,000 but the business does not have this amount on hand. They borrow the money from Harry at an interest rate of 15% p.a. Is there any problem with this agreement?
  4. George wishes to leave the stud and take up acting. He wants to make sure he is not liable for any debts incurred before or after he leaves. What can George do to protect his interests? How can George get his money out of the business?

Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.

GET A 40% DISCOUNT ON YOU FIRST ORDER

ORDER NOW DISCOUNT CODE >>>> WELCOME40

 

 

Posted in Uncategorized