Explain clearly the legal concepts and principles

Tim was a marketing manager in a large department store. After the GFC he took a voluntary redundancy package worth $180, 000. His former colleague and good friend Tom who was an accountant of the same department store also took a voluntary redundancy package worth $120,000. Tim is married to Mary who is a full time housewife and they jointly own a house worth $600,000 with a bank mortgage of $300,000. They have minimum savings in their bank accounts. Tom does not own any real estate property but has a saving worth $80,000 in his own bank account. Tim and Tom discuss their future and wish to start a small retail shop together. This business needs a cash fund of $500, 000. Tim coms to you for advice as to what business form he should take with Tom. Compare the features of business forms of sole trader, partnership and a limited liability company and provide your advice with the legal knowledge you have learnt in the first teaching week (both the relevant general law and legislation should be applied).)

This research assignment requires you to analyse and discuss specific legal problems. It measures your ability to:

  • Identify all the legal issues relevant to the Topic; Identify and explain clearly the legal concepts and principles by applying the case Law (general law) and the relevant sections of the Partnership Act 1958 (VIC) and the Corporations Act 2001 (Cth).
  • Research must not be limited to the prescribed reading materials. You must consult other books and law journal articles by accessing the Deakin library. The website addresses provided in Topic 1 lecture slides should be used as a guide;
  • Have a clear structure in your assignment, including the introduction, identification of each legal issue and discussion with the relevant general law and legislation. Discuss advantages and disadvantages of sole trader, partnership and a limited company forms for Tim and Tom. Draw a short conclusion by providing your advice. Your assignment should demonstrate your skills in analytical and critical thinking.
  • Organise your thoughts in a logical and coherent manner.
  • It is strongly suggested that headings and subheadings are used in your assignment.
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