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Part B: 2,500 word Written Report – 100 marks weighted to 70% of marks for the module.
(i) An acquaintance of yours wishes to set up a business with his friend and intends to run the business as a general partnership. Present him with a series of arguments which will persuade him that running the business through a limited liability company would be a much better option.
Total: 50% of the marks for the report
(ii) Employers have a duty to ensure that their employment practices comply with the law. The consequences of not complying with the law can lead to employees making expensive claims against the organisation.
The Equality Act 2010 (EA 2010) brought previous equality legislation under EA 2010 and strengthened some of it. Advise your client, who employs 100 people, what steps he needs to take to comply with this law and avoid the expensive claims referred to above. Where appropriate, refer to other legislation.
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The present assignment has made an attempt to analyze two important legal frameworks in the UK. First, what are the kinds of business structures that prevail in the UK and why a company is considered a better option when compared with a partnership? Second, what are the basic provisions that an employer must get acquainted with in order to avoid unnecessary claims? Both the heads are discussed separately.
The assignment is concluded in the end with Bibliography.
A. An acquaintance of yours wishes to set up a business with his friend and intends to run the business as a general partnership. Present him with a series of arguments which will persuade him that running the business through a limited liability company would be a much better option.
Whenever one initiates to commence business the foremost question that ignites in the mind of a person is the kind of business structure that he must opt for. It is the kind of business structure that defines the legal responsibilities of a person, that is, tax issues, paperwork that is required to be undertaken to commence business, profits and losses of the business etc (Gov UK, 2015). In the United Kingdom, the main forms of businesses are sole trader ship, a business partnership or a limited company. (David Needle, 2010)
As per facts, an acquaintance wishes to set up a business with his friend and intends to run the business as a general partnership. However, it is important to present a series of arguments which will persuade him that running the business through a limited company would be a much better option. In order to do so, it is important to critically evaluate a General partnership and a limited company.
A company is an entity which is a form of business under which a person is distinct from its business, that is, a company is considered as an artificial being. Whenever a company is formulated, it is artificial legal personnel in the eyes of law which is separate from its members. It has its own existences in the eyes of law and thus has a significant number of features which are not found in any other business structure. (Jane Frecknall-Hughes, 2014)
Whereas, when a business is carried in the form of Partnership when two or a more person intends to carry on a business of continuous nature with a sole object to earn profits and share losses. In any partnership structure, the partners are not distinct from the partnership rather the responsibilities of a partner are that of the firm and vice versa. (Hillman & Loewenstein, 2015)
After having a brief overview of a basic nature of a company and a partnership, it is now important to evaluate as to why a company must be considered as a better option to commence business in comparison with a partnership firm.
Separate Legal Entity (SLE)
This is the most significant feature that is part of a company and lacks in partnership. It is because of the feature of SLE that a company is considered a better option when compared with a partnership firm.
SLE implies that a company is distinct from its members. That is, a company is an artificial legal person in its own right and in no manner connected with its member. Thus, a company has the power to sue or get sued, acquire property, undertake contracts, limit its liability etc. (Academia, 2015)