LAW346 Introduction To Partnership And Company Law Assignment Sample UiTM Malaysia
This LAW346 course is an introduction to the legal principles that govern partnership and company law. The main objectives for taking this class would be understanding how these two types of relationships form, what rights come with them in terms of benefits but also duties; plus learning about some common pitfalls – such as breaches-occurs when one party doesn’t live up to their end by serving something on behalf another may not even realize they’re being cheated.
This class is a prerequisite for the upper-level business law courses, so it’s recommended that students interested in pursuing a career related to business should take this LAW346 course. Students will learn about the different types of businesses, and how they are organized and governed. The course will cover topics such as the formation of partnerships and companies, shareholders’ rights and duties, directors’ duties, takeovers, and winding up.
LAW346 will be beneficial for students who want to pursue a career related to business law as it provides a strong foundation in partnership and company law. The course covers a wide range of topics that are relevant to the business world, such as the formation of partnerships and companies, shareholders’ rights and duties, directors’ duties, takeovers, and winding up. This course will give students the skills and knowledge they need to succeed in a career in business law.
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Assignment Task 1: Describe The Laws Regulating Partnerships And Companies In Malaysia.
The law relating to partnerships and companies in Malaysia is principally governed by the Companies Act 2016 (CA 2016) and the Partnership Act 1961 (PA 1961). The CA 2016 applies to corporations, while the PA 1961 applies to partnerships.
Under the CA 2016, a company is defined as a legal entity formed when registration of incorporation has been effected under this Act or any other written law, and which exists for lawful business purposes pursuant toName of business activity conducted under the company registration certificate. The company type must be stated in the company’s MOI, such as limited liability company or private unlimited liability company. The term ‘person inkling urn certain managed investment schemes and friendly societies] means an individual, body corporate, partnership, unincorporated association or trust.
Under the PA 1961, a partnership is defined as an association of two or more persons to carry on business together to profit. A partnership is formed when there is an agreement between the partners, whether oral or in writing, to carry on business together. The Partnership Agreement must be in writing and registered with the Registrar of Companies. If it is not registered, the partnership will not be legally enforceable.
Assignment Task 2: Apply The Principles Of Law Relating To Partnership And Company To Real-Life Problems.
The principles of law relating to partnership and company formation are important for startups and small businesses. By understanding these legal principles, you can better protect your business interests and avoid potential disputes down the road.
One key principle is the doctrine of limited liability. This principle protects the owners of a business from being personally liable for its debts and liabilities. So, if your business becomes insolvent, creditors can only go after the assets of the business, not your assets. This principle is particularly important for small businesses, as they often don’t have the same financial resources as larger businesses to weather tough economic times.
Another key principle is the concept of separate legal personality. This means that a company is treated as its legal entity, separate from its owners. This principle is important because it means that the owners of a company are not personally liable for its debts and liabilities. This principle also makes it easier to transfer ownership of a company, as the company itself can be sold without having to sell off the assets of the owners.
Finally, the principle of limited liability partnership is important for startups and small businesses. This principle allows partners to limit their liability for the debts and liabilities of the partnership. So, if the partnership becomes insolvent, each partner is only liable for up to the amount they have invested in the business. This principle is important for small businesses because it allows partners to pool their resources and share the risks and rewards of the business without having to worry about being personally liable for its debts.
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