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Sample on business law by global assignment help

Business law

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Sample on business law by global assignment help

TABLE OF CONTENTS

Introduction ................................................................................................................................................................... 3

Part B ............................................................................................................................................................................. 3

Comparative assessment of partnership and company .............................................................................................. 3

Duties of employer in accordance with the Employer Act 2010 .............................................................................. 6

Conclusion ..................................................................................................................................................................... 9

References ................................................................................................................................................................... 10

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INTRODUCTION

Business law is developed to promote fairness in commercial industry of the UK. In this law, provision

regarding general duties of different business organizations is provided which is required to be comply by all entities

(Gill, 2005). Present report is focused on the comparative assessment of partnership and company for the selection

of suitable form for start up of business. For this aspect, advantages of limited liability company will be explained

on the basis of commercial environment of UK. Further, description of employer duties will be provided by

considering provisions of Equality Act 2010. This provisions will be linked to the previous case precedents for the

better understanding of subject matter.

PART B

Comparative assessment of partnership and company

Limited liability company can be termed as private company having separate legal identity from its owners.

This form of incorporation limits the amount of liability undertaken by the shareholders or members of the

organization (Limited company or partnership: which is best?, 2005). On the other hand, partnership is form of

business in which two or more person operate together in order to earn profits. All partners are responsible for the

action of one another due to characteristic of mutual agency. In addition to this, partners have unlimited liability

towards the obligation of business. Selection of limited liability company for incorporation of business is beneficial

for the individual due to following reasons:

Limited liability: The major advantage of limited liability company is provision of financial security for the

members. In accordance with the characteristics of company, members are only liable to extend to dues

remaining in contribution of capital. Due to this aspect, members will not be held responsible for the

payment of dues beyond this obligation (Shehzad, 2009). On the contrast, in partnership, owners have

unlimited liability towards the obligation of business. By considering this aspect, debt of business will be

paid from their personal assets in situation where assets of the business are not sufficient. In accordance

with the case of Salomon v A Salomon & Co Ltd [1896] UKHL 1 creditors of the insolvent company are

not entitled to sue shareholder for the outstanding debts.

Separate legal entity: Limited liability company has separate legal identity from its members. Due to this

characteristic, existence of company is not affected by retirement or joining of members. In addition to this,

life of company is beyond the life of its members. This aspect provides security to the employees and

members of the business. This security is not provided if business is incorporated as a partnership entity

(Becker, 2010). It is because; partnership dissolves with the retirement, death or insolvency of any partner.

For this aspect, case of Macaura v Northern Assurance Co Ltd and Lee v Lee’s Air Farming Ltd can be

considered. In this case, court had considered separate legal entity as evident. Due to this decision former

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Sample on business law by global assignment help

member was not entitled for claim on having rights of the property of business. It is because; court had

said that business assets are not personal assets of the member due to which members are not entitled for

the claim on same.

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Taxation and tax advantages: Limited liability companies are obliged only to pay taxes on their profits

usually at the rate of 21%. This rate is comparatively lower than tax obligation rate of partnership entities

as taxation rate in this form can be increased up to 40%. In addition to this, members of the company have

various tax advantages if they start business in form of company (Kelly and et.al., 2013). They can pay

themselves in accordance with the minimum wage level. Further, they can take advantage of personal

allowance level i.e.£6,475. These allowances are tax free because members are required to pay taxes if

income exceeds this amount.

Profitability- In form of limited liability company, profit is distributed in form of dividend. On this income,

only 10% tax is charged by the government. In addition to this, dividend income is free from national

insurance. Due to this aspect, members are required to pay less taxes on the income taken by them from

profitability of business (Gillies, 2004). However, in partnership form, partners are required to pay taxes on

their profit and salary through self assessment form. Due to this aspect, they are entitled for the charges of

national insurance. By considering this aspect, comparatively their net profit after tax is lower than

companies.

Business and personal property: For the purpose of tax planning, members and directors of limited

liability company can make use their personal property such as car for commercial activities. With this

approach, they will be able to make their taxable profit lower by deducting fuel and repair costs. Further,

company will not be required to purchase separate assets for the business (Emerson, 2009). In this manner,

there will be two way benefit to the business i.e. reduction in tax liability as well as capital expenditure.

Similar to the car, if personal building is used by director then cost of this property such as heating,

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lightening and other expenses will be considered for allowed expenses. These expenses in partnership

entities are considered as notional cost and due to this aspect it is treated as disallowed expenses.

Ownership and control: Generally in limited liability companies, directors and members are similar

persons. By considering this aspect, it can be noticed that ownership and management power is in similar

hands. As a consequence, decisions of the business can be easily made without any contraventions and

disputes (Adams, 2010). In addition to this, decision will be made by balancing personal and business

interest. Quick decision will also assist them in availing good opportunities for higher growth and

profitability.

Company name: Formation of limited liability company is done after registration name of company. This

name has legal protection due to which it cannot be infringed by the competitors. This benefit is not

provided in form of partnership entity. Through the protected name, company will be able to create

separate image in the market (Twomey and Jennings, 2010). Further, by making use of Company Name

Search tool members can ensure that selected name is not similar or resembling to the name of any existing

organizations.

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Shareholders rights to employees: Owners of the company can provide shares to the employees in order to

enhance their level of motivation. This approach will not affect controlling rights and employees will be

motivated to provide good performance as their efforts will reward them in for the of dividend and capital

appreciation. In addition to this, their objectives will be aligned with the objectives of company.

Business image and processes: Company provides better reputation and profession touch to the business in

comparison to the other form of business incorporation. In this manner, owners of the company can start up

in more proper manner. Limited liability company has standard legal provisions which make business

proceeding more systematic. Further, formation of company is cost and time effective (Rush and Ottley,

2006.). However, it requires little more efforts in comparison to partnership.

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By considering above evaluation it can be said that there are various benefits of start up of business as a

limited liability company. Owner of the entity can take tax advantages, make reduction in their personal obligation

and can earn good profitability (Limited company or partnership: which is best?, 2005). In accordance with this,

individual is recommended to start new business as a limited liability company instead of selecting form of

partnership.

Duties of employer in accordance with the Employer Act 2010

In present era, employers are required to comply with legislatory provisions developed by British

parliament. Due to this aspect, they are required to integrate employment and business practices with this legislatory

norms. In situation where they failed to do so, they will be held liable for heavy penalties and legal claims. In order

to prevent these obligations, employers are required to act in accordance with the provisions of Equality Act 2010.

This Act is compiled legislation of all previous Acts linked to the unfair biasness and discrimination. In accordance

with the provisions of this Act, following action should be taken by employer to comply legal provisions and to

prevent expensive claims related to it:

Fair recruitment: Employer are required to recruit candidates by considering their qualification instead of

factors covered in protected characteristics. They should not provide preference or avoid individuals on the

basis of unfair factors such as race, age, gender or religion (The Equality Act 2010 – guidance for

employers, 2010). In order to prevent racial discrimination, they are obliged to consider overseas

qualifications equivalent to the qualifications of UK. In recruitment process, qualified disable people must

be provided with the fair opportunity.

Job adverts: Advertisement for employment practices must be fair and just. In a commercial advertisement

there must not be reflection of discrimination. In this aspect, stating preference for gender will be

considered as unlawful sex discrimination until and unless there is legal permission to employ a man or

woman for the particular job (Gill, 2005). In addition to this, provided advertisement by employer must not

be inclusive of age limits unless employer must have justifiable objectives.

Work policies and environmental practices: Employer are required to develop appropriate norms and

policies for the employees. In addition to this, employment policies must be in accordance with the

provisions of law. It is because; if work policies will contradict fundamental human rights or any other

legal provisions then employer will be required to pay heavy penalties (Jones, 2013). For this aspect, they

are required to pay fair to the workers in accordance with the norms of minimum wages. Further,

appropriate leave policies should be designed by considering norms of maternity leave, sick leave, paternity

leave and others.

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Redundancy policies: Employer should adopt fair policies for the redundancy of employees. For this

aspect, there should be appropriate process in which justifiable notice must be served for the termination of

employee. In addition to this, employee should be provided with the fair opportunity for their defence

(Padhi, 2012). Termination process must be supported by proper reason. Further, these aspects must not be

affected by provisions of protected characteristic else employer will be liable to provide damages for the

same.

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Appropriate adjustments for disable people: In accordance with the provisions of Equality Act 2010,

employer is required to make reasonable adjustments for the qualified disabled people. In this aspect, they

are required to make changes in their standard employment norms. In addition to this, disable employees

are required to be provided with extra flexibility in work norms so they can operate accordingly (Rush and

Ottley, 2006). Employer is also required to assure that no bullying or harassment has been conducted in

workplace.

Career development: training, promotion and transfer- By providing development opportunities employer

can boost up the morale, productivity and loyalty of employees. This factor will help them in employee

retention and also it will add value to the human resources of business (Twomey and Jennings, 2010). For

this aspect, employer can design training programs. However, employers are to do this without unlawful

discrimination along with making reasonable adjustments if necessary. Furthermore, they are required to

consider induction, coaching and day release.

Salary and monetary compensation: There should be fair measures for the determination of salary and

other monetary compensation of the employees. Discrimination in the payment of workers due to the

factors of protected characteristics is completely not accepted by court of law (The Equality Act 2010 –

guidance for employers, 2010). Due to this aspect, employer is required to assure the employees are paid on

the basis of their qualifications not on the basis of protected characteristics.

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Facilities at work place: Employers are required to assure that following facilities are easily accessible to

the employees of organization:

▪ Accessibility to the computers, mobile phones and other technology

▪Washing and toilet facilities

▪Parking area

▪Facilities for breastfeeding mothers

▪Other reasonable facilities in accordance with their workplace.

Health and safety provisions: Employers are required to comply also with the norms of Health and safety

Act. According to the provisions of this Act, they should provide training to the employees prior they make

use of hazardous equipment in order to prevent risk of injury (Adams, 2010). Further, proper arrangements

should be made at workplace for the possible emergency in order to reduce chances of injuries. By the

compliance of these norms, employers will be able to provide better environment to the workers.

Fair opportunities for growth: Employer has moral and legal responsibility to provide fair and equal

chances of growth to all the employees. In this aspect, promotions and appraisals must be measured by

performance of employees instead of considering unjustifiable factors such as race and gender (Kelly and

et.al., 2013). This aspect will not only prevent possibility of claim but also motivate employees to provide

effective performance. It is because; if growth and appraisals of employees will be affected by protected

characteristics then they will not be encouraged to provide effective performance.

Strict action against victimization and harassment: Employers are required to take strict action against the

any activity linked to the harassment and victimization. In situation where failed to do this act, then they

will be held equally responsible for the act of faulty party. In accordance with the Employment Act they are

required to provide safe environment to the workers of the company and for this aspect they should make

proper arrangements. Indirect discrimination is also considered as misconduct by the employer thus they

are required to ensure that none of the member or employee is engaged in such kind of action.

By considering above description it can be said that employer is liable to provide fair and secure work

environment to the employees. Contractual terms of employment contract must be supported by the legal provisions.

They should be consider the convenience of employees along with the profitability of business. With this approach

they will be able to create win-win approach for them as well as employee (Gillies, 2004). It is because; they will be

able to create good brand image of the company and can motivate employees for better work performance. Further,

by the application of above described aspects they will be able to prevent liability regarding payment of expensive

claims for the non-compliance by law.

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CONCLUSION

In accordance with the present study conclusion can be drawn that formation of new business as limited

liability company will be more beneficial in comparison to partnership. It is because, in this form individual has tax

advantages, protection from infringement, benefit of limited liability and opportunities for better success and

growth. These factors persuade selection of partnership in comparison to limited liability company. By considering

the provisions of Equality Act 2010, employer is required to provide appropriate work environment to the

employees by preventing factors such as discrimination, harassment and victimization. In addition to this, they are

required to make justifiable work policies in order to prevent possibility of expensive legislatory claims.

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REFERENCES

Books and journals

Adams, A., 2010. Law For Business Students. 6th ed. Pearson Education Lt.Beatty, J. F., 2012. Legal Environment.

Cengage learning.

Becker, G. S. 2010. The economics of discrimination. University of Chicago press.Palmer, C. R., 2014. Common

law environmental protection: the future of private nuisance, Part I. International Journal of Law in the

Built Environment. 6 (1/2). pp.21 – 42.

Emerson, W. R., 2009. Business Law. Barron's Educational Series.

Gill, J., 2005. Business Law for the Entrepreneur. Arima Publishing.

Gillies, P., 2004. Business Law. Federation Press.

Jones, L., 2013. Introduction to Business Law. Oxford University Press.

Kelly, D. and et.al., 2013. Business Law. Taylor & Francis. Rush, J. and Ottley, M., 2006. Business Law. Cengage.

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