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BWE1501 - ASSIGNMENT 1
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BUSINESS AND WORKPLACE ETHICSBWE1501
ASSIGNMENT ONE
NAME:
JENELLE RAMJATHAN
STUDENT NUMBER:
17100003
UNIQUE NUMBER:
817880
, ASSIGNMENT ONE
QUESTION ONE
Explain the differences between trust and business money by using examples. One example
describing each concept is sufficient.
ANSWER:
Trust money is when someone/legal entity/organisation holds money on behalf of another
individual.
The money doesn’t necessarily belong to the entity or organisation that holds the money and
may need to pay a third party. An example of Trust Money is, when money is transferred into
and attorneys Trust account for it to be paid to a third party.
Business money is money that all money that is owned and owed to the law firm/legal entity.
All money that is collected for services /fees belongs to the law firm. The law firm may spend the
money as they seem fit. An example of Business money is salaries, utility bill and profits.
QUESTION TWO
List and explain the three different types of business forms that a law firm may take.
ANSWER:
1. SOLE PRACTITIONER
Is an attorney is practices independently without a partner/partner(s). This attorney will have the
non-lawyer staff such as administrative staff, professional assistants and candidate lawyers to
help and assist with everyday task.
2. PARTNERSHIP
Is a legal entity which is formed by two or more attorneys. A partnership consists of more than
two attorneys but no more than twenty. All partners invest money into this partnership and each
benefit from profits or suffer any losses. The partnership will be assisted by administrative staff,
professional assistants and candidate lawyers to help and assist with everyday task.
3. PROFESSIONAL COMPANY
Is a legal entity that is incorporated as a company of attorneys. This type of legal entity may only
be formed by attorneys who have the Fidelity fund certificate. Each licenced professional will be
entitled to profits and losses. A professional company will be assisted by a legal team.
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