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MRL2601 STUDY GUIDE & SUMMARY NOTES
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Entrepreneurial Law - MRL2601 STUDY GUIDE & SUMMARY NOTES.
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MRL2601STUDY GUIDE
&
SUMMARY
NOTES
, lOMoARcPSD|21997160
MRL2601/1
CONTENTS Page
6WXG\ unit 0: Purpose of this VWXG\JXLGH
COMPANIES
6WXG\XQLW7KHLPSDFWRIWKH&RQVWLWXWLRQDQG*OREDOLVDWLRQRQ
(QWUHSUHQHXULDO/DZ
6WXG\ unit : Legal personality
6WXG\ unit : Types of company
6WXG\ unit : Registration of companies
6WXG\ unit : Pre-incorporation contracts
6WXG\ unit : Registration of company names
6WXG\unit : Capacity and representation of a company
6WXG\ unit : Corporate finance
6WXG\ unit : Corporate governance: Shareholders
6WXG\XQLW : Directors and board committees
6WXG\XQLW1: Company auditors
6WXG\ unit 1: The company secretary
6WXG\ unit 1: Remedies and enforcement
TRUSTS
6WXG\ unit 1: Trusts
PARTNERSHIPS
6WXG\ unit 1: Partnerships
CLOSE CORPORATIONS
6WXG\ unit 1: Close corporations
LLL
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MRL2601/1
678'< UNIT 0:
Purpose of this VWXG\JXLGH
STUDENTS WHO ARE UNABLE TO ACCESS THE INTERNET REGULARLY
As part of your study package for this module, you receive this printed document. The University has
decided that all material for online modules should also be made accessible to students in a
printed form that does not require internet access.
If you do not access myUnisa often, you may use this VWXG\JXLGHas a primary source.
Students who regularly access myUnisa will have the benefit of being able to exchange ideas
and to discuss problems with other students in the discussion forum. The discussion forum for
this module contains a theme or topic for each. This is done to assist you in the
development of the necessary application skills. It is recommended that these discussions be
scrutinised when the opportunity presents itself.
This VWXG\JXLGH is important as it
x contains the general background information that you will require to study for the examinations
x places additional information in tutorial letters in context
x explains some difficult concepts
x provides you with the references to the prescribed textbook, legislation and case law
WHAT THIS MODULE IS ALL ABOUT
In this module, we will teach you about the main South African business forms. You will see that each
business form has its own particular requirements in terms of membership and the way in which it is
constituted. There are also very specific consequences attached to each business form.
Every would-be entrepreneur needs to consider the advantages and disadvantages of the various
business forms in order to decide which one will best suit the commercial needs of the specific
business he or she has in mind. You will learn how to advise such a person, taking into account the
relevant legislation, the common law principles, and appropriate case law.
Our focus is on profit-oriented businesses. You are exposed to the law applicable to companies,
partnerships, trusts and close corporations. On completion of this module, you should have
background knowledge of the legal principles governing the main business forms in South Africa. In
addition, you should be able to apply the legal principles and to solve practical problems that may
arise within the context of these business forms.
As it is most important that you should be able to research a topic, analyse legal principles, and
formulate logical arguments, you are expected to find and read a few cases. This will help you to
solve defined problems in practice.
You must study the general information in the VWXG\ XQLWs and read the prescribed sections in the
textbook. We suggest that you first read the content of the particular VWXG\ XQLW in this VWXG\
JXLGH as to provide you with an overview. The next step is to access and read the prescribed
legislation under that heading. This can be done by reading the prescribed section in the
textbook and/or the legislation itself. The textbook is often easier to study than the legislation.
The legislation is discussed and some excerpts from, and references to, cases are included in the
VWXG\ JXLGH. You are only required to know, and to be able to refer to, the case law to the
extent that it is discussed here. Therefore, you will not be penalised if you are unable to access the
case law that is discussed herein.
Activities are not included in the VWXG\ JXLGH. You should attempt to do the activities for the
different learning units as provided under Additional Resources, as well as in the discussions of
the relevant themes in the discussion forum.
1
, lOMoARcPSD|21997160
WHY YOU NEED TO READ CASE LAW
To make the module more practice-oriented and to ensure that it remains relevant and up to
date, we have included case law. There are references to five cases that you are required to
READ and summarise. They are provided on myUnisa under Additional Resources if you
are unable to access them yourself. The other cases that are mentioned in this VWXG\
JXLGH under the respective topics need not be accessed and read. You only need to know
them in as far as they are discussed in this VWXG\JXLGH
If you read the cases, you will better understand the application of the legislation. Reading the cases
will further enhance the knowledge you acquire from the VWXG\JXLGH.The law will “come
alive”, as case law is the application of the legislation. If you understand the courts’
reasoning for the judgments, you should be able to apply the law to practical problems. The more
case law you read, the easier it will become to make sense of it. You will become aware
quicker of the relevant issues and the basis for the court’s decision. You will also be able to apply
the law to facts much like a judge would do in a court case.
When reading case law, it will become apparent that many cases deal with more than one aspect of
the law. This is also common in practice. Reading legislation will make this clear to you. You will
become capable of identifying various possible topics under a single set of facts.
The best way to test your knowledge is to think of practical scenarios and then apply the law to them.
The best source of practical scenarios is case law.
In this module, we have summarised the principles that you need to study. However, it is very
important that you are able to access the information yourself.
When you do research on a specific legal topic, you always need to refer to relevant legislation first.
This is your main source.
To see how the legislation has been applied, you should investigate case law.
Basic guidelines for the effective study of case law
(1) Read the entire case.
(2) Identify the main issues (there is usually more than one topic covered in a case). You need to
investigate each issue by following the guidelines below.
(3) Consider the relevant legislation, the common law, and, possibly, the influence of the
Constitution, 1996, on each topic.
Determine what the relevant legislation is by answering the following questions:
(a) Which facts did the court consider as relevant in the decision dealing with this specific
aspect?
(b) Which common law principles (if any) and legislative principles did the court consider in
order to make the decision? (The court can consider the common law and legislation, as
well as international law.)
(c) Why did the court apply these sources as mentioned in (b)?
(d) How did the court apply the sources in (b) to the issues you identified in (a)?
(e) Did the court apply the sources in (b) correctly to the issues identified in (a)?
(f) If not, why not? Here you may substantiate your answer by referring to similar, relevant
case law.
(4) Study the facts so that you understand how the law was interpreted and applied to the specific
set of facts.
(5) Read the decision carefully so you understand the presiding officer’s reasoning for the decision.
The decision is the justification for the interpretation of the relevant legal principle. It is important
that you understand the ratio decidendi (reasoning for the decision), as it forms the argument
you would use in answering a factual problem.
We trust that you will enjoy studying this module and that you will find the knowledge you gain in the
process to be of great value.
2
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