Tabl2741 - Study guides, Class notes & Summaries

TABL2741: BUSINESS ENTITIES Lecture Notes 1-12 University of New South Wales.Detailed lecture and textbook notes for entire course

United Dominions Corp v Brian - ANSWER Joint Ventures: association of persons for purpose a particular financial undertaking with a MUTUAL VIEW TO PROFIT -> Produce a product to be shared in a JV rather than cash sharing Daoud v Boutros - ANSWER distinction between partnership and joint venture -> different remedies ASIC v Citigroup - ANSWER Partners in JV not necessarily in a fiduciary relationship Canny Gabriel - ANSWER Courts will disregard labels if they do not accurately reflect...

Sole trader: Definition - ANSWER The person carrying on business as an independent Individual. The business is the individual and they are indistinguishable. The business is owned and controlled by 'X' who enjoys all the profits and is directly liable for tax on income earned. Sole trader: Liability - ANSWER Unlimited Indemnity (Definition) - ANSWER Security or protection against a loss or other financial burden Sole Trader: Liability Minimising strategies - ANSWER Insurance policies: - ...

James Hardie case Gillfillan v ASIC [2012] NSWCA 370 - ANSWER - breach of s180(1) duty of care 1) James Hardie Board approved defective draft ASX media release 2) ASX media release was misleading sanctions > bans > fines

Gives co. ability to enter contract in own name + full contractual capacity by abolishing doctrine of ultra vires - ANSWER s 124, 125 Exceptions under Turquands Rule- Indoor Mngmt. Actual knowledge, put on inquiry- suspicion - ANSWER s 128 Eg. of Indoor Mngmt- no procedural defects in the appoint of directors, board meeting properly held, meeting or board approval obtained, documents genuine/ validly signed - ANSWER s 129

Lifting the corporate veil - for insolvent trading - ANSWER S 588G Director duties - ANSWER S180-184 > Duty to exercise care and diligence > BJR (business judgement) - ANSWER S180 Directors duties > to act honestly - ANSWER S181

ASIC v Mariner Corporation Ltd [2015] - ANSWER scope of duty of care and diligence > "The very nature of commercial activity necessarily involves uncertainty and risk taking ... a failed activity pursued by the directors which causes loss to the company does not of itself" BJR SUCCEEDED!

case that cast principle of separate corporate personality in STONE - ANSWER Salomon: applies as between a company and its shareholders who are personal individuals, AND as between a subsidiary and its parent company Corporate Veil - ANSWER a concept which describes the artificial screen that separates the company from its members. It is founded on the separate legal personality which the law gives to companies

TABL2741: BUSINESS ENTITIES WEEK 1: Chapters 1 and 2