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Potential Impact in Law on All Companies

University: Monash University

  • Unit No: 2
  • Level: Undergraduate/College
  • Pages: 11 / Words 2873
  • Paper Type: Assignment
  • Course Code: LST2BSL
  • Downloads: 23
Question :

This assessment will discuss questions mentioned thereunder:

  • What is nature of legal system applied in UK
  • Elaborate and provide potential impact in law on all companies
  • Make a description on formation in companies
  • Suggest functional and legal solutions for resolving issues in company
Answer :

INTRODUCTION

A law firm is the business firm which is made by the one or more lawyers. These lawyers are the practicing lawyers which are working together under one roof. The motive of the firm is to provide the legal services to the customers which want the legal services like providing the law related advice and the also that they would be accomplished by the lawyers in the firm. These lawyers are handling the criminal case and the legal disputes among the people and the organization. The report consist of the law firm and the firm is solving the dispute of the company (Hope and Vyas 2017). Different types of the business organization are discussed in the report. Some recommendations which include the legal solution which will solve the dispute in the effective way.

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LO1

P1) Explain the different types of the business organization

In the business environment there are different types of the business organization which are working effectively. These organizations are contributing the economy to achieve the growth. Business organizations are made according to the facilities and the funding of the promoters. Promoters are one which are making the organizations.

Public limited company

These organizations are formed by the public which are investing in the company by the form of the shares. The public is investing in the company in the form of the shares and these shares are invested by the large amount of the public which would be paid from the profits according to their shares. Initially the promoters of the company are placing the plan above the members which would be joining the company. After the approval of the promoter and the members the file is prepared on the name of the company and submitted to the registrar of the companies (Brink Lowe and Victoravich 2017). After the approval of the registrar the fund is generated for the public. All the details of the company must be mentioned in the company file before submitting to the registrar. The file consist of the company mane of the company, registered office of the company, and the share capital of the company and the whether it is public company or not, prospectus details and the details of the statutory meetings as well. In the public company the shares are issued in the form of the equity shares and preference shares as well. The equity share holders have the right over the company and also have the right to participate in the company matters of the company (Smith 2018). The preference share holders do not it has the right to participate in the company matters they only have the collect the dividends. Dividends are the amount of the profits given by the company to the share holders on the basis of the investment. The public companies have the word limited after the name of the company.

Private company

In the private organisation the members of the company are the members of the family or the private close friends. The private company consist of the investor but these investors are friends and the family members. In the private company the promoters are Friends and the family and these all make the plans' and also file is formed for submitting the registrar (Brivot Roussy and Mayer 2018). The file contains the name of the company, address of the company, share holders of the members and the promoters of the company. In the private companies the prospectus is issued because the fund is generated from the friends and family but in the public company the fund need to be generated form the public is the company is issuing the prospectus. The private companies are filing the statement in lieu of the prospectus. The government companies are also investing in the private company for generating the profits. Private company has the work private limited after the name of the company. Private company would not issue the prospectus and would not demand the money from the public.

Partnership firms

Partnership firm are made form the partnership between the two friends and family as well. The partnership firm need to follow the act of the partnership act. The firm need to be manged by the two partners which are working effectively. Partnership is done in three types which include the limited liability partnership, limited partnership and ordinary partnership. This partnership includes the limited liability partnership (Erdiaw-Kwasie 2018). The firms are generating funds from the partners and the funds are also generated from the other local investors but nit the public investors. The file need to filed in the registrar of the ministry office which need to perform the actions in then effective way. Partnership is done in the form of the deemed partnership. These type of the partnership firms are partnership but there is one different thing in the deemed partnership firm. In these the partners have the mutual agreement of one would invest in the company and one would take the firm to the new heights. Other partner which is deemed is not able to participate in the partnership firm decisions and one partner which would not be able to invest the capital in the firm. Both the rights and the duties are divided as per the contribution of the person. The partnership firm is need to be registered at the ministry of the corporate affairs and the registrar office must have the details of the firm.

P2) How the business organization are managed and funded

The business organization are managed legally and funded by the legal rules and regulations. These business organization need to be managed by the members and also are generating the funds as well.

Public limited companies

public limited companies are working effectively and managed and funded as well. The promoters which are commencing the company are working in the efficient manner. The promoters are selecting the members of the company which include the higher authorities of the company. Higher authorities of the company include the share holders which have invested in the highers amount and the chairman and CEO of the company as well. These members are managing the company. The members are called the board of the members which also include the directors (Goodman and McLelland 2016). The directors of the company can be 3 directors and the one of them will have the power to sign the documents and also use the seal of the company. Public companies are generating the funds to run the business from the shares. The shares are the share of the amount which the person is investing in the company for raising the profits in the accumulated profits. The people which are investing the company in the form if the shares and the shareholders. People would sell the shares and also buy the shares when ever they want. Public companies are also raising the funds through the debentures. Debentures are the loan taken by the company for the rate of the interest and the company has to pay the loan after the maturity of the time. The company would pay the interest to the debenture holders after the period.

Private limited companies

Private limited companies are managed and funded by the private sectors. The company is also managed by the directors and the chairman of the company. Private company must have the two directors for the running the business. These directors and the CEO are organizing the meetings and managing the work in the effective way. The funding in the private company is done by the help of the private investors. These are also called share holders but the share holders are managing the Company in the effective manners. The company need to follow the rule sand regulations of the companies act 2006. Act contains all the laws for the companies which want to work in the effective manner. The investors in the private company cannot be changed easily because the share holders of the company are friends and family and which cannot be changed. The government companies are investing in the private companies for earning profits. Private firms are bringing the funds through the foreign direct investment. Global companies are investing in the private companies for increasing in the business. Through these the foreign companies are building their market in the country. Private companies are also the foreign companies which are entering the country for increasing their business. The private companies are slowly investing in the government companies are slowly the private companies are capturing the government market (Mankame and Bhoyar 2017).

Partnership firms

partnership firms are the firm which are based and running on the partnership of the promoters. The promoters are proposing the plan to start the business. The partners have agreed the proposal, and they have started the business. Both the markets are managing the business and the firm. In the partnership firm one can be deemed partner and one would manage the work. In the deemed partnership one is investing in the partnership firm and one is ready to work for the firm. Profits of the partnership shared among them effectively but the work and the capital is divided among them. The funds in the partnership firm are generated form the partners which are investing in the firm. In partnership firms the funds are bought by the partners and the partners could not exceed the two partners. The funds in the partnership firm are used in the way of the capital and the funds is provided to the partners at the time of the winding up of the firm. Partnership firm would invest in the venture capital fund and also the firm would take the loan for investing in the business. Some companies are also investing in the partnership firm for making the investment and earn profit at the initial stage (Beck Francis and Gunn, 2018). Public and the private companies are investing in the partnership firm. The partnership form has to make the partnership deed for making the partnership valid in front of the law.

You may also visit at Different Types and Classification of Business

LO2

P3) Recommend appropriate legal solutions to resolve the areas of dispute

The organizations are using various strategies for solving the disputes in the company in the financial and employment department.

Financial

In the company there are various disputes between the employees for the financial problems. So the company has bought up with the legal authority of the company which would work for the financial disputes (Asghar, 2016). The company is starting the banking ombudsman and the insurance financial service ombudsman which are working for solving the disputes among the employees which are working in the company. It would provide the banking services and the insurance services to the employees. Company and government has also bought up the financial dispute resolution services. In these the employees would register their grievances relating to the company and the company and the government would try to solve the disputes and take strict actions against the company of the com any is in the fault. Company has also came up with the financial service complaints limited. It includes the financial companies and the law firms which are giving the advice to the companies for solving the finance related disputes. Through these boards the company is trying to solve the financial disputes which are raising in the company (Whiting Gammie and Herbohn 2015).

Employment

In the organisation employees are facing several disputes on of them is related to their employment. The employees of the company are not satisfied with the company services, and they are willing to work in the company. So the company has started the grievance portal for employees and for solving the disputes of the employees. The employees need to solve the disputes for improving their performance in the company. Company has come up with the feedback and review strategy in which the company would fulfill the wishes of the employees and the company would provide the feedback and the reviews to the employees which re not working effectively. So the employees would feel motivated and the encouraged for working in the company. The company is satisfying the redress program for the employees in which the employee would register the portal and after the inquiry the issued would be solved and the culprit would be punished. The company is coming up with the new amended policies for the solving the disputes of the employees in the company (Agarwal, and et.al., 2019). This polices contain the necessary rules and regulations which are working in the company and the company need to work in the efficient manner and follow the rules and regulations.

Legal solutions and the legal advice given by the firms to the companies are useful for the company. Organization are facing with the many disputes regarding the finance and employment and the legal solutions and the legal advice are helpful for the organization and the employees which are working in the organization. The company is working to solve the disputes and the company would work in the effective manner. It would also improve the performance of the company. Legal solutions are provided form the acts and the guidelines made by the government for the employees and the company. If these rules and the regulations are not followed than the employees would be affected by the disputes and the company would also suffer due to these disputes. The disputes include the employees problems in the company which would include the strike of the employees and the lock outs in the company. The company and the employees of the company has to follow the rule sand the regulations for strikes and the lock outs (Iskandar 2017).

The company and the employees had to follow the rules and due to that the company would not fire the employees before notice nor the employees would not leave the company without the prior notice. Employees of the company are workings efficiently but if the conditions of the employees are not fulfilled the employees would not work in the company and the employees which would not leave the company would result in the strikes. So these disputes of the company and the employee are solved by the legal advice and the legal solutions.

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CONCLUSION

From the report provided above the legal requirements for the business and the disputes. Business organizations are of many types which include the public companies and the private companies and partnership firms as well. These organizations have their own specification and the characteristics which are different form every one in the organization. The company is working effectively and also the rules and regulations of the companies act are applied on the companies which would include the solutions for the disputes as well. The problems faced by the employees are discussed in the report and the report would also include the legal solutions and the legal advice for the disputes in the company. Organizations are working effectively and not following the rules and the regulations and also exploiting the employees so the government has come up with the acts for protecting the environment.

REFERENCES

  • Agarwal, and et.al., 2019. Private company valuations by mutual funds. Available at SSRN 3066449.
  • Asghar, M.S., 2016. Limited Liability Partnership in Pakistan: An Overview. Available at SSRN 2792534.
  • Beck, M.J., Francis, J.R. and Gunn, J.L., 2018. Public company audits and city‐specific labor characteristics. Contemporary Accounting Research. 35(1). pp.394-433.
  • Brink, A.G., Lowe, D.J. and Victoravich, L.M., 2017. The public company whistleblowing environment: Perceptions of a wrongful act and monetary attitude. Accounting and the Public Interest. 17(1). pp.1-30.
  • Brivot, M., Roussy, M. and Mayer, M., 2018. Conventions of Audit Quality: The Perspective of Public and Private Company Audit Partners. Auditing: A Journal of Practice & Theory. 37(2). pp.51-71.
  • Erdiaw-Kwasie, M.O., 2018. Does pressure-induced partnership really matter? Empirical modelling of stakeholder pressure and firms’ CSR attitude. Social Responsibility Journal. 14(3). pp.685-698.
  • Goodman, D.H. and McLelland, M., 2016. The implied private company pricing line (IPCPL): On the nature, scope, and assumptions of IPCPL theory. Business Valuation Review. 35(1). pp.18-29.
  • Hope, O.K. and Vyas, D., 2017. Private company finance and financial reporting. Accounting and Business Research. 47(5). pp.506-537.
  • Iskandar, M., 2017. Perception of capital, profit and dividends affect the stock purchase intention in Indonesia public company. Junior Scientific Researcher. 3(1). pp.9-18.
  • Mankame, O.H. and Bhoyar, P.K., 2017. Corporate Governance in Partnership Firms. Journal of Applied Management-Jidnyasa. 9(2). pp.32-36.
  • Smith, J., 2018. Investor Reactions to the Enforcement Actions of the Public Company Accounting Oversight Board.
  • Whiting, R.H., Gammie, E. and Herbohn, K., 2015. Women and the prospects for partnership in professional accountancy firms. Accounting & Finance. 55(2). pp.575-605.
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