Offer – Business Law Under business law, was there an offer in the first place? YES Online Payment: There was intention to create a binding contract Chwee Kin Keong and others v Digilandmall.com: Although catalogues and price lists are often considered invitations to treat, this may not apply in cyberspace as the ordering system of …
The basic forms of business structure are: –Sole Proprietor–Partnership–CompanyThey differ in terms of owner(s)’ liability equity structure funding opportunities decision making responsibilities taxation
A sole proprietor is an individual who controls and manages a business: •The business is not a separate legal entity – meaning that the owner and the business are considered as the same entity•The individual has unlimited liability – meaning that the owner is fully liable for all debts from the company•They have the sole …
Advantages of a Sole Proprietor •Quick, inexpensive and easy to set up and liquidate•Not subject to company regulation•Owner has total autonomy over business decisions•Owner claims all the profits of the business and all the after-tax gains if the business is soldDisadvantages of a Sole Proprietor •Unlimited liability – bears full responsibility for business debts and legal …
•A partnership is when two or more people (up to 20**) who come together to: –carry on a business as partners–share profits or losses according to partnership agreement•share ideas, skills and resources** exclude professional firms such as law firms, accounting firms where partners can go up to 70
Advantages •Easer and simpler to set up than company•Informal business structure hence it is not bound by accounting, auditing and accounting reporting standards •Ability to share knowledge, skills, ability, resources, capital and workload among the partners Disadvantages•Unlimited liability for business debts and obligations by all partners**•Limited life – if one partner dies or withdraws from the business then …
•Company has owners who are known as shareholders •Company has a separate legal entity from the owners — meaning that people who own, control and manage it should be separate group of people (Shareholders own the company, Board of Directors control the company, Directors manage the company)•Shareholders have limited liability –- meaning that the liability …
Advantages •Limited liability for shareholders•Taxation rate is lower than personal tax rate in the top bracket•Business expansion is easier due to legal structure•Fund raising is easier through public share offeringsDisadvantages•Time consuming and expensive to set up•Compliance with company rules and legal requirements is a must •Taxation is based on first dollar of profit•Separation of ownership and …
QUESTION Alan is a tenant of a home unit owned by Bill. Ten days ago Alan received a letter from Bill in which Bill stated that he (Bill) was ‘interested in selling’ his flat and asking Alan to ‘let him know’ if he (Alan) was willing to buy the home unit for the price of …
Consideration, as defined by Sir Frederick Pollock in Dunlop v Selfridge (1915) is the price for which the promise of the other is bought, and the promise thus given for value is enforceable. With regards to the exchange of the promises between the parties, it must be noted that:t must be requested by the promisorIt is required …