What is the significance of a business name

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Reference no: EM132280243

Assessment : Research Assignment Scenario

Scenario

You are a trainee solicitor in Delaney Williams, Lawyers and Consultants. You work for Jo Delaney.

The Client Matter

Long-time university friends, Renae, Wendy and Jacqui have set up a business providing smart recycling bins for homes in the Western suburbs of Melbourne.

The business has been operating for six months and is enjoying great success. (The friends have deferred their studies for a year)

They have registered a business name, HomeSmart re-cycling. They have developed a new recycling method from Wendy's home in Footscray. It allows them to rapidly decompose food and plastic scraps so that they can be broken down and used for a variety of purposes on home gardens etc.

They have made a business pitch to Footscray City Council. This innovation will allow the Footscray City Council to drastically reduce the weekly kerbside collection down from three weekly bins- general rubbish (red lid), garden waste (green lid) and recyclable plastic etc (yellow lid) to just one bin. They are planning to further adapt their process so that in due there are no kerbside collections- that is recycling all of the general waste, too.

They have sought to register the intellectual property of the work-in-progress process called HomeSmart EcoTransfer (the process).
Footscray City Council (FCC) wants to enter a contract with HomeSmart on an urgent basis to replace the yellow and green bins for its 20,000 homes/ ratepayers.

FCC will pay them a sign on fee of $300,000 plus $50 per household in the first year to remove the bins and oversee the installing of 20,000 HomeSmart Bins using the process.

The Chief Operating Officer of MCC has sent a draft contract to HomeSmart for consideration. If the FCC deal gets signed, HomeSmart will also need to lease factory premises asap on a one year plus one year plus one year lease.

Legal Issues

1. The friends have been told the business name is not important. What is the significance of a business name, and does it help secure the same company name?

2. The friends have been told they have been in a quasi-partnership. What is this, and what are the legal ramifications for them?

3. If they want to incorporate, what is involved, and what type of corporation would you recommend. Please also set out the relevant steps.

4. Can the business enter into a contract now with FCC, assuming the business later becomes a company? What is the process, and what are the risks?

5. Is the company, when established, obliged to distribute its annual profits?

Required

Please provide a memorandum of preliminary advice on the five issues referred to above.

The memorandum is from you as the trainee addressed to Jo Delaney, lawyer, containing advice on the legal issues and risks, and relevant commercial implications, of each of the five issues referred to above.

Reference no: EM132280243

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