Reference no: EM13268926 , Length: 2000 Words
QUESTION 1 (Companies and business planning)
Mary is the owner of a very successful business selling women's shoes. Mary's business is expanding rapidly and she wants to update her business structure from that of sole trader to a more appropriate structure. She seeks the advice of her accountant who tells her that she has a number of options, all of which have advantages and disadvantages.
What would be your recommendation to Mary and why? What factors would influence your advice?
QUESTION 2 (The legal nature of companies)
Myra is the only shareholder and director of Kids Clothes Pty Ltd (Kids Clothes) which makes cheap children's clothing. The company has 10 employees. In the past Kids Clothes had operated profitably, however since 2011 it has been running at a loss. In July 2012 Myra paid herself a large bonus and then transferred all the remaining assets of Kids Clothes to a new company called Clothing for Kids Pty Ltd. The employees continue to be employed by Kids Clothes. Kids Clothes has no assets and owes each of its employees several thousand dollars in accumulated holiday, superannuation and long service leave entitlements.
(a) What possible legal grounds might the employees have to claim their entitlements from Clothing for Kids Pty Ltd?
(b) Could any action be taken against Myra personally?
LIST OF REQUIREMENTS FOR BOTH QUESTIONS
• Book to follow "COMMERCIAL APPLICATIONS OF COMPANY LAW by Hanrahan, Ramsay and Stapledon 15th edition 2014"
• Provide Reasons to support your answers (in point form and explain with headings)
• Use relevant laws and cases
• In text referencing is compulsory (mention the Case Law & Legislation)
• Footnotes are compulsory
• Harvard referencing is compulsory
• One page of Reference is required in the end
• This assignment require lots of HEADINGS
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: What would be your recommendation to Mary and why and what factors would influence your advice - What possible legal grounds might the employees have to claim their entitlements from Clothing for Kids Pty Ltd?
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