LES603: Business Law and Practice assignment sample NZ

When working with a business, it is important to be aware of the laws and regulations that pertain to that type of business. This includes understanding the different types of business organizations and the laws that govern them.

There are six major types of business organizations in New Zealand: sole trader, company, partnership, trust, incorporated society, and co-operative. The most common type of organization is the company. A company is a separate legal entity from its owners and has its own rights and liabilities. The company must comply with the Companies Act 1993, which sets out the rules for how companies must operate.

Another common type of organization is a partnership. A partnership is a business owned by two or more people. Each partner is responsible for the debts and obligations of the partnership. The Partnership Act 1908 sets out the rules for partnerships.

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In this course, students will be able to:

Assignment Activity 1: Analyze and apply the legal principles and practices relevant to the role of a solicitor for vendor and purchaser in an agreement for the sale and purchase of a small business

An agreement for the sale and purchase of a small business will contain a number of specific legal principles and practices relevant to the role of a solicitor for vendor and purchaser. These may include, but are not limited to:

• The consideration is given for the business.
• The terms of the agreement, including any warranties or indemnities given.
• The obligations of the parties in relation to the sale, including any post-sale requirements.
• The process for registering the transfer of the business with the appropriate authorities.

When entering into an agreement for the sale and purchase of a small business, it is important for both the vendor and purchaser to be aware of their respective rights and obligations. Failure to do so may result in complications down the track. For example, the vendor may be entitled to receive the consideration agreed upon, even if the business has not been transferred into the purchaser’s name, and thus the legal title to the business has not been transferred. In other cases, a warranty may be implied by law into an agreement for the sale of land or a building that something is built in accordance with the plans and specifications of the purchase despite there being no reference to them in the agreement itself.

Additionally, depending on the nature of the small business being sold, there may be specific regulations that must be complied with in order to transfer ownership. For example, if the small business is a restaurant, the foodservice license must be transferred to the new owner. Failure to do so may result in penalties from the local council.

It is therefore important that both the vendor and purchaser have a clear understanding of the relevant legal principles and practices before entering into an agreement for the sale and purchase of a small business. If in doubt, it is always advisable to seek legal advice.

Assignment Activity 2: Analyze and apply the legal principles and practices relevant to the role of a solicitor for the parties to other selected business transactions commonly encountered by legal executives

The parties to a business transaction may be involved in other transactions during the course of their relationship. In these circumstances, there are a number of legal principles and practices that will apply to the role of a solicitor for either party depending on the nature of the transaction.

These transactions include, but are not limited to:

• Lending money.
• Guaranteeing or cosigning a loan.
• Obtaining or regaining possession of goods.
• Leasing property (e.g., real property, equipment).
• Mortgage of real property/personal property as security for a debt.
• Selling personal property as an agent for the owner.
• The sale of a business.

A loan is a common example of a business transaction. In order to protect their interests, the lender will often require the borrower to enter into a guarantee or cosign a loan. This means that if the borrower fails to repay the loan, the lender can look to the guarantee or cosigner instead.

When it comes to recovering goods that have been leased, the lessor (the person who leased the goods) has certain rights under the law. These include the right to retake possession of the goods, even if they are in the possession of the lessee (the person who leased the goods), and to enter into the lessee’s premises and take the goods, as long as it is reasonable and proper to do so.

Assignment Activity 3: Analyze and apply the legal principles and practices applicable to the formation and use of small limited liability companies in situations commonly encountered by legal executives

Generally, small limited liability companies are formed under state law by filing articles of organization with the Secretary of State or other appropriate governmental agencies. The duties imposed upon an LLC are to be performed under the authority of its operating agreement.

A manager is not required in all LLCs, however, most choose to have one in order to avoid having to vote on every decision. A manager may be an individual or a company.

The LLC is a separate legal entity and, as such, is treated as a corporation for tax purposes. The income of the LLC is passed through to the members and taxed at their individual rates.

The members of an LLC are not liable for the debts and obligations of the LLC. This protection extends to the LLC’s property, as well. This is one of the reasons the LLC is a popular entity choice for small businesses.

There are a number of other legal principles and practices that are specific to LLCs and that legal executives should be aware of when representing parties in transactions involving them. These include, but are not limited to:

• The authority of the members and managers.
• The effect of an LLC’s bankruptcy.
• The ability of the LLC to sue and be sued.
• The piercing of the LLC veil.

As with any other business transaction, when it comes to the sale of a small business, it is important that legal executives be able to apply the principles and practices that pertain to the specific entity form of their client. For example, if a small business is operating as an LLC, it is important for legal executives to understand the implications of such transactions as transferring membership interests or withdrawing as a member on behalf of their clients.

Assignment Activity 4: Prepare and critically comment on business documentation commonly used or encountered by legal executives

The two basic business documents associated with a loan transaction are the promissory note and the mortgage. A promissory note, when used in this context, is a promise to repay money borrowed from another. In that regard, it is similar to a personal check where the borrower agrees to pay someone else for goods or services provided by them.

A mortgage, on the other hand, is a security agreement where the property being mortgaged is put up as collateral for the debt. This means that if the borrower fails to repay the loan, the lender can take possession of the property.

There are a number of other business documents legal executives commonly encounter in their work, such as leases, security agreements, and guarantees. It is important for legal executives to be able to review and analyze these documents in order to best protect their clients’ interests.

When it comes to the sale of a small business, there are a number of documents that must be prepared and executed in order to complete the transaction. These include the asset purchase agreement, the promissory note, the security agreement, and the bill of sale.

The asset purchase agreement is a contract between the buyer and the seller where they agree on the terms of the purchase. This document sets out, among other things, the purchase price, the closing date, and which assets are being sold.

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