LAW251 Final: Corporate Law Notes & Study Guides Final Exam
Document Summary
Sole trader: person acting alone; no corporate status; no protection from liability. Incorporated association: not for profit, separate legal entity, members protected from liability, right to sue and be sued, right of association to make profit (not for trading), members can"t profit. Partnership: association of 2 or more legal persons carrying on business in common with view to profit; not separate legal person (each person liable); agents to each other; fixed term; flexibility, lack of formalities. Company: upon registration, artificial legal entity separate from members- personality; company will exist after death of shareholders: S254a(2)- must state in consti rights attached to preference shares e. g. voting, repayment of capital: ordinary shares worth same each; same dividends, public company v proprietary company, proprietary: s45a- must have less than 50 shareholders. Small (< 50 e"ees- < 10 mill revenue) or large: public: s9: company that isn"t proprietary, listed on asx. Salomon v salomon (1897): once reg formalities are observed, the co obtains:
