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Chapter

Cover Business Law

14. Legal Requirements when Establishing a Business Enterprise  

This chapter studies the various forms of business organization that are available to those who trade. It focuses on the types of trading structures available, how they are established, and provides an overview of the implications of each form of business organization. It should be noted that there is no one model that will suit every individual or every business model. It is very much the decision of the individual—having assessed the business, what they wish to do with it, and how they see it continuing in the future—to determine the form of enterprise chosen. Being aware of the consequences for the business organization is crucial in making this decision.

Chapter

Cover Business Law

15. The Administration of Corporations  

This chapter studies the various forms of business organization that are available to those who trade. It focuses on the types of trading structures available, how they are established, and provides an overview of the implications of each form of business organization. It should be noted that there is no one model that will suit every individual or every business model. It is very much the decision of the individual—having assessed the business, what they wish to do with it, and how they see it continuing in the future—to determine the form of enterprise chosen. Being aware of the consequences for the business organization is crucial in making this decision.

Chapter

Cover Legal Systems & Skills

18. Businesses and the business environment  

Scott Slorach, Judith Embley, Peter Goodchild, and Catherine Shephard

This chapter discusses the following: the importance of commercial awareness; the main types of business structure, their organisation, and management; the different markets, sectors, and industries in which businesses operate, and the role of consumers within these markets; supply chains from business to consumer; and the impact of competition within different markets.

Chapter

Cover Legal Systems & Skills

19. Businesses and the business environment  

Scott Slorach, Judith Embley, Peter Goodchild, and Catherine Shephard

This chapter discusses the following: the importance of commercial awareness in understanding how businesses work; the main types of business structure (sole traders, partnerships, public and private companies), their organisation, and management; factors influencing management decisions; the environment in which businesses operate. It examines different markets, sectors, and industries, and the role of consumers within these markets; the increasing complexity of supply chains from business to consumer and the problems they face; the impact of competition within those different markets; and the challenges facing businesses within increasingly competitive global markets, including the advances in technology and environmental, social and governance issues (ESG).

Chapter

Cover Company Law

1. Introduction  

This introductory chapter provides an overview of the aims of company law and governance. Company law should hold companies and directors to account, be flexible enough to respond to novel and evolving practices, provide certainty, promote transparency, help to avoid misalignment of interests, promote corporate efficiency, and help avoid corporate disaster. The chapter then looks at other key important business structures. Other than companies, the principal business structures are the sole proprietorship, the partnership, and the limited liability partnership. A sole proprietorship is a sole individual carrying on some form of business activity on their own account. Meanwhile, two or more persons who wish to engage in business together can form an ordinary partnership. Finally, limited liability partnerships were created to provide suitable business structures for large, professional firms. In many respects, limited liability partnerships resemble companies.

Chapter

Cover English Legal System

9. The legal profession  

This chapter considers the roles of solicitors and barristers in the English legal system. It outlines the basic business models of legal practice, including alternative business structures, and the constraints on such organisations. It discusses the rules affecting practice as a solicitor or a barrister, and other legal professionals, and discusses the regulatory organisations overseeing their work. The debate as to whether the two main branches of the legal profession should be fused into one is set out. The discussion and debate about changes to legal education are signposted, including the major reforms to the qualification requirements for solicitors and barristers.

Chapter

Cover Company Law

1. Introduction to company law  

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter presents an overview of company law, first by considering the company’s place within the various forms of business organisation. To get some comparative perspective on the relative merits of each type of organisation, three criteria for judging them are discussed: whether the form of business organisation facilitates investment in the business, mitigates or minimises the risk involved in the business venture, and whether it provides a clear organisational structure. Using these criteria, three forms of business organisation are analysed: the sole trader, a partnership, or a registered company. The chapter also explains the importance of the memorandum as part of the company’s constitution, as well as the distinction between private companies and public companies. Finally, it outlines the benefits of forming a company as opposed to the sole trader or a partnership.