Value This assessment task is worth 60% of your result in the unit. Please note that there is NO hurdle requirement for this assessment. Style The paper should be typed with 12 pt character – any fonts type – and 1.5 line spacing fully justified paragraphs and 3cm margins on A4 pages. Word Limit Your word limit is 3,000 words including footnotes – if you ignore instructions as you should not have footnotes or endnotes – in TOTAL. The title page will not be counted in the word limit. Please note that the +/- 10% is already included in the word limit to make your life easier.
This means that for every 300 words – or part thereof – that you go beyond the word limit you will attract a penalty of 0.5 points. This means that if you write 3,001 words, you will get a penalty…! Format The first page is a title page which includes: • your name; • student ID; • tutorial day & time; • tutor’s name; and • word count. This is to be followed by the first page of the assessment (numbered pg 1 – the title page is not numbered). Your assessment must be ONE document only, preferably in .pdf format, but acceptable as a .doc or .docx if you can’t create a pdf.
No other formats will be accepted. References and Research Cases can be referred to by just using the party’s names, i.e. Donoghue v Stevenson or its commonly used ‘nickname’ such as Snail in a Bottle. Make sure that we can identify the case though. Statutes can be referred to by their short name, i.e. Partnership Act or PA. No other references are needed or should be used, in particular referencing powerpoints or the textbooks is not acceptable. The only acceptable sources are cases and statutes for this assessment criteria and performance expectations. In order to assist your research, should you wish to undertake it, the recommended texts listed in the Subject Learning Guide might be a good starting point.
One word of caution for research – the internet – wikipedia and google – as well as outdated textbooks have proven so far to be NOT recommendable for this subject. Bibliography Note that NO bibliography or reference list is needed as the only sources you are allowed to cite are cases and statutory provisions. However, if you feel the need to ignore these instructions, you can compile either a bibliography or reference list. This list will NOT be included in the word count. Footnotes or Endnotes Footnotes or endnotes are not permitted. If you are unsure about the appropriate writing style, please consult our ‘Studying Business Law’ section on LMS. Scenario Make sure that you answer ALL questions Julio, Carolyn and Trisha meet each other while studying at La Trobe University.
They decide to go into business together called Finance R’Us. Their plan is to provide different types of financial advice to their clients. Julio specializes in tax advice, Carolyn has a passion for accounting and Trisha knows the ‘ins and outs’ of investment. In order to save money, they decide to keep it simple and just write down some rules of their agreement on a serviette. They write that they agree to put equal money into the business and to share the profits equally, and that everyone will be involved in the management of the business. Still they are a bit short on money so Julio’s sister, Sarah, is happy to come in and provide a loan of $40,000 for which she will receive 2% of the net profit over 5 years.
She is only interested in helping her brother and his friends out, she is more of an artistic nature and thus not interested in the business. They start their business, which is to provide bespoke financial services. It becomes very popular as all three are very passionate and know their finance areas well.
1) Under what type of business structure is this business running? Furthermore look at everyone who might be involved in this business, i.e. Julio, Carolyn, Trisha and Sarah and discuss their status in regards to the business. Give reasons for your answer; in particular support your answer by citing relevant cases and statutes. (10 marks) Julio advises a client, X, in writing on the tax implications of the purchase of a certain real estate property. Unfortunately, Julio made a mistake in his advice as he was not on aware of the latest ruling by the Australian Tax Office (ATO). Because of this error, X had to pay an extra $15,000 in tax because the advice was incorrect.
2) Discuss whether Julio and/or his business partners are liable for the damages suffered by X? Please make sure that you only assess the legal risks under contract. Also support your answer by citing relevant cases and statutes. (20 marks) Without the knowledge or permission of Julio, X had passed on the written tax advice to his best friend Y. Based on the advice, Y decided to purchase a property as well. Naturally Y had to pay an extra $15,000 in tax.
3) Discuss whether Julio and/or his business partners are liable for the damages suffered by Y? Please make sure that you only assess the legal risks under tort of negligent misrepresentation. Also support your answer by citing relevant cases and statutes. (20 marks) In order to manage their business risks better, Julio, Carolyn and Trisha want to make changes to how they are operating their business.
4) What are their options? Think about whether they • can change something in their procedure when giving written advice; • can make their responsibilities clearer; or • have to change their business structure. Give reasons for your answer; in particular support your answer by citing relevant cases and statutes. (10 marks) Business Law Assignment: I need help writing a research paper.
