BUSINESS AND CORPORATE LAW – Page 16

BCL – L1 – Q61 – Alternative forms and constitutions of business organisations

Recommend whether Hajia Amina’s business should remain a sole proprietorship or convert to a private limited company.

Question

Your mother trades in locally made fruit juice in a container at the front of the house at Adiembra-Zongo. The booming business is putting pressure on her working capital. But she plans to open two new retail branches and a semi-wholesale by the end of the year using sale proceeds of her private car which will not be enough. A bank manager working on her personal loan application advised her to convert the sole proprietorship into a private limited liability company, but your mother thinks that will reduce her power and influence. She adores the business name registration certificate with her name boldly engraved ‘HAJIA AMINA SIEDU ENTERPRISE’.

(a) Which of the options will you recommend?

(b). Discuss why you would support your mother’s position or that of the bank manager.

Answer

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Tags: Advantages, Disadvantages, Limited Liability Company, Sole proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q60 – Alternative forms and constitutions of business organisations

Explain the difference between private and public companies with examples from Ghana.

Question

(a). Explain the main difference between a private and a public company. Give an example of each from Ghana.

(b). Discuss four duties of a promoter.

(c). Explain six items that must be in the constitution of a company for registration.

Answer

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Tags: Companies Act, Company constitution, Registration requirements
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q59 – Alternative forms and constitutions of business organisations

Advise Ama, Dela, John, and Mr. Addo on forming a consultancy partnership, considering capital contributions and partner eligibility.

Question

Ama, Dela, and John were classmates from ICAG 2014 batch of graduates. They intend to form a consultancy firm/partnership in the future by pooling resources together. Ama’s 2005 Toyota Siena estimated at GH¢40,000 will be her initial capital contribution towards the formation of the partnership. However, the car is currently registered in the name of her father, Mr. Addo, a 59-year-old Chief Accountant for Zenith Energy Limited, who desires to be part of the daughter’s business upon retirement and will not let go of title to the car without any benefit. Dela and John, who are contributing GH¢30,000 each of the initial capital, are opposed to any ‘old-school’ accountant being part of their partnership.

You are the most-rated business law student. Advise the parties.

Answer

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Tags: Business formation, Capital contribution, Legal advice, Partnership, Partnership agreement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q58 – Alternative forms and constitutions of business organisations

Explain legal distinctions between sole proprietorship, partnerships, and companies.

Question

(a). Explain the legal distinctions between a sole proprietorship, partnerships, and companies.

(b). Describe the types of companies under the Companies Act 2019 (Act 992).

(c). Explain the effect of separate legal personality and the veil of incorporation of companies.

Answer

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Tags: Companies, Companies Act, Legal Concepts, Separate Legal Personality, Veil of Incorporation
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

Question

(a). Explain the key characteristics of being a sole trader. What advantages and disadvantages do they give?

(bi). Section 3 of Incorporated Private Partnerships Act, 1962 (Act 152) states that ‘Partnership means the association of two or more individuals carrying on business jointly for the purpose of making profits’. Suppose you had set up an unregistered business for buying and selling second-hand vehicles with two friends, and you decided to call it Triad Car Dealers, determine the following:

(i) Whether there can be a valid partnership with your two friends if you own 85% of the total assets of the business?

(ii) Who makes the decisions which affect the nature and running of the business?

(iii) Describe the liability of various partners for partnership debts.

Answer

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Tags: Business organisations, Debts, Incorporated Private Partnership Act, Liability, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q56 – Alternative forms and constitutions of business organisations

State five advantages of forming an incorporated company.

Question

The desire to form an incorporated company is the legal wish of one or more persons. State FIVE (5) advantages that exist for persons who form an incorporated company.

Answer

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Tags: Advantages, Incorporated Company, Legal personality, Limited liability, Perpetual
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

Question

List FIVE applicable rules in a Partnership in the absence of a contrary agreement.

Answer

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Tags: Business organisations, Incorporated Private Partnership Act, Legal requirements, Partnership, Rules
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

Question

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Amo informed the Management of his and Mrs. Mensah’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January, 2015, Mr. Kofi Amo and Mrs. Mensah withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and James, one of the partners, obtained an order of the High Court directing Mr. Kofi Amo and Mrs. Mensah to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Amo and Mrs. Mensah ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Amo and Mrs. Mensah, remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

Answer

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Tags: Incorporated Private Partnership Act, Legal Obligations, Partnership, Retirement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q53 – Alternative forms and constitutions of business organisations

List four particulars required for registration by a sole proprietor.

Question

List FOUR (4) particulars for registration with the Registrar-General by a sole proprietor.

Answer

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Tags: Business name, Legal requirements, Registration, Sole proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q52 – Alternative forms and constitutions of business organisations

State two advantages and two disadvantages of forming a sole proprietorship.

Question

It appears that many residents of Kumasi prefer to own their businesses without going through the cumbersome details of forming an incorporated company limited by shares.

Required:

State TWO (2) advantages and TWO (2) disadvantages of forming sole proprietorship.

Answer

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Tags: Advantages, Business structure, Disadvantages, Registration, Sole proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

Subject (SQ): BUSINESS AND CORPORATE LAW

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BCL – L1 – Q61 – Alternative forms and constitutions of business organisations

Recommend whether Hajia Amina’s business should remain a sole proprietorship or convert to a private limited company.

BCL – L1 – Q60 – Alternative forms and constitutions of business organisations

Explain the difference between private and public companies with examples from Ghana.

BCL – L1 – Q59 – Alternative forms and constitutions of business organisations

Advise Ama, Dela, John, and Mr. Addo on forming a consultancy partnership, considering capital contributions and partner eligibility.

BCL – L1 – Q58 – Alternative forms and constitutions of business organisations

Explain legal distinctions between sole proprietorship, partnerships, and companies.

BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

BCL – L1 – Q56 – Alternative forms and constitutions of business organisations

State five advantages of forming an incorporated company.

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

BCL – L1 – Q53 – Alternative forms and constitutions of business organisations

List four particulars required for registration by a sole proprietor.

BCL – L1 – Q52 – Alternative forms and constitutions of business organisations

State two advantages and two disadvantages of forming a sole proprietorship.

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Subject (SQ): BUSINESS AND CORPORATE LAW

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Recommend whether Hajia Amina’s business should remain a sole proprietorship or convert to a private limited company.

You're reporting an error for "BCL – L1 – Q61 – Alternative forms and constitutions of business organisations"

Explain the difference between private and public companies with examples from Ghana.

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Advise Ama, Dela, John, and Mr. Addo on forming a consultancy partnership, considering capital contributions and partner eligibility.

You're reporting an error for "BCL – L1 – Q59 – Alternative forms and constitutions of business organisations"

Explain legal distinctions between sole proprietorship, partnerships, and companies.

You're reporting an error for "BCL – L1 – Q58 – Alternative forms and constitutions of business organisations"

Explain key characteristics, advantages, and disadvantages of a sole trader.

You're reporting an error for "BCL – L1 – Q57 – Alternative forms and constitutions of business organisations"

State five advantages of forming an incorporated company.

You're reporting an error for "BCL – L1 – Q56 – Alternative forms and constitutions of business organisations"

List five rules applicable to a partnership in the absence of a contrary agreement.

You're reporting an error for "BCL – L1 – Q55 – Alternative forms and constitutions of business organisations"

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

You're reporting an error for "BCL – L1 – Q54 – Alternative forms and constitutions of business organisations"

List four particulars required for registration by a sole proprietor.

You're reporting an error for "BCL – L1 – Q53 – Alternative forms and constitutions of business organisations"

State two advantages and two disadvantages of forming a sole proprietorship.

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