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Business Law for Managers
Assignment No: 1
Mark scheme/potential content

Question 1
The question requires students to compare and contrast a partnership with a company. Also to analyse the advantages and disadvantages of a partnership and a company. The answer should consider the following:

* describe the different types of business organisations
* the consequences of incorporation compared to a partnership * compare and contrast partnerships and companies to include - formality
- legal status
- share capital
- loan capital
- ownership and management
- return of capital
- liability for debts
- publicity
- statutory compliance
- liquidation
- tax status

The above is not an exhaustive list and credit will be given to any novel relevant ideas.

Question 2
The question requires students to assume that following on from their advice in question 1, Ian and his sons from a limited company to run their antique business. The question then requires the student to consider the form of capital available to a limited company. The students should analyse the following sources of finance: * Bank loans

* Other sources of loan capital
* Share capital
* Fixed and floating charges
* Credit arrangements
* Grants
* Enterprise schemes/initiatives
Students should recommend the most appropriate to Ian, given the background to the company. The above is not an exhaustive list; credit will be given for answers which are novel and relevant.

Question 3
This question requires students to take a broad view of the English Legal system and how the legal environment impacts on the running of a small company. The students should consider the following:

* The difference between civil and criminal law
* The law of obligations and its impact on Ian and his sons * The criminal law
* Employment law
* Company law rules
The above is not an exhaustive list; credit will be given for any novel relevant ideas introduced...
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