CO5121 - Law of Business Organisations

This subject provides students with the knowledge of partnership and corporations law that is required for admission to membership of the accounting professional bodies in Australia. Coverage includes the nature and existence of partnerships; partners' duties; partnership property; relations with outsiders; assignment, retirement, expulsion and dissolution; limited partnerships. It also provides detailed treatment of types and formation of corporations; the concept of separate legal entity; share capital and membership; lifting of the corporate veil; basic principles of debt and equity finance (securing debt and raising capital); replaceable rules, corporate constitution and the statutory contract; altering the corporate constitution; powers of the board and the general meeting; meetings, and statutory validation; directors' duties; capital maintenance and insolvent trading; members remedies; corporate authority and the indoor management rule; voluntary administration, receivership and liquidations.

Learning Outcomes

• Effectively explain the law that regulates partnerships and corporations within Australia both orally and in writing;
• Research and critically analyse the legal obligations and requirements of partnerships and corporations;
• Use intellectual independence and creative judgement in applying the law that regulates partnerships and corporations to develop effective responses to a range of legal issues and to solve legal problems;
• Work collaboratively and effectively with peers to develop professional and engaging materials that demonstrate an awareness of ethical issues and appropriate approaches to ethical decision-making likely to arise in professional partnerships and/or corporation contexts.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.