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

• describe the formation and operation of partnerships and companies (including limited partnerships);
• describe the rights, duties and liabilities of partners and those who deal with them;
• describe corporate membership, the process for raising capital, capital maintenance, insolvent trading, voluntary administration, receivership and liquidation;
• describe the relationship between the general meeting, the board and corporate management (including director's duties and member's remedies);
• describe the significance of separate legal entity, authority, the indoor management rule and situations in which the corporate veil may be lifted.

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.