Business organisations CRICOS Provider Code 00301 What to do this week • Attend a seminar and/or listen to the iLecture recording; • Read chapter 10 (pages 291 to 323 and page 331 only) and chapter 11 (pages 337 to 341) of Understanding Business Law; and • Do the E-tutorial ‘Choosing a Business Form - Noncorporate Business Arrangements’. CRICOS Provider Code 00301J Learning outcomes After completing this topic you should be able to: • distinguish the various business organisations that are
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charity formation registration of a new church This application form is to be used if all of the following statements apply: Your church has been in existence for less than 10 years; and Your church does not own or rent any property; and Your church has no existing governing documents (trust deed‚ constitution or church ‘rules’) If these statements do not apply then this isn’t the right application form for your needs. Please return to our website and choose the application form entitled Registration
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Holders 4. Advisory panel Vijay Phalnikar – Founder President Naresh Iyer – Vice President Sharad Fadnavis – Secretary Rajiv Padhye – Treasurer Mrs. Sadhana Phalnikar – Trustee Prof Anant Chakradeo – Trustee Prof Vijayanand Dushing – Trustee Uday Thite – Trustee Dr. Paresh Patel – Trustee Pratin Faye – Trustee Subash Parkhe – Trustee 5. Think-tank Mr. Dilip Prabhavalkar‚ well known Cine/TV artist Mr. Rakesh Sharma. Social Worker Mrs. Pushpatai Wagle 6. Associations No Associations 7. Publicity
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1. Introduction 1. Equity and Trusts * Equity is a particular body of law‚ consisting of rights and remedies‚ which evolved historically through the Courts of Chancery to mitigate the severity of the common law. * The trust has been characterised as the greatest and most distinctive achievement in equity although an exact definition of the trust has proven difficult. * Equity would recognise and enforce rights and duties that were not known to the common law. * E.g. the common
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Week 4 Tutorial - Types of Business Associations Partnership Complexity The process of establishing a partnership is informal and inexpensive. Commonly established under a written contract but at times can be established simply without any express oral or written consent‚ so long as it satisfies the definition outlined in section 1.1 of the partnership act: “Partnership is the relation which exists between persons carrying on a business in common with a view of profit” Advantage(A) Enjoys
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beneficiaries’ entitlement to the trust property or income (or both)‚ and the way in which this is fulfilled‚ is fixed by the trust deed. The trustee has no discretion to alter the prescribed entitlement of the beneficiaries. Very few trusts (if any) are wholly fixed because the trustee generally has some element of discretion.l Discretionary trusts The trustee has a discretion as to how the income or capital (or both) is distributed between the beneficiaries or different classes of beneficiaries
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Cindy Y N Dot Y Y Balance N n/a Who assessed Lindy Trustee Cindy Trustee Trustee Section(s) applicable 97 98 97/101 98 99 Amount $ 30‚000 20‚000 36‚000 17‚500 16‚500 120‚000 (b) 6 marks (2 marks per trustee assessment – deduct 1 mark per error) Tax payable by Trustee Sec 98 Trustee a/c Rock Tax on $20‚000 Medicare Levy Less Low Income Offset 15% x (20‚000 -6‚000) 10% x (20‚000 – 18‚488) $ 2‚100.00 151.20 2‚251‚20 1‚500.00 751.20 Sec 98 Trustee a/c Dot Tax on $17‚500 Medicare Levy Less Low Income
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chapter 11‚ without the appointment of a case trustee. A debtor will remain a debtor in possession until the debtor’s plan of reorganization is confirmed‚ the debtor’s case is dismissed or converted to chapter 7‚ or a chapter 11 trustee is appointed. The appointment or election of a trustee occurs only in a small number of cases. Generally‚ the debtor‚ as "debtor in possession‚" operates the business and performs many of the functions that a trustee performs in cases under other chapters. 11 U.S
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Essay Question: “My Lords‚ there are two issues in this appeal. The first is concerned with the nature of the so-called “Quistclose trust” and the requirements for its creation. The second arises only if the first is answered adversely to the appellant. It is whether his conduct renders him liable for having assisted in a breach of trust.” Lord Millett in Twinsectra Ltd v Yardley and Others [2002] 2 AC 164 at paragraph 52. Critically analyse Lord Millett’s views on the two issues referred
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person (called trustee) to deal with property over which he/she has control (trust property) for the benefit of persons (called beneficiaries) of whom he/she may be one (but not sole)‚ and any one of whom may enforce the obligation. • Note: Trust is not itself a legal entity. See further: Australian Corporate Law (4th ed‚ 2013) at pp 63-72 LEGT 2741 Anil Hargovan 2 Features of Trusts: • Formalities (settlor; trustee; the beneficiary; trust property) • Control/management (by trustee) • Liability
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