62956 – Instructions: Please read and re-read carefully to avoid

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Instructions: read and re-read carefully to mistakes.- The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.- Reference sources must be cited in the text of the , and listed appropriately at the end in a reference list using the AGLC style. All reports are expected to observe proper in accordance with the Australian Guide to Legal Citation (AGLC). A copy of the AGLC has been posted in the Week 2 tutorial folder. You may also download a copy for free via this link:https://law.unimelb.edu.au/__data/assets/pdf_file/0005/3181325/AGLC4-with-Bookmarks-1.pdf- Any assignment that is found to contain fake or bogus references or references that are clearly irrelevant to the subject matter of the assignment will receive an automatic zero (0) mark.Instructions: Please read and re-read carefully to avoid mistakes.1. The total word limit for the group report is a maximum word count of 1,000 words. Word count limits are strictly enforced. A deduction of two (2) marks will be imposed for every 50 words over the word count for either part of the report. Anything over the word count will not be read by your lecturer.2. The total word count for the report as well as each part must be clearly on the cover sheet of the assignment. A paper will not be marked if the word counts are not written on the cover sheet. criteria Weighting (%)Report- Identification of material facts involved in problem 8%- Identification of legal issues / legal question and relevant law 10%- Thorough yet succinct application of law to material facts 10%- Citation and referencing 8%- Professional quality 4%TOTAL Weight 40%Business Structures question• Read the questions below on Business Structures.• In 1,000 words (+/- 10% is allowed), the chosen given question.• A minimum of 3 genuine and relevant Australian legal references are required for this part of the report. Examples of relevant references for this question include the Corporations Act 2001 (Cth); the Australian and Securities and Investment Commission’s (ASIC) website (www.asic.gov.au), the website of the Australian Business Register’s (ABR) website (www.abr.gov.au).• The full citations for all sources cited in your answer must be listed in a Reference list at the end of the Part B question.• In addition, any online sources cited in your answer and listed in your Reference List must include a valid hyperlink that allows access to the full text of the source.Congratulations! You have secured a graduate position with a large firm of corporate advisers. Jessica, a partner in the practice, asks you to attend an 8 am meeting on Monday with herself and Julian Harris, a longstanding client of the firm. You will be required to take notes and prepare answers to Julian’s queries.Julian Harris is married to Samantha Patel. They have one child, Pauline, who attends a local private school. Julian is very entrepreneurial and has been running a second-hand and vintage clothing business in Dandenong, Victoria, by himself as a sole trader for the past five years under the business name of Retrofit. A lot of Julian’s customers are other businesses, both local and overseas. Turnover was $285 000 in the first year and has now grown to over $3 million per annum.The business operates from rented premises, but Julian would prefer to buy a building. Currently, Retrofit employs eight staff. Julian has plans to expand the business further. He also wants to diversify into food and catering in the near to medium term.Julian’s mother, Bev, is a retired accountant and he regularly asks her for advice. Bev suggested recently that Julian should structure his business as a company. Julian is unsure about this. He makes an appointment to see Jessica.Prior to the meeting, you review Julian’s file and note that he and Samantha have the following assets.• A family home in Hawthorn with a market value of $1.25 million. There is a mortgage on the property of $561,000. The house is owned by Samantha. The house was previously owned by Julian and Samantha, but when Julian started up his business, it was decided to transfer the house solely to Samantha for asset protection reasons.• A share portfolio. Julian and Samantha jointly own 1000 Telstra shares, which cost them $3.30 per share, and 500 Commonwealth Bank shares, which they bought when they first married. The Commonwealth Bank shares cost them $10.90 per share. The Telstra shares are currently worth $3.09 per share and the Commonwealth Bank shares are worth $61.00 per share. The shares are intended as an investment forPauline — they will be given to her when she turns 21. Julian and Samantha alsojointly own a portfolio of blue chip Australian shares currently valued at $145,957.• Two motor vehicles. Samantha owns a BMW Series 7 worth $135 000. Julian owns a VW Transporter Van worth $18,000, which he uses for the business.• Office furniture and equipment. During the course of the year, Julian bought computers, desks, other office furniture and shelving for the business which cost him approximately $23 000. Their current value in the financial accounts is $8650.• Superannuation. Julian has $190,568 in superannuation and Samantha has $136,000 in superannuation.In addition, Samantha works as a sales and marketing manager in the city for a financial services company. She is on a total salary package of $155,000.At the meeting, Julian hands over last financial year’s business results and his draft budget of sales and expenses for the coming financial year. The budget for the new year shows expected sales of $3,764,000 and a net profit of $637,979.Issues to be consideredDuring the meeting, Julian has a number of questions relating to important issues surrounding the future of his business. The issues arising include the following.• What options does Julian have to structure the Retrofit business?• Julian still wants to run the business — he wants to be in control. How would other business• structures differ from just Julian as a sole trader?• Is Bev correct to suggest that Julian should set up a company to run the business? Why? What are the advantages and disadvantages of the different types of business structure?Marking RubricGroup ReportTotal marks Excellent Goodavailable: 20 marksper questionIdentification of 7.5 to 8 marks 6 to 7 marksmaterial factsinvolved in problem Completely Identifies most ofquestion identifies all the relevant factsrelevant facts of of case(8 marks) caseSatisfactory4 to 5.5 marksIdentifies the basic relevant facts of the case but misses other relevant factsUnsatisfactoryBelow 4 marksDoes not identify relevant facts of caseIdentification of 9 to 10 marks 7 to 8 markslegal issues / legalquestion and Correctly identifies Issues correctlyrelevant law all relevant legal identified, butissues and are may contain(10 marks) stated in the form extraneousof questions. information andare not stated inCorrectly identifies the form ofrelevant and questions.appropriate legalrules and case law, Legal rules andand states them in case law correctlythe form of identified, butstatements may containextraneous infoand are not in theform ofstatements.Thorough yet 9 to 10 marks 7 to 8 markssuccinct applicationof law to material Correctly identifies Correctlyfacts facts; well- identifies facts.reasoned Not well(10 marks) discussion relating reasoned.facts to the rulesand case law.Citation and 7.5 to 8 marks 6 to 7 marksreferencing(including minimum Correctly cites Has minimum of 6number of minimum of 6 references; or hasreferences) references, in-text occasional errorsand in reference in formatting of(8 marks) list. in-text citationsand reference list5 to 6 marks Below 5 marksIssues are not Identifies incorrect orcompletely irrelevant issues.identified.Identifies incorrect orLegal rules and irrelevant legal rulescase law not and case law.correctlyidentified.5 to 6 marks Below 5 marksFacts not correctly Scant to no analysis.identified.Analysisincoherent.4 to 5.5 marks Below 4 marksDoes not have No referencing eitherminimum of 6 in-text or in referencereferences or list; or citescontains errors in inappropriateformatting of in- references; or alltext citations and references not cited inreference list the correct format.Professional quality 3.75 to 4 marks 3 to 3.5 marks 2.5 to 2.75 marks Below 2 marksincluding languageuse and writing Professional Some mistakes. Many mistakes. Reflects no real effort.style language. No Does not detract Detracts fromgrammatical, from understanding.(4 marks) punctuation or understanding. Sloppy.spelling errors.DeductionsExcess word count(1 mark for every 25words over)Under the wordlimit (1 mark forevery 25 wordunder)Lacks minimum of 6references (1 markfor every missingreference)

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