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CONCEPT OF CORPORATE LAW

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 CORPORATE LAW

Introduction

In the business organisation, it is necessary to maintain the proper legislation for running the work procedure in the effective way. It assists the enterprise to run in the disciplinary way. The corporate law is all about the study of managing the environment, work procedure and many others in the workplace.  The study will focus on the legislative framework for developing the new organisation in the country of Australia. It will emphasise on the importance of setting different legal system for the different entities. The legal issues will be identified through this study. It will also provide recommendation for solving the problem of the newly established ventures in Australia.

1. Description of the regulatory context and legislative framework for establishing the new venture in Australia

Legislative framework

Before establishing the new organisation in the country of Australia, it is quite important factor to complete the legal procedures in the effective way. As mentioned by Strine (2014), the registration is the first procedure in order to establish the venture in Australia. As per the report of Australian Securities and Investment Commission (ASIC), before registration, it is necessary to set a name for the venture. After registering the name in the proper way, the business authority needs to maintain the principles, as they are new in the market. The corporate law assists the new enterprises for developing their business in the effective way. In order to establish the company, it is necessary to use the word ”Pty Ltd.” in time of filling the form of ASIC 410. The authority of the business venture needs to sign the form 201 of ASIC.

Regulatory context

In order to make the effective operation system in the organisation, the business authority should follow the legislation in the perfect way. As per the rule of corporate law, the age of company secretary should be above 18 years. As per the viewpoint of Phillips, Turco & Zuckerman (2013), the newly established organisations need to follow the report of the ASIC in time of appointing new employees in their venture. As per the CAC Act (Commonwealth Authorities and companies Act 1997), the officers of public sector need to maintain the act in the effective way. The CAC Act is comprised of

1.      Acting with diligence and care

2.      Complying with duties

3.      Acting in the good faith

4.      Using their position in the appropriate way

2. Significance of introducing separate legal system for different venture

The separate legal entity Moll (SLE) needs to have the owner and the name should be consisted of Pty Ltd. As asserted by (2015), the development of common law has been introduced for running the separate legal entity in the effective way. As few entities are considered as the SLE, the owner can take decision for removing the risks like employability issues and many others.
On the other hand, the authority of the venture has the right of setting their capital structure in the appropriate way. As per the Corporations Act 2001, section 213, the owner of the venture can take decision as per their condition in the market (Legislation.gov.au, 2001). Hence, the separate legal entities have the right of completing their job in the liberal way.

Benefits and Risks

The SLE has the right of taking decision for handling the situation of the venture. The directors of business can easily identify their advantages as the higher authority of the SLE completely tackles in their own way.

The main risk of Corporation law is that, it never provides the assurance of securing data in the appropriate way. Many times, the disclosure of the documents creates a big issue in the venture of SLE.

3. The internal management procedure

In order to run the business in the effective way, the internal management system should be handled in the appropriate way. In the opinion of Whish & Bailey (2015), the SLE needs to interact with their shareholders and employees in the appropriate way for managing their internal situation of the enterprise.

 As per the corporation law, it is necessary to discuss with the shareholders of the business and make an agreement with them as the shareholders like to invest money. If the separate legal ventures are able to increase their capital, they can expand their business. As per the CAC Act, section 46 (Commonwealth Authorities and companies Act 1997), the directors or the managers of the venture in the corporate sector need to interact with their employees for getting positive outcome. They needs to behave in the polite way as the employees can enjoy in time of working. The SLE needs to use the technologies for increasing the production in the appropriate way. The managers of the organisations should use the above-mentioned strategies for earning reputation in the contemporary merchandise market. 

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