Company Law Australia Law Case Study Research Paper (Case Study Sample)
Company law in australiasource..
Commercial Law II
Separate legal entity
Under section 1.5. I of the Corporations Act of Australia, a company has a separate legal entity which distinguishes it from its investors, managers, employees, agents, and operators. Further, a company can own its own property and sign documents under its seal. On the other hand, section 1.3 of the Partnership Act of Australia defines as an association formed by people who carry business as partners and carries the business under a registered name. Unlike a company, a partnership is not a separate legal entity. The disadvantage of the partnership is that it does not protect the partners from liability and they can be forced to use their personal assets to pay for the debts of the company. Unlike companies, partnerships are not required to disclose their profits or losses to the public are hence enjoy a wide scope of secrecy compared to the companies which are disclose their losses, profits, names and addresses of their board of directors. Companies do not enjoy any meanful privacy since the media always monitor their activities and government because of the overriding public interest as held in the case of Wellesley Partners LLP v Withers LLP.[Tony Ciro and Christopher F Symes, Corporations Law (Thomson Reuters (Professional) Australia Limited, 2012).] [Wellesley partners LLP v Withers LLP  EWCA Civ 1146]
The partnership is not distinct from its owners. In section 97, if a partner commits an offense during the course of the business operations, each partner in the partnership is liable to pay the fines. Compared to the company, a company is a legal distinct separate entity and when it commits an offense, its license can be revoked, and individual charges pursued against its directors and not its shareholders.
Continuity of existence/perpetual succession
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