Business Law Assignment Brief
| Qualification | OTHM Level 4 Diploma in Law (610/1969/0) |
| Unit Reference Number | A/650/4968 |
| Unit Title | Business Law |
| Unit Level | 4 |
| Number of Credits | 20 |
| Total Qualification Time (TQT) | 200 hours |
| Guided Learning Hours (GLH) | 100 hours |
| Mandatory / Optional | Mandatory |
| Sector Subject Area (SSA) | 15.5 Law and legal services |
| Unit Grading Type | Pass / Fail |
Unit Aims
This unit aims to inform learners about the requirements and structures various types of business. The formation and dissolution of partnerships, limited liability partnerships and companies will be a focus of the unit. Learners will also be introduced to the concepts of unlimited liability and limited liability, as they apply to the various business organisations studied. The unit will also provide information on the agency powers specific to various business structures, along with associated labilities.
Learning Outcomes, Assessment Criteria and Indicative Content
| Learning Outcomes – The learner will: | Assessment Criteria – The learner can: | Indicative content |
| 1. Understand the principles of partnership law. | 1.1 Explain different types of partnership. 1.2 Describe the concept of limited and unlimited liability. 1.3 Explain how partnerships are formed and terminated. 1.4 Define the powers and liabilities of partners. 1.5 Analyse the formalities of forming and dissolving a Limited Liability Partnership. | ● Sole traders
● Partnerships under the Partnerships Act 1890 (PA) ● Partnership formed when two or more people agree to run a business together and carry out that agreement. ● Written agreement not required but preferable, particularly if parties wish to override statutory implications. E.g. Partnership Act 1890 ● Reasons for dissolution of the partnership, including death, illegality etc. PA 1890- every partner is an agent of the firm and his other partners. ● Liability of incoming partners and retiring partners ● Retiring partner avoidance of liability on future contracts ● Sole traders, partnerships, and personal liability ● Limited Liability Partnerships (LLP), Limited Liability Partnership Act 2000, members cannot lose more than they invested ● The LLP is a separate legal person from its members. ● LLP has the tax status of partnership with limited liability for members. ● Effects of the dissolution of the partnership. |
| 2. Understand how to form a company. | 2.1 Explain the formal requirements of company registration. 2.2 Describe the difference between private and public companies. 2.3 Analyse the doctrine of incorporation. 2.4 Explain when the veil of incorporation may be lifted. 2.5 Evaluate the role of company directors. | ● A company has a separate legal personality from its members.
● The company, as an artificial person ● The doctrine of incorporation ● The company is liable on all its debts and contracts. ● Lifting the veil of incorporation ● Companies limit the liability of members to specified amounts in the event of winding up ● Company limited by shares ● Company limited by guarantee ● A Public Company, the constitution states it is public, and it has met required registration necessary for a public company under the Companies Act 2006. ● Different types of company director; de facto, shadow director and managing director ● Directors are agents of the company, not the members agents ● Directors’ statutory duties to the company under the Companies Act 2006, including reasonable skill, care and diligence, avoid conflicts of interest and declare an interest in a proposed agreement. |
| 3. Understand the agency powers created within Limited Liability Partnership’s and Companies. | 3.1 Describe the ways in which an agency relationship may be created. 3.2 Explain the powers and authority of an agent. 3.3 Evaluate the agency powers and liabilities of a partner in a partnership 3.4 Evaluate the agency powers of a partner in a limited liability partnership. 3.5 Analyse the agency powers and liabilities of a company director. 3.6 Recommend legal solutions for resolving a range of disputes, using examples to demonstrate how a party might obtain legal advice and support. | ● Creation of agency relationships
● The agent and the principal fiduciary relationship ● Agency through express authority and implied authority ● Agency through ratification ● Apparent authority of an agent ● The duties of an agent to the principal, including obeying the principals instructions, avoiding secret profits and conflicts of interest ● Partners are agents of the firm and agents of the other partners. ● Partners have actual and usual authority to bind each other in contracts and torts. ● Vicarious liability of partners ● Each partner is an agent of the partnership, they can bind the other partner/s to contracts. ● As with usual rules of agency, the partner only binds partnership if has authority to make the transaction/contract. ● Company directors as agents of the company. ● A company director has actual or usual authority to bind the company. ● Company director’s apparent authority through holding out or estoppel. ● Limited Liability Partnership, every member is an agent of the LLP. ● The LLP is bound by members’ acts according to rules of agency. |
Assessment
To achieve a ‘pass’ for this unit, learners must provide evidence to demonstrate that they have fulfilled all the learning outcomes and meet the standards specified by all assessment criteria.
| Learning Outcomes to be met | Assessment criteria to be covered | Type of assessment | Word count (approx. length) |
| All 1 to 3 | All ACs under LO1 to LO3 | Portfolio of evidence | 3000 words |
Indicative Reading List
- Business Law, Sixth Edition, James Marson, Katy Ferris, May 2020, OUP
- Business Law, Ninth Edition, Ewan Macintyre, Pearson
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