LAW604 Law Of Association I Assignment Answers Malaysia

LAW604 Law Of Association I course is designed to provide students with an understanding of the law of associations in Malaysia. The course covers the legal framework within which associations operate, their internal organization and management, and their relations with members, employees, and outsiders. The course also covers the registration of associations and the regulation of their activities. In this course, students will learn about the legal rules governing the formation, operation, and dissolution of associations in Malaysia. By the end of the course, students will be able to identify the key legal issues that arise in the context of associations and be familiar with the relevant laws and regulations.

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Assignment Task 1: Explain and discuss the principles underlying the law of partnerships and associations.

Malaysia is a country located in Southeast Asia. The law of partnerships and associations in Malaysia is based on the English common law of partnership. A partnership is defined as “an association of two or more persons to carry on, as co-owners, a business for profit”[1]. An association is defined as “a voluntary organization unincorporated and not registered under any law”[2]. There are four main principles that underpin the law of partnerships and associations in Malaysia. These are:

1. Partnership is a contract – A partnership is formed when two or more people agree to carry on business together with the intention of making a profit. This agreement must be in writing and signed by all parties. The partnership agreement will set out the roles and responsibilities of each partner, as well as the profit-sharing arrangement.
2. Each partner is an agent of the firm – Which means that each partner has the authority to bind the firm in contracts with third parties. This authority may be expressed or implied from the nature of the partnership agreement.
3. Partners are jointly and severally liable for debts of the firm – This means that each partner is liable for all debts incurred by the firm, even if they were not personally responsible for incurring them. This liability exists even if the debt was incurred by another partner without the knowledge or consent of the other partners.
4. Partnerships are terminated upon death or withdrawal of a partner – A partnership will automatically terminate upon the death or withdrawal of a partner unless there is an agreement to the contrary. Upon termination, all assets and liabilities of the firm will be transferred to the remaining partners.

These are the four main principles that underpin the law of partnerships and associations in Malaysia.

Assignment Task 2: Analyze legal issues and problems surrounding the area of partnership corporate structure.

When two or more people go into business together, they will often do so by forming a partnership. A partnership is a legal relationship between two or more people who agree to share the profits and losses of a business venture. Partnerships can be either general partnerships or limited partnerships. In a general partnership, all partners are equally liable for the debts of the partnership. In a limited partnership, there is at least one general partner who is liable for the debts of the partnership, and there are also one or more limited partners who are only liable for the debts of the partnership up to the amount of their investment.

There are several legal issues and problems that can arise in the context of partnerships.

1. One issue is that of partner liability. Partners are jointly and severally liable for the debts of the partnership, which means that each partner is liable for all debts incurred by the partnership, even if they were not personally responsible for incurring them. This can be a problem if one partner incurs a large debt without the knowledge or consent of the other partners.
2. Another issue is that of partner authority. Each partner has the authority to bind the firm in contracts with third parties, which means that a partner can enter into a contract on behalf of the partnership without the knowledge or consent of the other partners. This can be a problem if a partner enters into a contract that is not in the best interests of the partnership.
3. Finally, there is the issue of partner withdrawal. A partner can withdraw from a partnership at any time, which can disrupt the business and make it difficult for the remaining partners to continue operating.

These are just some of the legal issues and problems that can arise in the context of partnerships. It is important for potential partners to be aware of these issues and to consult with a lawyer before entering into a partnership agreement.

Assignment Task 3: Synthesize and evaluate the law and synthesize and evaluate the law relating to partnership and corporate structure.

The law of partnerships and associations in Malaysia is governed by the Partnership Act 1961 and the Companies Act 1965. The Partnership Act 1961 sets out the legal framework for partnerships and associations, and the Companies Act 1965 sets out the legal framework for companies.

Under the Partnership Act 1961, a partnership is defined as an association of two or more persons to carry on business in common with a view to profit. A partnership can be either a general partnership or a limited partnership. In a general partnership, all partners are jointly and severally liable for the debts of the partnership. In a limited partnership, there is at least one general partner who is liable for the debts of the partnership, and there are also one or more limited partners who are only liable for the debts of the partnership up to the amount of their investment.

The Companies Act 1965 sets out the legal framework for companies. A company is defined as a body corporate or an unincorporated association. A company can be either a public company or a private company. A public company is a company that is listed on the stock exchange, and a private company is a company that is not listed on the stock exchange.

Assignment Task 4: Explain the various types of companies in Malaysia & the liability of its members.

There are two types of companies in Malaysia, public companies and private companies. Public companies are companies that are listed on the stock exchange, and private companies are companies that are not listed on the stock exchange.

Under the Companies Act 1965, a public company is defined as a company that has a share capital of at least RM2 million and that is listed on the stock exchange. A private company is defined as a company that has a share capital of less than RM2 million and that is not listed on the stock exchange.

The liability of members of a public company is limited to the amount of their investment in the company. The liability of members of a private company is unlimited. This means that if a private company goes into debt, the members of the company will be liable for the debts of the company.

Assignment Task 5: Analyse the principles of company law to practical problems. Analyze and apply.

The principles of company law are the legal rules that govern the formation, operation, and dissolution of companies. These principles are set out in the Companies Act 1965.

• The principle of separate legal personality is a principle of company law that states that a company is a separate legal entity from its members. This means that the members of a company are not liable for the debts of the company. The principle of separate legal personality is enshrined in the Companies Act 1965.
• The principle of limited liability is a principle of company law that states that the liability of members of a company is limited to the amount of their investment in the company. This means that if a company goes into debt, the members of the company will not be liable for the debts of the company. The principle of limited liability is also enshrined in the Companies Act 1965.
• The principle of corporate governance is a principle of company law that states that the board of directors of a company is responsible for the management of the affairs of the company. The board of directors is elected by the shareholders of the company, and they are responsible for ensuring that the company complies with the law and that the affairs of the company are conducted in a manner that is in the best interests of the shareholders.
• The principle of disclosure is a principle of company law that states that a company must make its financial statements available to the public. This means that a company must disclose its income, expenses, assets, liabilities, and shareholder equity. The principle of disclosure is also enshrined in the Companies Act 1965.

These are some of the principles of company law that are relevant to practical problems.

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