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Course Name: MASTER OF PROFESSIONAL ACCOUNTING /GRADUATE DIPLOLA OF ACCOUNTING Unit Code: MA506/GA506 Unit Title: Business and Company Law Assessment Type: Individual Assignment Trimester 2 2017 Assessment Title: MA506/GA506 Business and Company Law – ASSIGNMENT Weight: 20 Total Marks: 20 Word limit 2000 words Release Date: 24/07/2017 Due Date: 06/10/2017, 1.30pm sharp prior to the beginning of the lecture in Room 512 for hard copy AND you must submit the corresponding soft copy before 1.30pm on the same day via Moodle. Submission Guidelines: This assignment should be completed individually. All work must be submitted via Turnitin by the due date along with a completed Assignment Cover Page. The assignment must be in Ms Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings. Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA referencing style. Extension If an extension of time to submit work is required, a Special Consideration Application must be submitted directly to the School’s Administration Officer, in Melbourne on Level 6 or in Sydney on Level 7. You must submit this application three working days prior to the due date of the assignment. Further information is available at: http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/specialconsiderationdeferment Assignment Cover Sheet Student ID Number/s: Student Surname/s: Given name/s: Course: School: Unit code: Unit title: Due date: Date submitted: Campus: Lecturer: Tutor: All work must be submitted via Turnitin by the due date. If an extension of time to submit work is required, a Special Consideration Application must be submitted. Further information is available at: http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/specialconsiderationdeferment Academic Misconduct Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at: http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure. For further information please refer to the Academic Integrity Section in your Unit Description. Student Declaration I/We declare that: the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made; certify that this assessment has not been submitted previously for academic credit in this or any other course; I/we have read the MITs Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism; a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration when preparing this assignment. Student Signature: Date: Group member 1: Group member 2: Group member 3: Group member 4: The assignments will be marked on the following basis: Criteria Percentage of marks awarded 1. Depth of understanding of the topic and identification of relevant issues. 2. Awareness accuracy of the nature and content of relevant law. 3. Clarity and coherence of the analysis and quality of discussion and argument. 60 per cent Writing and communication skills 20 per cent Research skills 20 per cent Referencing Students are reminded that they will lose marks if they merely reproduce passages copied word for word from texts and other references without attempting to convey information and express ideas in their own words. Of course, this does not preclude the intelligent use of relevant quotations in respect of which proper references are given. It should be noted that the references must be given in respect of all material included in the assignment. References are not to be confined to situations in which the writer is citing a particular case or using a direct quotation. For example, if the writer is putting forward a legal proposition or using a statement or idea drawn from a specific source, that source must be acknowledged by reference. It is essential that references be properly acknowledged at all times and marks will be deducted if this is not done. References may be acknowledged within the assignment text, (using in-text or Harvard referencing) or by footnoting throughout the assignment, by giving details of the references by way of numbered footnotes at the bottom of the relevant page. Note carefully that proper and consistent referencing must be followed. When referring to cases, the full case citation must be given. Plagiarism Plagiarism is taking another persons ideas and presenting them as your own, that is, without acknowledging the original source. You must acknowledge your sources of information including both direct and indirect quotations. A direct quotation must always be in inverted commas or in another style that indicates that it is a direct quotation. Your assignment must not consist of only quotations. Plagiarism is regarded as a form of theft or cheating. It is a serious offence and will be dealt with seriously, including a fail grade in this subject. Melbourne Institute of Technology Pty Ltd MINIMUM WORD COUNT = 2,000; MARKS AWARDED 20% Student ID: Name: Rose, Mary, Violet and Sonny are the best of mates. Rose and Mary run the Busy Bee Florist Shop in partnership with each other. Due to a long drought and unseasonal weather, the business bank account is overdrawn and the Friendly Bank is refusing to honour any more cheques. Rose approaches Violet for a loan in return for a share in the business. Violet agrees to lend the partnership $20,000 in exchange for the drawing up of a loan agreement which was to document, among other things, the following terms: The lender will receive a share of the profits and losses to the extent of 20 per cent. The lender has a right to examine the partnership books at will. The lender has a right to receive a quarterly business statement. The money advanced is a loan and the lender is not to be regarded as a partner of the business. Rose executes the loan document, as requested, prior to Violet advancing the money. Both parties signed the loan document. Meanwhile Mary approaches Sonny, who is also their employee, for a loan. Sonny agrees to lend $10,000 to Mary but he requires some interest on the loan. A deal is struck which results in Sonny receiving his salary plus a one-eighth share of the net profit (or a one-eighth share of the firms losses) in consideration for making a loan to the firm. Rose and Mary inform the Friendly Bank that Violet and Sonny are now partners in the Busy Bee Florist Shop. Business continues to decline and Rose and Mary secretly decide to take an extended holiday in the Congo Basin. Both Violet and Sonny were unaware of the large debt owing to Friendly Bank and believed the purpose of their loans was to expand the business of the Busy Bee Florist Shop. Friendly Bank seeks to recover debts owing by the Busy Bee Florist Shop from Rose and Mary. Advise Violet and Sonny of their potential liability to Friendly Bank in relation to the Busy Bee Florist Shop. Note: You will need to refer to case law and legislation to answer this question adequately. _______________________________________
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