assignment is divided in to two parts. Each part consists of two separate
answers to the questions related to business law.
According to Bankowski,
MacCormick, and Marshall(2016), with reference to the English legal system, “common
law” is stated as the law that involves judges to apply law equivalent across
the region. The common law is derived from customs and precedents whereas the
statute refers to the primary source of law that involves the acts of
parliament, statutory instruments, and orders in the council (Postema 2019).
The common law
refers to the rules that allow the region to be governed for the human
behaviour and activities within a civilized society (Llewellyn, 2016). For the
common law explanation it could be stated that the doctrine of binding
precedent allows the courts to apply principles on the basis of the previous
cases or the court of records involving both substantive and procedural rules. Whereas
a statute refers to a formal writing that states the legislative authority
to have the capability to govern the legal entities of a state. This involves
the command or the prohibition that is mentioned in the statue law to declare a
policy in a region.
The common law may be replaced by the legislation or the statute where the offences like of theft require Theft Acts 1968 and penalties for the murder require legislation under statutes such as the Homicide Act 1957 (Postema, 2019). This explains that for the common law the judges have limitatiosn for the reforms that are derived from the statute. This means that the parliament has the capability for change where the need for change involves the consultation by the Law Commission and reviewing on the old or inadequate laws.
Tribunal for a
person or an institute is the ability to judge and advocate a claim or a
dispute (McEldowney 2018). In the recent times, the increase in the use of
tribunals allows the individuals or the institutions to address the legal issue
through various approaches.
Following are the
advantages and disadvantages for using the tribunal (Farmer 2019):
For the companies
to set up business, the approaches involve going public or operating as a
private entity. As the businesses have the opportunities for both forms of
operations, the Public Limited Company (PLC) and a Limited Liability Company
(LTD) carry distinctive attributes, which may have both advantages and
disadvantages to set up a business.
liabilities companies in the UK are legal entities that own assets,
liabilities, and profits with limited liability protection features (Morrison
2019). This involves the features for the operational flexibility of a
partnership and tax efficiency. No taxation is involved for LLC owners as it is
for a separate business entity and offers members with complete liability
protection (Morrison 2019). The LLC owners carry no personal liabilities and allow
the members to state profits and losses on personal federal tax returns.
On the other hand,
the public companies have own profits, assets, and liabilities where the shares
are freely sold and traded to the general public in the public domain (Geng
2018). This involves the stock exchange for the encouragement of public
investment and requires incorporation of Companies House.
Both the entities
carry differences due to the offer for share sold to general public in public
entities, requirement for directors (public require two where as private
requires one), and the limitation for the shares that public companies cannot
buy their own shares (Geng 2018).
The following table consists of the advantages and disadvantages for both LLC and PLC (Bharadwaj 2020):
Studying the case
of “Mohamud v WM Morrison Supermarkets plc  UKSC 1”, it has been identified that the court rejected
the claim of Mohamud in favour of the employer. Following are the reasons for
the decision (Lam 2017):
Carry no restriction on the number of members
Flexibility among the members for management structure
No requirement for the annual paperwork
No owner is personally liable for the business liabilities and debts
Have operational capacity
Shares open for public
Accurate representation of current financial position, profits, and tax responsibilities.
Difficult to transfer ownership
Increased conflict due to different directions
Potential for Loss of Control
Vulnerable stock market
Increased legal implications
MacCormick, D.N. and Marshall, G., 2016. Precedent in the United Kingdom.
In Interpreting Precedents (pp. 315-354). Routledge.
2020. Contents of Memorandum of Association: Name Clause.
2019. Representing Yourself In Court (CAN): How to Win Your Case on Your
Own. Self-Counsel Press.
2018. What are the corporate governance challenges for family businesses?:
A comparison of the United Kingdom and China (Doctoral dissertation,
Lam, J., 2017.
Vicarious Liability for Assaults after Mohamud v Wm Morrison Supermarkets
PLC. HKJ Legal Stud., 11, p.1.
2016. The common law tradition: deciding appeals (Vol. 16). Quid Pro
2018. 13 The UK Supreme Court and Parliament. New Challenges to
Constitutional Adjudication in Europe: A Comparative Perspective, p.31.
Morrison, K., 2019.
Theory of the Firm and the Law'. Management for Scientists. Emerald
Publishing Limited, pp.17-31.
2019. Bentham and the common law tradition. Oxford University Press.
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