One way to approach answering legal problems - the IRAC Method ISSUE - means the legal question which has to be resolved based on the facts of the question. The issue may be narrowed by eliminating other possible contentious elements - allowing you to concentrate on the more controversial aspects of the problem. The issue usually dictates the most appropriate remedy. RULE - the relevant law or key legal principle which would resolve the problem. The rule was backed up by an authority that is, the place where that rule was authoritatively stated - normally the court and the report that decision was reported in. APPLICATION/Analysis Apply relevant law to the facts of the problem. Break the rule down into its constituent elements and attempt to satisfy each element in turn. Look at previous decisions, that is, precedent (previous cases). The application stage is where you argue and put forward a balanced case, that is, discuss both sides of an argument. CONCLUSION it is necessary to come to a conclusion about the issues and arguments you have considered in your answer. Glossary: Match the terms on the left associated with those on the right ( A- N). 1. Sole Trader A. Where a person is liable to the extent of their personal assets. That is where the individual is liable for the whole of the debt. 2. Trust B. Partners is a partnership have unlimited personal liability. That is they are liable to the extent of their personal assets. (unless they are a partner in a Limited Partnership or an Incorporated Limited Liability Partnership). 3. Unlimited Liability D. joint liability is combined liability where persons have a proportionate share of loss 50% or 10% of the whole of the debt, while several liability is individual or personal liability for the whole of the debt or loss. 4. Limited liability E. A single person undertaking a business activity or enterprise for profit. 5. Unincorporated Association F. Where a entity or trader wishes to trade under a different name that their own name the can register a business name under the Business Name Registration Act 2012 (Cth).

6.Incorporated Association G. Refers to the legal protection provided by the corporate veil to shareholders. These persons are not liable for the debts and liabilities of the company and essentially their liability is limited to the amount they have invested shares in the company 7.Joint Venture H. .... an obligation enforceable in equity which rests on a person (the trustee) as owner of some specific property (the trust property) to deal with that property for the benefit of another person (the beneficiary) or for the advancement of certain purposes". 8. Partnership I. groups or bodies of persons who have combined to further some common end or interest which may be social, sporting, political, scientific, religious, artistic or humanitarian in character and who do not have private gain or private profit. 9. Joint and several liability J. "association" which means as association, society, club, institution or body formed or carried on for any lawful purpose that is registered pursuant to an Act of parliament (Associations Incorporation reform Act 2012 (Vic)) or created by an act of Parliament. 10. Business name K. A separate legal entity managed by directors and owned by shareholders. 11. Partners liability L. a relationship involving authority of one person (the agent) to create or affect the legal relations (a contract) of another person (the principal) with an outsider. (third party). 12. Company M. Consists of persons engaging in a business in common with a view to profit: s5 Partnership Act 1958 (Vic). 13. Agency N. an association of persons, natural or corporate, who agree by contract to engage in some common, usually ad hoc enterprise for joint profit by combining their respective resources, without, however, forming a partnership in the legal sense, or corporation; their ventures each of whom is both principle and agent as to the others within the scope of the venture over which each venturer exercise some degree of control. 1. What is incorporation process? 2. Define the phases and steps of incorporating a company? 3. What immediate post-registration obligation s need to be met? 4. What are the consequences of register a company?