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Understanding Business Law, 8'\" edition by Stephen Graw, David Parker, maximum Madam Christina Do Scenario-based Problem Questions with Guided Responses for Lecturers Created by David Newlyn and updated by David Parker download and make copies for classroom use is granted. Reproducing or distributing any material from this website for any other purpose requires written permission from the Publisher. 2017 Reed Intemationai Books Australia Pty Limited trading as LexfsNexis. Permission to ' Chapter 18: Companies: Creation and Operation Setting the Scene Gino is a builder who has successfully built up a business specialisiggin the construction of new suburban homes and renovation of existing buildings: mostly non-commercial properties. Gino personally owns the business, he employs his son and daughter in the business, his wife is employed as the accountant and ofce administrator and he employs some ve different tradespeople full time. Gino also uses many other workers on a casual basis or as subcontractors. He does not now do much physical work on buildings, but rather oversees work done, quotes for future work and generally xes up problems as they occur. Gino is now considering what structure and direction the business should operate under. He has lived through several downturns in the building sector, as well some boom times, and he has at times been involved in some expensive and protracted litigation, which has been personally very stressful. The business has more room to grow and the children are seeking to play a greater role in it. Ultimately, of course, Gino would like to retire and allow the family to run the business. Gino's youngest child Gina has completed a business degree. She does not work in the building business but is employed by a rm of accountants who also give business advice. Gina recommends that Gino should register a private company and allow himself, the children and his wife to become shareholders and potentially directors of the new company. Gina has advised that some thought should be given to whether non- family members might hold shares, and whether Gino wishes to retain some superior position within the company, since the company will need to have some rm rules if this is the case. She advises that Gino will also need to understand that he is virtually selling his business to a corporate entity he will no longer own the property in the business and that if he takes on a role as director there are some considerable legal implications in terms of his duties and potential liabilities. Nevertheless registering a company will allow for considerable advantages in growing, managing and ultimately protecting the interests of the family in participating in this family business. Discussion Questions for Chapter 18 1. List the main advantages and disadvantages for Gino should he choose to establish a company. 2. Describe the process Gino would need to undertake in order to establish a company. 3. How is the case of Salomon v Salomon & Co [1897] AC 22 relevant if Gino chooses to establish a company? 4. Proving reasons for your answer, would Gino need to have either a constitution andior replaceable rules if he chose to establish a company