appropriate section headings January 28, 2021 postadmin Post in Uncategorized Instructions: Please read and re-read carefully to avoid mistakes. The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using the AGLC style. All reports are expected to observe proper referencing in accordance with the Australian Guide to Legal Citation (AGLC). A copy of the AGLC has been posted in the Week 2 tutorial folder. You may also download a copy for free via this link: Click to access AGLC4-with-Bookmarks-1.pdf Any assignment that is found to contain fake or bogus references or references that are clearly irrelevant to the subject matter of the assignment will receive an automatic zero (0) mark. Instructions: Please read and re-read carefully to avoid mistakes. The total word limit for the group report is a maximum word count of 1,000 words. Word count limits are strictly enforced. A deduction of two (2) marks will be imposed for every 50 words over the word count for either part of the report. Anything over the word count will not be read by your lecturer. The total word count for the report as well as each part must be clearly written on the cover sheet of the assignment. A paper will not be marked if the word counts are not written on the cover sheet. Marking criteriaWeighting (%)Report– Identification of material facts involved in problem question8%– Identification of legal issues / legal question and relevant law10%– Thorough yet succinct application of law to material facts10%–Citation and referencing8%–Professional quality4%TOTAL Weight40% Business Structures question Read the questions below on Business Structures. In 1,000 words (+/- 10% is allowed), answer the chosen given question. A minimum of 3 genuine and relevant Australian legal references are required for this part of the report. Examples of relevant references for this question include the Corporations Act 2001 (Cth); the Australian and Securities and Investment Commission’s (ASIC) website (www.asic.gov.au), the website of the Australian Business Register’s (ABR) website (www.abr.gov.au). The full citations for all sources cited in your answer must be listed in a Reference list at the end of the Part B question. In addition, any online sources cited in your answer and listed in your Reference List must include a valid hyperlink that allows access to the full text of the source. Congratulations! You have secured a graduate position with a large firm of corporate advisers. Jessica, a partner in the practice, asks you to attend an 8 am meeting on Monday with herself and Julian Harris, a longstanding client of the firm. You will be required to take notes and prepare answers to Julian’s queries. Julian Harris is married to Samantha Patel. They have one child, Pauline, who attends a local private school. Julian is very entrepreneurial and has been running a second-hand and vintage clothing business in Dandenong, Victoria, by himself as a sole trader for the past five years under the business name of Retrofit. A lot of Julian’s customers are other businesses, both local and overseas. Turnover was $285 000 in the first year and has now grown to over $3 million per annum. The business operates from rented premises, but Julian would prefer to buy a building. Currently, Retrofit employs eight staff. Julian has plans to expand the business further. He also wants to diversify into food and catering in the near to medium term. Julian’s mother, Bev, is a retired accountant and he regularly asks her for advice. Bev suggested recently that Julian should structure his business as a company. Julian is unsure about this. He makes an appointment to see Jessica. Prior to the meeting, you review Julian’s file and note that he and Samantha have the following assets. A family home in Hawthorn with a market value of $1.25 million. There is a mortgage on the property of $561,000. The house is owned by Samantha. The house was previously owned by Julian and Samantha, but when Julian started up his business, it was decided to transfer the house solely to Samantha for asset protection reasons. A share portfolio. Julian and Samantha jointly own 1000 Telstra shares, which cost them $3.30 per share, and 500 Commonwealth Bank shares, which they bought when they first married. The Commonwealth Bank shares cost them $10.90 per share. The Telstra shares are currently worth $3.09 per share and the Commonwealth Bank shares are worth $61.00 per share. The shares are intended as an investment for Pauline — they will be given to her when she turns 21. Julian and Samantha also jointly own a portfolio of blue chip Australian shares currently valued at $145,957. Two motor vehicles. Samantha owns a BMW Series 7 worth $135 000. Julian owns a VW Transporter Van worth $18,000, which he uses for the business. Office furniture and equipment. During the course of the year, Julian bought computers, desks, other office furniture and shelving for the business which cost him approximately $23 000. Their current value in the financial accounts is $8650. Superannuation. Julian has $190,568 in superannuation and Samantha has $136,000 in superannuation. In addition, Samantha works as a sales and marketing manager in the city for a financial services company. She is on a total salary package of $155,000. At the meeting, Julian hands over last financial year’s business results and his draft budget of sales and expenses for the coming financial year. The budget for the new year shows expected sales of $3,764,000 and a net profit of $637,979. Issues to be considered During the meeting, Julian has a number of questions relating to important issues surrounding the future of his business. The issues arising include the following. What options does Julian have to structure the Retrofit business? Julian still wants to run the business — he wants to be in control. How would other business structures differ from just Julian as a sole trader? Is Bev correct to suggest that Julian should set up a company to run the business? Why? What are the advantages and disadvantages of the different types of business structure? Marking Rubric Group Report Total marksExcellentGoodavailable: 20 marksper questionIdentification of7.5 to 8 marks6 to 7 marksmaterial factsinvolved in problemCompletelyIdentifies most ofquestionidentifies allthe relevant factsrelevant facts ofof case(8 marks)case Satisfactory 4 to 5.5 marks Identifies the basic relevant facts of the case but misses other relevant facts Unsatisfactory Below 4 marks Does not identify relevant facts of case Identification of9 to 10 marks7 to 8 markslegal issues / legalquestion andCorrectly identifiesIssues correctlyrelevant lawall relevant legalidentified, butissues and aremay contain(10 marks)stated in the formextraneousof questions.information andare not stated inCorrectly identifiesthe form ofrelevant andquestions.appropriate legalrules and case law,Legal rules andand states them incase law correctlythe form ofidentified, butstatementsmay containextraneous infoand are not in theform ofstatements.Thorough yet9 to 10 marks7 to 8 markssuccinct applicationof law to materialCorrectly identifiesCorrectlyfactsfacts; well-identifies facts.reasonedNot well(10 marks)discussion relatingreasoned.facts to the rulesand case law.Citation and7.5 to 8 marks6 to 7 marksreferencing(including minimumCorrectly citesHas minimum of 6number ofminimum of 6references; or hasreferences)references, in-textoccasional errorsand in referencein formatting of(8 marks)list.in-text citationsand reference list 5 to 6 marksBelow 5 marksIssues are notIdentifies incorrect orcompletelyirrelevant issues.identified.Identifies incorrect orLegal rules andirrelevant legal rulescase law notand case law.correctlyidentified. 5 to 6 marksBelow 5 marksFacts not correctlyScant to no analysis.identified.Analysisincoherent.4 to 5.5 marksBelow 4 marksDoes not haveNo referencing eitherminimum of 6in-text or in referencereferences orlist; or citescontains errors ininappropriateformatting of in-references; or alltext citations andreferences not cited inreference listthe correct format. Professional quality3.75 to 4 marks3 to 3.5 marks2.5 to 2.75 marksBelow 2 marksincluding languageuse and writingProfessionalSome mistakes.Many mistakes.Reflects no real effort.stylelanguage. NoDoes not detractDetracts fromgrammatical,fromunderstanding.(4 marks)punctuation orunderstanding.Sloppy.spelling errors.DeductionsExcess word count(1 mark for every 25words over)Under the wordlimit (1 mark forevery 25 wordunder)Lacks minimum of 6references (1 markfor every missingreference)