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Business Law- Definition of Corporate Group

University: Australian National University

  • Unit No: 8
  • Level: Diploma
  • Pages: 4 / Words 1045
  • Paper Type: Dissertation
  • Course Code:
  • Downloads: 589
Question :

Business is a performance of work which helps the individual to gain money and for complying a perfect business it is important that the companies and the corporates being working should follow all the rules of business law in their work and this company or corporate law helps to regulate the corporate group for the business and enterprise.

  • What is the role of business law in a company?
  • Explain the contribution of company law in the corporate group?
  • Is it necessary that company law should comply with corporate group?
Answer :
Organization Selected : Woolworths and Coles

Business law comprises of the body of law which covers all the branches of civil law and contains all the issues raised in both public and private sector. It can also be named as corporate law as it includes all the rights, conducts, trade and sale of business. Business law helps the individual to make it easily adaptable for all to make run a business or a corporate firm by their rules embodied. it covers intellectual property right, contract law, employment law, money laundering in which contract law is when their is an agreement between the parties for any specific obligation, IPR protects the creation of the individual that may be in a form of copyright, trademark etc. Employment law governs the relation between the employees and employers and so as with the functionality of business law all the corporate groups tries to make it embodied with general laws and norms it covers the set of rules and have all the fixed rights and duties that needs to be kept in mind for the working of any company. Corporate law plays an important role in the civil laws and all the agreement and new relation of the company as it can be framed that when these companies tries to make an sole proprietor for making it overlook in the wider segment they all work together as a single sole proprietor or company as a group which embarks as a corporate group and it has to follow all the rules made by the corporate law as it has a same working just like other organisation.

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A Corporate group is a group which have more than one company which works with a common control system and it also covers their own personal economic entity mainly the corporate group is being set for the tax laws and also for several accounting where the main function is that with the help of company law corporate group will provide their rights and duties for all the companies and individual. A corporate group makes their own single legal entity which does not cover the shareholders. All the obligations in a corporate group can be performed by the corporate group there is no involvement of shareholders required. It mainly be classified as the group of certain business or companies which have same administrative and financial control and all the members of the corporate group are connected with same commercial or usual background. There are certain implications in all the organisation and body of rules these corporate body works in a single entity. Corporate law governs various rules which are made for the companies as the way through which a company is framed and its general implications its various liabilities and control all the things are to be covered by the corporate law and in corporate groups these companies who works together have same working laws govern for others as even though all the corporate groups work together so they have a separate legal personality in the corporation which is being governed according to the business law and rules being framed. The corporate groups has various entities with their further jurisdiction for the incorporation and there participation and agreements with various firms and companies will be framed and moved to certain single corporate names that means even though all the companies are working have their own name and findings but when they frame together it covers all the emphasis focus on the single name of the company. It contains various Auditors who might be an employee or the contractor of the group and these auditors works on behalf of all the corporate groups whether that may be a firm or any corporation. It has all the parent entities and this corporate group as working as a single entity so all the parent entity controls the working of the firm there the member firms and the corporate groups company tries to get engage so as to attain more profit in the business and to make the development of the company and the area of their working by the usual means it implies the ways that the profit is being raised can be given to all and so happens with the losses being incurred. The head employee who use to handle the employers of the group tries to make the strategy regarding the organisational development and growth. And for all the debts it is the shareholders liabilities that if any loss incurred then the debt will be made as equivalent to the share value and all the obligations made by the company will not be performed by the share holders. The corporate group usually frames a proper network in which they include all the entities, subsidiaries, associates and all the directors of the company but they all work for a single parent company. These companies improvise the working conditions of usual course of firm and for making a parent company their should be provided that all the by laws and incorporation must be made in a record and it complies that the subsidiary companies may make that incorporation in an easy way. Thus, corporate group combines various companies for working and this usually helps in increasing the growth of the business and also helps to attain maximum profit with lowest amount of shares as it complies of many more companies it helps to share all the working of the company with certain immigration and its goals companies tries to expand in certain direction but in respect of business law as the rules are governed by the corporate law and all the companies have to work in according to the form of development these sole proprietor embodied with culturally benefited area and its usual course of nature Thus, corporate group helps to increase the economic growth of the country and is beneficial for the working of companies in context of their advancement and growth.

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