Authorised by Academic Registrar, April 1996
Objectives The subject aims to provide an understanding of the law applicable to the operation of partnerships, companies and trusts as trading entities. It builds upon the principles developed in contract law. The subject bridges the disciplines of accounting and law and provides the student with a knowledge of the law of business entities thus enabling them to recognise the existence of problems which require use of the law in reaching solutions.
Synopsis Formation of partnership; the contract of partnership and fiduciary obligations; partnership property; liability of partners to third parties; liability of non-partners; dissolution and winding up of partnerships; incorporation of companies and its effect; types of companies, memo and articles of association, share capital, liability to third parties, internal management and duties of directors and majority shareholders, auditors duties, receivership and official management, trusts.
Assessment Two assignments (each 2000 words): 40% + Examination (3 hours): 60% + Students must obtain a mark of 50% for the examination and for the subject as a whole to pass the subject