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Application or Arguments;and Conclusion.

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solution


Question

Gino runs a successful house building and renovation business. His wife Marcia keeps the accounts and;lodges the tax returns and they share the income generated by the business which trades under the name;G & M Constructions. They employ two full time tradespeople.;Gino breaks his leg whilst at work and is incapacitated so that he has to employ another person.;Question 1;He asks you whether he can claim compensation under the workers compensation policy for G;M Constructions. Advise Gino whether this is possible and give reasons for the advice.;Gino and Marcia consider your advice and decide to incorporate a company but they want to involve;their children in the business. They have three children: Margaret, Nancy and Leon. Leon is still at;school and Nancy is at University studying Nursing. Margaret has always helped doing minor trades;work on the building sites and office administration and she knows a lot about the construction;business. Gino and Marcia want to know who would make the decisions in the company if each of the;three children were given an interest in the company, in other words, if there were five people with;interests in the company would Gino and Marcia end up being a minority of two.;Question 2;(a) Advise Gino and Marcia about the different organs of the company and their respective;roles.;(b) Suggest an internal company structure that ensures Gino and Marcia retain control of the;companys business.;Gino and Marcia incorporate a company based upon your suggestion in Question 3(b) above.;After a few years, G & M Constructions continues to grow strongly and Gino wishes to spend less time;on the worksites. His children, particularly Margaret, are unhappy with many of Ginos managerial;decisions and they want him to retire. An argument erupts and Gino says that G & M Constructions;owes its success to his decision making and to the tools and equipment that he has built up over the;years. Margaret says to him that they will vote him out and that they will keep all of the tools and;equipment.;Question 3;Advise Gino whether the other company members can vote him out, and if they are able to do;so can he sell the tools and equipment that he has acquired over the years because he paid for;these before it became a company.;Additional Requirements;Min Pages: 4;Level of Detail: Show all work

 

Paper#17733 | Written in 18-Jul-2015

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