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Building Law Essay

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Aimee Waterhouse Building Law Student ID 11347530 BUILDING LAW – ASSIGNMENT THREE BUSSINESS Task One: Suitable Business Entity I have decided to set up my business with my fellow business partners as a company (as opposed to sole trader or partnership) The reason I have chosen to set up a company is because of the following reasons:  The company is separate from its shareholders and a legal entity in its own right Being that the company is separate from its shareholders (who are the five old classmates who have come together to form this company), the shareholders have limited liability when it comes to the assets and debts of the business.  The company owns its own assets and it responsible for its on liabilities and debts The shareholders …show more content…

I would divide the business up in 5 so that each of the shareholders have equal liability of 20%. If the company went into liquidation, each shareholder would be responsible for the 20% that they own shares in. In order to formally start a company, the business must be registered with the Companies office which looks after and administers registered companies in NZ. There you can find full records of all the companies in New Zealand along with their directors and shareholders. There are also tax obligations when owning a company. Money that is made from the company will be split through the shareholders (amount is determined by their percentage of shares). The shareholders are then taxed based on their income from the business. There are two ways a company can pay its …show more content…

 Consumer Garuntees Act 1993 The purpose of the consumer guarantees act is too makes sure goods and services are fit for purpose, acceptable quality, be the same as the sample or description, reasonable price, ensure repair support and parts are available after purchase, services performed with skill, completed in a fair amount of time and for the purpose of what the where made for. For example: A washing machine is purchased and fails in 3 weeks. The act ensures the purchaser will get a new washing machine. In conclusion: The act has the right to help anyone whose goods or services do not meet the requirements of the act.  Fair Trading Act The purpose of the fair trading act is to stop unfair business, promote fair trade, promote safety in relation to goods and services and monitor consumer feedback. For example: A trader sells a product that claims to be made in New Zealand but is not. This is unfair business which the Fair trading act is designed to protect. In conclusion: the act protects consumers against unfair trade.  Extended

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