30+mba-第38章

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panies。　Most　US　states　followed　suit　and　eventually　Britain　caught　
up　in　1854。　Today；　most　countries　have　a　legal　structure　incorporating　the　
concept　of　limited　liability。
Business　law　
。　Forms　of　business　
。　Employing　staff　
。　Innovation　issues　
。　Tax　legalities　
。　Trading　regulations　
。　Rules　on　mergers　and　acquisitions　
Some　business　schools　take　law　very　seriously；　for　example；　at　Northwestern　
University’s　Kellogg　School　and　George　Washington　University；　
MBA　students　can　take　a　joint　MBA　and　JD　（juris　doctor）；　the　basic　professional　
degree　for　lawyers。　Babson　in　Wellesley；　Massachuse。。s　has　law　
as　one　of　its　core　subjects。　Penn　State；　on　the　other　hand；　offers　only　an　
optional　module　in　the　second　year　on　‘Business　Law　for　Innovation　and　
petition’。　
Nevertheless；　lawyers　dominate　big　businesses　in　the　United　States　and　
both　Congress　and　the　Senate。　In　the　UK　around　12　per　cent　of　MPs　are　
either　barristers　or　solicitors；　the　largest　professional　grouping　in　the　House　
of　mons。　Other　than　very　large　businesses；　it　is　not　usual　to　have　either　
a　qualified　lawyer　or　a　legal　department　in　businesses　in　the　UK。　Such　
services　are　usually　bought　in　on　either　a　contractual　or　ad　hoc　basis。　Law　
is　an　imprecise　field。　As　Henry　L　Mencken；　the　American　journalist　and　
critic；　so　succinctly　expressed　it：　‘a　judge　is　a　law　student　who　marks　his　
own　examination　papers’。　
The　plexity　of　mercial　life　means　that；　sooner　or　later；　you　will　
find　yourself　taking；　or　defending　yourself　against；　legal　action。　It　may　be　a　
contract　dispute　with　a　customer　or　supplier；　or　perhaps　the　lease　on　your　
premises　turns　out　to　give　you　far　fewer　rights　than　you　hoped。　A　former　
employee　might　claim　you　fired　them　without　reason。　Or　the　Health　
and　Safety　Inspector　will　call　and　find　some　aspect　of　your　machinery　or　
working　practices　less　than　satisfactory。　
6
176　The　Thirty…Day　MBA　
Ignorance　does　not　form　the　basis　of　a　satisfactory　defence；　so　every　MBA　
needs　to　know　enough　law　to　know　when　they　might　need　legal　advice；　
however　high　their　standard　of　ethics　and　social　responsibility　may　be。　
CORPORATE　STRUCTURES　
As　an　MBA　it’s　highly　likely　that　you　will　be　working　for　a　conventional　
pany；　private　or　public　（see　Chapter　2　for　more　on　public　panies）。　
There　are；　however；　a　number　of　distinct　forms　that　a　business　can　take；　the　
choice　of　which　depends　on　a　number　of　factors：　mercial　needs；　financial　
risk　and　the　need　for　outside　capital。　
Each　of　these　forms　is　explained　briefly　below；　together　with　the　procedure　
to　follow　on　se。。ing　them　up。　You　can　change　your　ownership　status　
later　as　your　circumstances　change；　so　while　this　is　an　important　decision　it　
is　not　a　final　one。　
Sole　trader　
Over　80　per　cent　of　businesses　start　up　as　sole　traders　and　indeed　around　
55　per　cent　of　all　businesses　employing　fewer　than　50　people　still　use　this　
legal　structure。　It　has　the　merit　of　being　relatively　formality　free　and；　unless　
you　intend　to　register　for　VAT；　there　are　few　rules　about　the　records　you　
have　to　keep。　There　is　no　requirement　for　your　accounts　to　be　audited；　or　
for　financial　information　on　your　business　to　be　filed　at　panies　House。　
As　a　sole　trader　there　is　no　legal　distinction　between　you　and　your　business　
–　your　business　is　one　of　your　assets；　just　as　your　house　or　car　is。　It　
follows　from　this　that　if　your　business　should　fail；　your　creditors　have　a　
right　not　only　to　the　assets　of　the　business；　but　also　to　your　personal　assets；　
subject　only　to　the　provisions　of　the　Bankruptcy　Acts。　The　capital　to　get　the　
business　going　must　e　from　you　–　or　from　loans。　There　is　no　access　to　
equity　capital。　
Partnerships　
Partnerships　are　effectively　collections　of　sole　traders　and；　as　such；　share　
the　legal　problems　a。。ached　to　personal　liability。　There　are　very　few　restrictions　
to　se。。ing　up　in　business　with　another　person　（or　persons）　in　partnership；　
and　several　definite　advantages。　By　pooling　resources　you　may　have　
more　capital；　you　will　be　bringing；　hopefully；　several　sets　of　skills　to　the　
business；　and　if　you　are　ill　the　business　can　still　carry　on。　
There　are　two　serious　drawbacks　that　you　should　certainly　consider。　
First；　if　your　partner　makes　a　business　mistake；　perhaps　by　signing　a　disastrous　
contract；　without　your　knowledge　or　consent；　every　member　of　the　
Business　Law　177　
partnership　must　shoulder　the　consequences。　Under　these　circumstances　
your　personal　assets　could　be　taken　to　pay　the　creditors　even　though　the　
mistake　was　no　fault　of　your　own。　
Second；　if　your　partner　goes　bankrupt　in　his　or　her　personal　capacity；　
for　whatever　reason；　his　or　her　share　of　the　partnership　can　be　seized　by　
creditors。　As　a　private　individual　you　are　not　liable　for　your　partner’s　private　
debts；　but　having　to　buy　him　or　her　out　of　the　partnership　at　short　notice　
could　put　you　and　the　business　in　financial　jeopardy。　Even　death　may　not　
release　you　from　partnership　obligations　and　in　some　circumstances　your　
estate　can　remain　liable。　Unless　you　take　‘public’　leave　of　your　partnership　
by　notifying　your　business　contacts　and　legally　bringing　your　partnership　
to　an　end；　you　could　remain　liable。　
The　legal　regulations　governing　this　field　are　set　out　in　the　Partnership　
Act　1890；　which　in　essence　assumes　that　petent　businesspeople　should　
know　what　they　are　doing。　The　Act　merely　provides　a　framework　of　agreement　
that　applies　‘in　the　absence　of　agreement　to　the　contrary’。　It　follows　
from　this　that　many　partnerships　are　entered　into　without　legal　formalities　
–　and　sometimes　without　the　parties　themselves　being　aware　that　they　have　
entered　a　partnership！　
The　main　provisions　of　the　Partnership　Act　state：　
。　All　partners　contribute　capital　equally。　
。　All　partners　share　profits　and　losses　equally。　
。　No　partner　shall　have　interest　paid　on　his　capital。　
。　No　partner　shall　be　paid　a　salary。　
。　All　partners　have　an　equal　say　in　the　management　of　the　business。　
。　Unless　you　are　a　member　of　certain　professions　（eg　law；　accountancy；　
etc）　you　are　restricted　to　a　maximum　of　20　partners　in　any　partnership。　
It　is　unlikely　that　all　these　provisions　will　suit　you；　so　you　would　be　well　
advised　to　get　a　‘partnership　agreement’　drawn　up　in　writing　by　a　solicitor　
at　the　outset　of　your　venture。　
Limited　partnerships　
One　possibility　that　can　reduce　the　more　painful　consequences　of　entering　
a　partnership　is　to　form　a　limited　partnership　bining　the　best　a。。ributes　
of　a　partnership　and　a　pany。　
A　limited　partnership　works　like　this。　There　must　be　one　or　more　general　
partners　with　the　same　basic　rights　and　responsibilities　（including　unlimited　
liability）　as　in　any　general　partnership；　and　one　or　more　limited　partners　
who　are　usually　passive　investors。　The　big　difference　between　a　general　
partner　and　a　limited　partner　is　that　the　limited　partner　isn’t　personally　
178　The　Thirty…Day　MBA　
liable　for　debts　of　the　partnership。　The　most　a　limited　partner　can　lose　is　the　
amount　that　he　or　she：　paid　or　agreed　to　pay　into　the　partnership　as　a　capital　
contribution；　received　from　the　partnership　a。。er　it　became　insolvent。　
To　keep　this　limited　liability；　a　limited　partner　may　not　participate　in　the　
management　of　the　business；　with　very　few　exceptions。　A　limited　partner　
who　does　get　actively　involved　in　the　management　of　the　business　risks　
losing　immunity　from　personal　liability　and　having　the　same　legal　exposure　
as　a　general　partner。　
The　advantage　of　a　limited　partnership　as　a　business　structure　is　that　
it　provides　a　way　for　business　owners　to　raise　money　（from　the　limited　
partners）　without　either　having　to　take　in　new　partners　who　will　be　active　
in　the　business　or　having　to　form　a　limited　pany。　A　general　partnership　
that’s　been　operating　for　years　can　also　create　a　limited　partnership　to　
finance　expansion。　
Limited　pany　
Of　the　4。5　million　businesses　trading　in　the　UK；　over　1。4　million　are　limited　
panies。　As　the　name　suggests；　in　this　form　of　business　your　liability　is　
limited　to　the　amount　you　state　that　you　will　contribute　by　way　of　share　
capital；　though　you　may　not　actually　have　to　put　that　money　in。　
A　limited　pany　has　a　legal　identity　of　its　own；　separate　from　the　
people　who　own　or　run　it。　This　means　that；　in　the　event　of　failure；　creditors’　
claims　are　restricted　to　the　assets　of　the　pany。　The　shareholders　of　the　
business　are　not　liable　as　individuals　for　the　business　debts　beyond　the　
paid…up　value　of　their　shares。　This　applies　even　if　the　shareholders　are　working　
directors；　unless　of　course　the　pany　has　been　trading　fraudulently。　
Other　advantages　include　the　freedom　to　raise　capital　by　selling　shares。　
Disadvantages　include　the　cost　involved　in　se。。ing　up　the　pany　and　
the　legal　requirement　in　some　cases　for　the　pany’s　accounts　to　be　audited　
by　a　chartered　or　certified　accountant。　Usually　it　is　only　businesses　
with　assets　approaching　￡3m　that　have　to　be　audited　but　if；　for　example；　
you　have　shareholders　who　own　more　than　10　per　cent　of　your　firm　they　
can　ask　for　the　accounts　to　be　audited。　The　behaviour　of　panies　and　
their　directors　is　governed　by　panies　Acts　that　have　e　into　effect　
since　1844；　the　latest　of　which　came　into　effect　in　November　2006。　
Public　limited　pany　（PLC）　
PLCs　are　panies　that　can　sell　shares　to　the　public　at　large；　either　through　
a　recognized　stock　market　or　by　advertising　in　the　press　or　through　intermediaries。　
They　need　to　fulfil　some　minimum；　not　too　onerous　conditions：
Business　Law　179　
。　It　must　state　that　it　is　a　PLC　in　its　articles　of　association。　
。　It　must　have　an　authorized　share　capital　of　at　least　￡50；000。　
。　Before　it　can　trade；　￡50；000　of　share　capital　must　be　taken　up　and　a　
quarter　of　that　must　be　actually　paid　up。　
。　Each　allo。。ed　share　must　be　paid　up　to　at　least　a　quarter　of　its　nominal　
value。　
。　There　must　be　at　least　two　shareholders；　two　directors　and　a　pany　
secretary　who　meets　certain　standards　in　terms　of　qualifications　or　
experience。　
See　also　Chapter　2　for　more　on　public　capital。　
City　code　on　takeovers　and　mergers　
Buying　up　a　PLC　is　a　more　plicated　process　than　taking　over　a　private　
pany　or　business。　In　the　first　instance；　shareholders　in　the　business　
being　acquired　have　to　be　offered　the　same　deal。　Family；　directors　and　
those　with　major　blocks　of　shares　can’t　be　offered　preferential　treatment。　
The　buying　pany　must　be　able　to　fulfil　the　cash　consideration　involved　
before　making　any　announcement。　There　are　conditions　under　which　a　
potential　bidder　must　either　make　a　formal　offer　or　walk　away　from　the　
target　for　at　least　six　months。　Once　90　per　cent　of　a　target　pany’s　shares　
have　been　acquired；　the　remaining　shareholders　have　to　accept　the　deal。　
The　Take　Over　Panel　（thetakeoverpanel。uk）　rules　on　taking　
over　another　pany　quoted　on　a　stock　market　run　to　266　pages！　
pany　limited　by　guarantee　
This　type　of　incorporation　is　used　for　non…profit　organizations　that　require　
corporate　status　as　a　means　of　protecting　participants。　There　are　no　shareholders　
but　its　members　give　an　undertaking　to　contribute　a　nominal　
amount　towards　the　winding　up　of　the　pany　in　the　event　of　a　shortfall　
wh