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Company law in context
The legal issues involved in setting up and running a business can be complex and...
The legal issues involved in setting up and running a business can be complex and confusing, especially when some of the terms used don't seem to have clear meanings. This unit from the College of Law gives a basic introduction to the legal concepts of companies, partnerships, assets and liabilities.
After studying this unit you should be able to:
- Part A:
- describe in general terms what a business is;
- demonstrate an appreciation of the concept of capital.
- Part B:
- identify the main types of business medium;
- demonstrate an understanding of the key characteristics of businesses run as sole traders;
- demonstrate an understanding of the key characteristics of businesses run in partnership;
- identify in broad terms where the risks of business failure lie;
- determine what are the assets and liabilities of a business using numeracy skills.
- Current section: Introduction
- Learning outcomes
- 1 General introduction to company law and practice
- 2 Introductory concepts
- 3 Sole traders and partnerships as business mediums
- 3.1 Key themes and learning outcomes
- 3.2 Forms of business organisation, or ‘business mediums’
- 3.3 Sole traders
- 3.4 Partnership
- 3.5 Review of learning outcomes
- 4 Reflection on this unit
Company law in context
In this unit, we will consider the nature of businesses and the principal forms of business organisation. The themes covered in Part A are company, business and capital; and in Part B, business mediums, sole traders, partnerships or firms, and assets and liabilities.
This study unit is an adapted extract from the Open University course W223 Company law and practice, which is no longer taught by the University. If you want to study formally with us, you may wish to explore other courses we offer in this.