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Question Three: 10 marks Memorandum To: Junior Lawyer From: Partner Subject: New Client - Sam Bennington Hi, I've just met with a new client.
Question Three: 10 marks
Memorandum
To: Junior Lawyer
From: Partner
Subject: New Client - Sam Bennington
Hi, I've just met with a new client. His name is Sam Bennington, a software
engineer with IBM who is looking to establish a new gym business. He came to
see me today seeking advice on ways that he could structure this proposed
business venture.
In our conversation, Sam identified a number of key concerns for you to consider.
This included:
• A desire to minimise his overall tax liabilities;
• How his choice of business structure may impact on the raising of capital
to fund the venture;
• Mechanisms that he could implement to ensure that he is protected from
any poor management decisions made by his partners; and
• Ways in which he can ensure control over the day-to-day decisions of
the business.
Luckily, I have recorded his conversation. Your job is to watch this back and
provide a memorandum of advice for the client. Your advice should include a brief
discussion of the strengths and weaknesses of each potential option, keeping in
mind the specific needs of the client. Remember to include specific
recommendations on what Sam should do - the client isn't paying us for nothing!
You can watch the video here. I'll leave you to get started, and don't forget to take
notes!
Good luck!
Required:
After watching the video, provide a memorandum of advice to the
client (Sam).
HINT: In your memo, you are required to advise Sam of the potential ways
in which he could structure his business, including the strengths and
weaknesses of each option for his specific circumstances. You must also
consider Sam's assets and liabilities when giving advice and the key
considerations outlined in the client's instructions.
