BUSI3803: Company Law - Case Study - Business Law Assignment Help

Assignment Task:

The Proposed Enterprise

Our market research and intelligence inform us there is a good opportunity to build in Hong Kong an indoor state-of-the-art entertainment theme park based on famous Hong Kong movies and cartoons that will have mass appeal to both adults and children of all age groups.It will be called “Hong Kong Studios”. It will be the first of its kind in the world.Furthermore, it is a rare opportunity to profit from already-owned copyrights of the rich film archives by a member of this enterprise. As we are confident in our business plan, we hope to seek a 100% loan from the bank for the start-up costs of HK$3 million. The total amount of start-up costs for this enterprise is HK$8 million.

Members of the Enterprise

Our enterprise will comprise of 3 members.

A: Female, 23 years old. Daughter of one of the prominent tycoons in Hong Kong. She is sole heir and beneficiary of the entire family estate, which includes ownership of the most expensive houses in Hong Kong and ownership of the copyright of the archive of Hong Kong movies and cartoons that will be licensed to this enterprise. She is also willing to lend HK$5 million to the company to cover part of the start-up costs. She has a BVI company called “Beautiful and Rich”that she uses for all of her personal investments and would like to use this for her participation in the venture.

B: Female, 22 years old. B is the brains of the enterprise, has superior market research skills and is a skilled negotiator having negotiated a plot of prime land with the government on which to build “Hong Kong Studios”. The location will have convenient connections to Hong Kong’s train and bus transportation network, as well as a direct train link to Hong Kong airport. B has successfully negotiated and entered into a land lease agreement on behalf of the 3 friends (understanding that they will form a business vehicle and the enterprise will be called “Hong Kong Studios”) with the Hong Kong Government for a term of 99 years for a nominal premium of HK$2.8 million.

C: Male, 24 years old. C is the creative brain of the group. C has a wonderful imagination, is a brilliant storyteller and can capture the attention of any audience. C’s creative skills are instrumental to the design, content, layout and presentation of the “interactive experiences” of the Hong Kong movies and cartoons for “Hong Kong Studios”. C is also the sole proprietor of his own business selling vinyl records, called “My Music”. Unfortunately, “My Music” is not doing well. C had overly invested in his stock of vinyl records (having invested all his savings of HK$20,000 and borrowed HK$1 million cash from a rich friend who is a music enthusiast). C used all the money to buy vinyl records and is not selling enough. C’s rich friend has taken legal action against C to recover his HK$1 million cash.C hopes to “borrow” some of the start-up funds from “Hong Kong Studios” to pay back his friend in hope that he will drop his legal action against him.

We understand you have all the details of our proposed enterprise and the facts of our backgrounds having met us (A, B and C) individually.

Please advise us on the following:

1. We understand that there are a number of different business structures available to us for our proposed enterprise, and have been told that we should consider: (a) using A’s existing BVI company directly; (b) forming a general partnership (N.B. the BVI company can be a partner together with A, B and C in a general partnership); (c) incorporating a company limited by shares.Can you please (i) explain each of these structures to us and(ii) advise on the advantages and disadvantages of each structure, and recommend the most appropriate one for us and give reasons why?
2. What is the process of incorporating the company in Hong Kong?

B has entered into a land lease agreement prior to incorporation. Can you please explain if this is binding on “Hong Kong Studios”? (assuming it is incorporated as a company)

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