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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Research legal aspects of corporations and trusts law
   • Research corporation and trusts law and related legislation, regulation and practice
   • Identify different types of corporations and trust law transactions and clearly outline their legal context, establishment procedures and purpose
   • Identify relevant legal principles applying to corporations and trusts matters
2. Analyse issues and risks associated with the operation of a business
   • Identify areas of risk in the application of law in corporations and trusts matters
   • Analyse how legal issues impact on different types of business structures
   • Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures
   • Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures
3. Apply knowledge of law to business structures
   • Collect and collate business information for analysis
   • Interpret, analyse and process available information to obtain required knowledge
   • Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise
   • Provide advice based upon identified facts and relevant law
4. Maintain legal knowledge
   • Relevant legal sources are reviewed regularly and any changes are applied in daily work
   • Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used

Required Skills

Required skills

communication skills to

liaise with others share information provide advice and guidance

use language and concepts appropriate to cultural differences

research skills to

access and interpret legislation regulation and precedent

identify corporations and trusts law related matters that have the potential to impact on businesses

literacy skills to analyse information needs and prepare clear written advice

learning skills to maintain knowledge of changes to legislation and requirements

problem solving skills to

apply statute regulation and precedent to a clients circumstances

develop options to resolve client related matters when they arise

organisational skills including the ability to plan and sequence work

Required knowledge

operation of the Australian legal systems and processes relevant to corporations and trusts law

legal concepts of business organisational structures and underlying regulation including

public and private companies

trusts

partnerships

sole traders

key features of Australian corporations law and requirements relating to

nature of a company

company registration

promoters and preregistration contracts

company constitution and replaceable rules

contracting with others

fundraising

share capital

members meetings

corporate management

directors duties

members remedies

insolvency

legal concepts and scope of law covering trusts

common law

equity

legislation

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the ability to demonstrate knowledge and understanding of the corporations and trusts law such that current statute common law and equitable principles can be applied to particular fact circumstances in order to provide advice draw conclusion having regard to the facts and relevant law access information on relevant legislation statutes regulation and legal judgements
Context of and specific resources for assessment	Assessment must ensure competency is demonstrated in the conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit analysis of responses to case studies and scenarios direct questioning combined with review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the candidate observation of role plays review of documentation outlining the legal obligations criteria and purpose oral or written questioning to assess knowledge of legal terminology practice and application conducting a summative assessment of knowledge
Guidance information for assessment	This unit is designed to meet regulatory requirements of the Tax Practitioners Board assessment must reflect the constraints described by the regulator These can be accessed on the TPB website and are also reproduced in current regulatory guidelines published on the IBSA website wwwibsaorgau under training packagesfinancial services

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Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Legislation includes that relating to:	Australian corporations law principles of equity applying to trusts state and territory trusts legislation
Different types of business structures include:	association company limited by guarantee company limited by shares company limited by shares and guarantee franchise holding company no-liability company partnerships, including joint ventures, formal and informal registrable Australian corporation shelf company subsidiary company trusts, including express, discretionary and bare unlimited company

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