This assignment should be 1500 words excluding references. Need to keep in mind the follows:The first part should be as follows and must be 1/3rd of the word count Define what limited liability...

LIMITED LIABILITY AND CORPORATE STRUCTURE
Table of Contents
Limited Liability    3
The function of Limited Liability    3
Limited Liability as an Advantage of the Corporate Structure    4
Advantages of Limited Liability    4
Few formalities    4
Lack of risks of owners    4
Less accounting    4
Placing membership in a living trust    5
Loss deduction    5
The flexibility of tax    5
Corporate Structure    5
3 Recent Class Actions Against Large Australian Corporations    6
What is Class Actions    6
Three Variations of Class Actions    6
Australian bushfire of 2009    6
Sigma pharmaceuticals    7
AOL Time Warner    7
References    8
Limited Liability
Limited liability is a type of legal situation or structure of an organisation wherein any case the amount of loss will not exceed the amount that has been invested by the company in per partnership with another company. In this situation, the investors or owners of the organisation keep in mind that the private assets of the owner or investor do not get into improper situations, lest the company fail. As the practice saves the asset of the private owners the practice of limited liability is very popular among investors because they get the advantage of various publicly listed companies (Aspan, 2017).
It initiates wholehearted participation on behalf of a shareholder but the participation only is extended until the investment rate it is crossed. Therefore, in case of bankruptcy and other obligations, the remaining debt does not fall into the hands of the investors. Limited liability is a very resourceful situation where the investors and shareholders did not have to worry about complete bankruptcy and they can keep their assets for other purposes and it saves them from the legal dilemma of investing everything in a business.
The function of Limited Liability
Limited liability works in a very simple manner. Limited liability is associated with an individual or a company its functions by not being entirely invested by the actions of the organisation. If the company fails to repay the amount that has been invested in it, the axis of the individual all the company shareholders cannot be seized at any cost. If the company had collected funds in order to purchase the stock for the company it can be considered as a personal asset and it will be used in an event of insolvency (Akhmetshin et al., 2018). At the same time, any assets that have been nominated as the position of the organisation including real estate machinery and other investments will be seized for liquidation.
The whole process helps in understanding the differences between personal assets and assets for the investing company. New entrepreneurs and ownership firms are most likely to be reluctant for any kind of agreement without limited liability because they would like to save their own effects. Without the help of limited liability in the company not only loses more of its asset but other stakeholders and creditors can also claim their share that will reflect on the personal assets of the investors.
Limited Liability as an Advantage of the Corporate Structure
Corporate structure limited liability is a very profitable option because it provides protection for various features in a corporation along with tax efficiency and flexibility of a partnership. I am like to other stakeholders of the company the owners of limited liability do not have to pay the taxes as a separate business entity. On the other hand, the business assets are completely pass through each member of the partnership who is assigned for limited liability. The owner of limited liability companies can only file for-profit and losses personal tax benefits very similar to the partnership of an owner (Akey & Appel, 2021). The liability protects the...