batteries. Later, Olav contracts with Quinn to invest additional capital in the firm in exchange for 25 percent of the profits. Olav and Quinn are not partners in Power Cells because
Q: What are the contents of the articles of association?
A: Articles Of Association When an organization is established, specific laws and regulations…
Q: Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir,…
A: Step 1: Preparation of journal entries.No.Account Titles and ExplanationsDebitCredit(a)Beson,…
Q: As a governance mechanism the “threat of takeover” refers to: a) The risk that the government might…
A: Threat of takeover is defined as the fear of acquiring firm by others among the management of the…
Q: Nova, Inc., sought to sell a new issue of common stock. It registered the issue with the Securities…
A: Case study analysis: Nova company issues the public common stock. It registering with SEC,the…
Q: Klinicki and Lundgren, both furloughed Pan Am pilots stationed in West Germany, decided to start…
A: Business law is the aspect of the law that describes all the rules, regulations, and laws related to…
Q: Paul Bunyan is the owner of noncumulative 8 percent preferred stock in the Broadview Corporation,…
A: Case Summary- PB owns 8% non-cumulative preferred stock in corporation B. Corporation B has not…
Q: Ay-Bee-Cee-Dee Corp. has filed a Subchapter S election under the Internal Revenue Code for taxation…
A: The question revolves around a scenario where Carter, a shareholder in Ay-Bee-Cee-Dee Corp. (an S…
Q: Matthew Mark and Luke, three auto mechanics, were delighted to start an auto repair business and…
A: In the scenario presented, Matthew, Mark, and Luke, three auto mechanics, have established a private…
Q: Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three…
A: Rebecca, aged 53, passed away suddenly without leaving a will. She is survived by her husband,…
Q: Omega, Inc., a publicly held corporation, has assets of $100 million and annual earnings in the…
A: In the above case study of Omega Inc., there are two alternatives available to them. There are three…
Q: Musab who is appointed as liquidator of the company had acted beyond his scope of authority as…
A: The liquidator is the person who has been given the responsibility of the affairs of the company.…
Q: Will you be successful in holding Powers responsible for the company's debts? Explain why or why…
A: A sole proprietorship, commonly known as a sole trader or a proprietorship, is an unincorporated…
Q: Explain limited-liability company (LLC).
A: The structure of business varies depending on factors like the business scale of operation,…
Q: Under what circumstances can a partner be expelled from a partnership?
A: The Partnership Act is a legal statute or legislation that governs the formation, operation, and…
Q: Which of the following statements is correct regarding a limited partnership?
A: Correct statements regarding a limited partnership:
Q: Compare and contrast a cash-out combination and a management buyout.
A: Cash-out combination: It is used to eliminate minority shareholders by forcing the shareholders to…
Q: Sipho, Nandi and Brian are shareholders in a private company, Sideline (Pty) Ltd. Sipho holds 10…
A: Note: Hi! If you have any questions or if you need additional insights, please feel free to comment…
Q: In the event of bankruptcy, which partners would most likely to spend more money to settle the…
A: General Partners
Q: Number 20: Which of the following is a nonwrongful dissociation
A: Nonwrongful Dissociation: A partner's departure from a partnership in accordance with the terms…
Q: Which of the following items is NOT to be placed in the articles of organization of a limited…
A: In соrроrаte gоvernаnсe, а соmраny's аrtiсles оf аssосiаtiоn is а dосument whiсh, аlоng…
Q: What are the rules regarding the expulsion of a partner from the partnership?
A: A partnership is a legal form of business organization where two or more individuals, called…
Q: v York from its previous ner. Khalil was eating a m Roots Café and mentione he owner that he would…
A: Business is an activity of making money or one’s living by producing some products or services or…
Q: A year ago, Chris joined with other investors to open a restaurant, Honest Ozzie's Delicatessen. The…
A: A partnership is a business organization in which two or more people share ownership and operate the…
Q: Albert, Betty, and Carol own and operate the Roy Lumber Company, a limited liability partnership…
A: Limited liability partnership is described as a form of partnership where the liabilities of the…
Q: PLS HELP ASAP
A: Automobile insurance is insurance that aims to protect vehicle owners from the damages caused to…
Q: Promoters or incorporators remain liable for contracts made by them on a proposed corporation even…
A: Promoters or incorporators of a company start working before the corporation is registered or formed…
Q: Leslie Bergh and his two brothers Milton and raymond, formed a partnership to help build a fancy…
A: In a partnership, all partners are jointly and severally liable for the actions of any one partner.…
Q: The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement).…
A: Partnership refers to the type of business in which two or more persons make forma agreement to…
Q: Hutchins and O’Neil, as general partners in the Haddon View Investment Co., became limited partners…
A: Yes, the accountants were correct.This is due to the fact that limited partners have a limited…
Q: A business firm whose shares are held by a single person may be a sole proprietorship, but it cannot…
A: A corporation can be defined as a legal entity which is separate and distinct from its shareholders…
Q: A and B form the equal AB partnership. A is a cash basis individual taxpayer and B is an accrual…
A: The allocation described in the partnership agreement does not have substantial economic effect. To…
Q: Ed Sabol, a once unhappy coat salesman, had a passion for filming his sons high school football…
A: Entrepreneurship - It can be said as the extraction or the creation of values. The process when…
Q: Identify and describe the principal kinds of equity securities.
A: An equity security refers to interest held by shareholders for the ownership they possess in a…
Q: Jeremy is considering a corporate recapitalization as a gifting technique and has come to his…
A: Corporate recapitalization is a financial strategy used by businesses to restructure their financial…
Q: process of converting
A: There are various strategies through which one can change the existing type of organization. it…
Q: In a partnership a partner who is unknown to the other partners yet participates in the running of…
A: A partner can provide a fledgling or expanding business with knowledge, commercial contacts, and…
Q: Globex Corp. has 1000 shareholders as of 31 Dec 2019. On that date Globex Corp released its…
A: Globex Corp. 31 Dec 2019 1000 Shareholders (Assuming each holding one share) - Existing or old…
Q: When a general partnership is sued, the lawsuits often go after the more wealthy partners, ( a) True…
A: When two or more partners share their business debts and assets are said to be a general partnership…
Q: Muller, a shareholder of SCM, brought an action against SCM over his unsuccessful negotiations to…
A: In any company, in order to take decision shareholders needs to give proxy for vote. They need to…
Q: Discuss the various duties, responsibilities, and liabilities of the Principal-Agent…
A: The Principal-Agent relationship is a basic commercial and legal term that depicts a situation in…
Q: Bernie Nohave is operating a scheme whereby investors' money is utilized to buy AIDS drugs in…
A: Contracts are considered to be agreements that are legally binding in nature. There are some…
Q: Steven, an accountant, returning from his office, calls into a pub for a relaxing drink. He bumps…
A: Firstly, it's important to understand the legal position. In this case, Steven, as an accountant,…
Q: T F An agreement between two franchisors in whichthe two franchisors offer their products togetheris…
A: Franchising is a type of business strategy used for expansion of a business. Franchise is a permit…
Q: Investors may receive an economic benefit from the ownership of stock by receiving A.…
A: Before we answer the question, let's understand the terms involved:Interest is the charge for the…
Olav starts Power Cells to make and sell batteries. Later, Olav contracts with Quinn to invest additional capital in the firm in exchange for 25 percent of the profits. Olav and Quinn are not partners in Power Cells because
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- In 2022, Rebecca formed Black Corporation, a C-Corporation. Rebecca transferred real. estate with an adjusted basis of $260,000 and a fair market value of $390,000 in exchange for 100% of Black Corporation's common stock. The real estate was encumbered by a mortgage of $290,000, which Black Corporation assumed. The total value of Black Corporation's common stock after formation was $100,000. Q A N a) What amount of gain or loss is realized and recognized by Rebecca on the real estate transfer to Black Corporation? b) What basis does Rebecca take in her Black Corporation stock? c) What basis does Black Corporation take in the real estate contributed by Rebecca? 2 W S 3 X مو do command E D C R F 5 T V 6 G Y B 67 H U 8 N I 9 M O 0 V مو ob P command1. Harmony Inc. is a B Corp. It has received an offer from ABC Inc. which would like to purchase one of Harmony's manufacturing plants in Pennsylvania. The purchase price to be paid by ABC is higher than harmony might have anticipated, but, ABC plans to automate most of the plant, which would illuminate numerous jobs at the plant. Must harmony except the offer? Discuss. Would your answer be different if Harmony were not a B Corp? 2. Why might Anya Phillips prefer to operate her medical practice as an LLC rather than a professional corporation?P&G PHI M LIFE An AIA Group Company MERALCO SAN MIGUEL CORPORATION Assessment Wite true if the statement is correct and write false if not Al crporaters are subsribers but subsuribers need not be an incorporator 2. The Corporate Treasurer of a corporation must be a director. Death of shareholder will not dissalve the corporation 4 A corporation can come into existence by mere agreement of the parties as in the case of partnerships S Acorporation is created by agreement of the sharehalders. The paid-up capital of a Plippine corporation must not be less than Php S00.00. 7Any Individual shareholden in a corporation may personally be held lable for all debts Inuered by the corporation L Al incerporators are corporators of a corporation. S A corporatlen has continulty of existence which permits the business to continue epardiess of changes in ownership or the death of shareholders 10 Acorportatien or a partnership can be a Incorporator but not a corporator. 11. Corparate Secretary must be a…
- Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraintPartnership is born out of contract and not status" . Explain.Mr. Salim and Mr. Nassir started a limited partnership business. Both agreed that Mr. Salim will be a general partner and Mr. Nassir will be a limited- liability partner. The business could not run successfully and closed after 2 years. It had debts/loans of OMR 20,000 while business assets only were sold for OMR12000. Who will pay the remaining OMR 8000 difference? a. No partner will pay this remaining difference b. Mr. Salim because he is a general partner and fully liable c. Both partners will pay equally d. Mr. Nassir because he is a limited-liability partner and fully liable
- Explain Subcontracting?Explore the fundamental entitlements granted to a bailor within the context of a bailment agreement.After researching Best Buy common stock, Sally Wang is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 550 shares of Best Buy. At the time of the sale, a share of common stock had a value of $148. Three months later, Best Buy is selling for $140 a share, and Sally instructs her broker to cover her short transaction. Total commissions to buy and sell the stock were $58. What is her profit for this short transaction?
- "Lillian Pritchard was a director of Pritchard & Baird Corporation, a business founded by her husband. After the death of her husband, her sons took control of the corporation. For two years, they looted the assets of the corporation through theft and improper payments. The corporation’s financial statements revealed the improper payments to the sons, but Mrs. Pritchard did not read the financial statements. She did not know what her sons were doing to the corporation or that what they were doing was unlawful. When Mrs. Pritchard was sued for failing to protect the assets of the corporation, she argued that she was a figurehead director, a simple housewife who served as a director as an accommodation to her husband and sons. Was Mrs. Pritchard held liable?"hi can i get help with these please?Parker and Phillips incorporated P & P Resorts Inc., a closely held Texas corporation. Parker was president and Phillips served as vice president and director for operations. Parker owned 40% of the stock, while Phillips owned 60%. Both men met with CTA, a group of travel agents from California to discuss special deals for booking groups into the resorts. After the first meeting, all contracts with CTA were made by Phillips, who learned that there was a good chance that CTA would award the contract to P&P Resorts. Phillips incorporated Travel Brokers and was its sole owner. Phillips used P& P Resort’s time to work on proposals for Travel Brokers and managed to keep negotiations with CTA a secret from Parker. When Parker discovered Phillip’s actions, he filed suit against him for wrongfully taking a corporate opportunity from P &P Resorts. Phillips claimed that he did not take a corporate opportunity because Travel Brokers did not have the financial ability to…