explain the circumstances under which each of the following type of ownership would be most desireable for joint tenancy
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explain the circumstances under which each of the following type of ownership would be most desireable for joint tenancy
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- Was it good for Jacoby, Meyers, and Koff to set up a general partnership for their Jacoby & Meyers law firm?A mutual will cannot be unilaterally revoked after one of the parties has died. true or falseLittle Switzerland Brewing Company was incorporated on January 28. On February 18, Ellison and Oxley were made directors of the company after they purchased some stock. Then on September 25, Ellison and Oxley signed stock subscription agreements to purchase five thousand shares each. Under the agreement, they both issued a note that indicated that they would pay for the stock “at their discretion.” Two years later in March, the board of directors passed a resolution canceling the stock subscription agreements of Ellison and Oxley. The creditors of Little Switzerland brought suit against Ellison and Oxley to recover the money owed under the subscription agreements. Are Ellison and Oxley liable? Why or why not?
- Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?What is the nature and extent of Surety ' s of liability ?Conclude by stating the benefits and drawbacks of using Artical of association and its usefulness(if any) to govern the operations of a company.
- State the mutual rights of partners of a Limited Liability Partnership Firm in the absence of any agreement between the partners.On June 30, 2005, Martin Hendrickson and Solveig Hendrickson were married, and on January 3, 2006, a home previously owned by Martin was conveyed to them as joint tenants and not as tenants in common. Solveig Hendrickson paid no part of the consideration for the premises. On August 3, 2013, Martin Hendrickson duly executed a Declaration of Election to Sever Survivorship of Joint Tenancy by which he endeavored to preserve an interest in the premises for Ruth Halbert, his daughter by a previous marriage. On the same day, he executed his last will and testament, by the terms of which he directed that his wife, Solveig Hendrickson, receive the minimum amount to which she was entitled under the laws of the State of Minnesota. Martin Hendrickson died with a valid will on October 9, 2013. a. What are the arguments that the joint ownership was severed by Martin Hendrickson’s declaration thus creating a tenancy in common? b. What are the arguments that the joint tenancy was not severed by…