Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: i. The requirement for the registration of the business in Jamaica ii. The advantages and disadvantages of the business type iii. Information on the dissolution of the business.
Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: i. The requirement for the registration of the business in Jamaica ii. The advantages and disadvantages of the business type iii. Information on the dissolution of the business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in
accounting from an Ivy League institution. Instead of seeking employment, the friends decided
to create their own accounting business.
At their initial meeting, the friends could not decide whether to fom a partnership or a limited
liability company. You were approached as a company law student for advice on the type of
business that would be appropriate for the friends.
What kind of business would you suggest to the friends? Justify your recommendation. Your
reasoning should not be more than 500 words and should cover the following points:
i. The requirement for the registration of the business in Jamaica
ii. The advantages and disadvantages of the business type
iii. Information on the dissolution of the business.
Assume the friends opted to create a partnership, and has asked for your assistance in creating a
Partnership deed; create a partnership deed that includes at least six terms that the friends may
use to guide the functioning of their firm. The tems should be detailed enough to be legally
binding and should be original.
Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for the company
that they want to start.
Include in your assignment the relevant form(s) that will be needed for establishing the business
(es). Complete the form(s)
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