Person LR, person RT, and person L are three parties. Person LR, and the person L started a business that deals with the buying and selling of cattles in name of the firm, L&R. L quit the business. LR, and RT signed a personal check $ 5000 to purchase his cattles. LR was engaged in every aspect of business like, updating account, bookkeeping, and other works. LR signed a personal check using personal assets for the purchase of equipment and more cattles. LR decided to leave the business but was not satisfied with the final settlement. To find: Whether the person LR was a partner and is entitle to half of the value of assets in L&R.

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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

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Chapter 16, Problem 5BCP

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Case summary: Person LR, person RT, and person L are three parties. Person LR, and the person L started a business that deals with the buying and selling of cattles in name of the firm, L&R. L quit the business. LR, and RT signed a personal check $5000 to purchase his cattles. LR was engaged in every aspect of business like, updating account, bookkeeping, and other works. LR signed a personal check using personal assets for the purchase of equipment and more cattles. LR decided to leave the business but was not satisfied with the final settlement.

To find: Whether the person LR was a partner and is entitle to half of the value of assets in L&R.

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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

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