A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20&#37; , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits. To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

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3. Which is faster, red or green cars? You are a purchasing manager at a large car dealership in a busy urban area. You purchase on average 250 cars monthly for the dealership. People are buying new and used cars from your dealership regularly, and business is doing well. Most of your customers are average middle-income households, and they typically purchase bigger cars that are pricey. Your boss, Natalya, invited you for lunch to discuss the next big purchase in preparation for the big Summer sales event. While chatting about the business, Natalya told you the following: "While surfing social media today, I read a government report that says the economy is growing and inflation is rising. As the economy continues to grow due to an increase in consumption by consumers, the prices are expected to rise to a higher level than usual. The report also said that the increase in consumption has caused a shortage in the auto industry, which I think might be good for us (or bad, I don’t know.)…

Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

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3. Which is faster, red or green cars? You are a purchasing manager at a large car dealership in a busy urban area. You purchase on average 250 cars monthly for the dealership. People are buying new and used cars from your dealership regularly, and business is doing well. Most of your customers are average middle-income households, and they typically purchase bigger cars that are pricey. Your boss, Natalya, invited you for lunch to discuss the next big purchase in preparation for the big Summer sales event. While chatting about the business, Natalya told you the following: "While surfing social media today, I read a government report that says the economy is growing and inflation is rising. As the economy continues to grow due to an increase in consumption by consumers, the prices are expected to rise to a higher level than usual. The report also said that the increase in consumption has caused a shortage in the auto industry, which I think might be good for us (or bad, I don’t know.)…

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1. Homemade Lasagna and the Pursuit for Knowledge Your sister, Jamila, a newly appointed human resource manager at a fast-growing assisted living facility, was sitting with you at the dinner table. While you were enjoying a homemade Lasagna and watching TV together, a news report stated that "According to government officials, we are now headed into a recession that could last up to 10 months. The decline in economic activities is expected to affect all major industries." Your sister raised her eyebrows and showed an expression of confusion as she looked at you and stated, "Oh dear, what should I do now as an HR manager? My company is opening a large facility in a couple of months, and we need at least 60 people to run it. I oversee finding those people, but now I am afraid of doing so because it looks like the economy is in trouble. So, dear brother, help me understand a couple of things:" First, what on earth is a “recession”, and how does it affect the economy? Do things become…

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Expert Solution & Answer

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Check out sample textbook solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Answer 6

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Answer 7

Chapter 17, Problem 1BS

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.

Answer 8

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Answer 9

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find: The result of not having a specific LLC statute in most of the states.

Answer 10

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Answer 11

Summary Introduction

Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.

To find:The ways in which the dispute has been avoided.

Answer 12

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Ch. 17 - Prob. 1RE Ch. 17 - Prob. 2RE Ch. 17 - Prob. 3RE Ch. 17 - Prob. 4RE Ch. 17 - Prob. 1IS Ch. 17 - Prob. 2IS Ch. 17 - Prob. 1BS Ch. 17 - Prob. 2BS Ch. 17 - Prob. 3BCP Ch. 17 - Prob. 4BCP

Solution Summary: The author explains that a limited liability company was formed by three persons namely J, L and T contributing proportionally.

Chapter 17 Solutions