The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Question
Chapter 17, Problem 1IS
Summary Introduction
Case summary: Persons G, H, and I are members of J watches. J watches is an LLC.
To find: The options available to the persons G, H, and I with regards to the management of their firm.
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Business discuss
1. Goldie and Hattie want to develop real estate and want to organize it under their state's Revised Uniform Limited Partnership Act.
(a) Please advise Goldie and Hattie about what they will need to create and capitalize their partnership. (b) What advantages does
the limited partnership business form offer to them over the general partnership? (c) What should Goldie and Hattie expect about
their personal liability and tax situation?
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…
Chapter 17 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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- To Partner or Not to Partner John Willis, who is 27 and single, had just completed his fifth year of employment as a carpenter for a very small homebuilder. His boss, the sole owner of the company, is Tyrone Young. A few days ago, Tyrone asked John if he would like to become a partner, which he could do by contributing $70,000. In turn, John would receive 40 percent of all prof- its earned by the business. John had saved $30,000 and could borrow the balance from his grandmother at a low-interest rate, but he would have to pay her back within 15 years. John was undecided about becoming a partner. He liked the idea but he also knew there were risks and concerns. He decided to talk to Tyrone at lunch. Here is how the conversation went. John: I've been giving your offer a lot of thought, Tyrone. It's a tough decision and I don't want to make the wrong one. So I'd like to chat with you about some of the problems involved in running a business. Tyrone: Sure. I struggled with these issues…arrow_forwardA, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partnersarrow_forwardMartina and Andrew are friends. They both have a keen interest in technology. They decide to form a business to pursue various technology projects, and decide that a company will be the best business structure to adopt. They establish Apricot Pty Ltd. Martina and Andrew are its only shareholders, and they are also its only directors. Martina takes a much more active role in managing the company than Andrew. Andrew relies heavily upon Martine to provide him with information about the company, particularly in relation to its finances, and its dealings with other companies. Andrew does not himself investigate the finances or transactions of Apricot Pty Ltd, other than by relying on Martina to provide him with this information. In June 2017, Martina arranges for Apricot Pty Ltd to purchase a very large quantity of electronics components. The components are acquired from ErinElectronics Pty Ltd, a company that Martina has a significant shareholding in. The transaction generates significant…arrow_forward
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