2 pages/≈550 words
Literature & Language
Law Case Study and Questions (Case Study Sample)
Please see attached and use required reference. Thank you. Title Business Law Author Kenneth W. Clarkson; Gaylord A. Jentz; Frank B. Cross; Roger LeRoy Miller ISBN 978-0-538-47082-7 Publisher Cengage South-Western Publication Date November 29, 2010 2) Answers containing legal conclusions (great majority) must be supported by recognized legal authority, must contain pages from the textbook. Legal dictionaries and Wikipedia types of authorities are not primary legal authorities. source..
Law Case Study
Davidson Masonry is a limited liability company formed by more than one person and therefore taxed as a corporation. However, in this case of Davidson Masonry and Lafayette where the two companies have come together to finance one project independently, the taxation system should be based on a partnership form of business. This is because the liability of the members companies in the deal is supposed to be limited to the amount contribution of each company’s investment. Through the partnership taxation system, the two companies would benefit because they would evade the double taxation that is associated with the corporate way of taxation.
According to majority of LLC statutes and the ULLCA, unless the articles of business specify otherwise, an LLC is assumed to be member managed [ULLCA 203 (a) (6)] (Cody et al, 2007 pp. 431). In a case of member-managed LLC, the managerial functions and the decision making process are supposed to be undertaken by all the members where the majority votes of the members are considered during the decisions making [ULLCA 404 (a)]. On the other hand, Manager-managed LLC entails the members appointing persons who shall have the mandate of managing the firm on their behalf. These managerial persons may be part of the members or they may be non-members. In the case of Davidson Masonry and Lafayette project, the Davidson masonry is the company, which signed the agreement with the city for the construction of the bridge. Furthermore, the company owns the biggest share in the project agreement and therefore it emerges as the general partner while ...
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