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Pages:
2 pages/≈550 words
Sources:
3 Sources
Level:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
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Topic:

Business Law: business organization (corporation, partnership, , LLC, , sole proprietorship, etc.) (Essay Sample)

Instructions:
1. Find an example of a business organization (corporation, partnership, , LLC, , sole proprietorship, etc.) and in an answer of not less than 200 words discuss why/why not its chosen form is best suited for its needs. 2. Nikolas and Rebecca have a partnership, which sells shoes and women's clothing. By unanimous agreement, Nikolas leaves the partnership and Arthur is brought in. Nikolas comes into your office as he wishes not to be liable for any prior obligations nor any new obligations. What do you suggest? Which obligations will Arthur be liable for? Jack and Jill decide to open a doll shop. Jack contributes the equipment and Jill makes a three month lease payment on a store. They work together for three months when Jack storms out and says he wants no part in the business. Neither partner ever signed an agreement. Are they partners? Why or why not? What if Jill claims she is entitled to all of the profits as she contributed money to the business while Jack only contributed equipment? Is her assumption correct? Why or why not? Dunn and Welch both appeared to operate XYZ Feed Concession. Dunn sought to obtain credit for XYZ from ABC, Inc. Relying on Dunn's financial position, ABC extended the credit. Dunn was the person responsible for making sure the payments were made. When XYZ could not pay ABC, ABC brought action against Welch, alleging that as a partnership, Welch was personally liable for the debts the partnership could not pay. Welch defended on the grounds that he was not in a partnership because there was no formal agreement between him and Dunn. Result? Janet is the promoter for Working Out With Your Dogs. Inc. She enters into a contract with Exercise World to purchase gym equipment. Janet also makes the first three initial payments. Working Out With Your Dogs, Inc. receives its articles from the Secretary of the State, opens the gym for business, and assumes payments on the gym equipment. Who is liable? If Janet is still liable, what must be done to relieve her from liability? source..
Content:
Business Law: Business and Marketing (Insert Name) (Institution) Q1: A partnership is a business organization made up of two or more people but not more than twenty, who carry on business practices with the aim of making profits. Little formality is involved in the formation of a partnership given that the partners can just opt to start the partnership business without any intention. Partnership is suited well for its purpose in reference to various reasons. Since partnership is mostly associated with professionals, each partner specializes in a certain field of the business. Partners share the responsibility of running a business and this calls for all decisions and actions that need to be implemented in the business to be agreed by all parties. Profits and all liabilities are shared in the business irrespective of who was responsible (Arevalo, 2003). The workload is shared between the partners and in times of absence of a partner, other partners can cover him/her up. The business stands a higher chance of generating more profits due to its size and the fact that no legal requirements are needed prior to start of the business. The contribution from each partner leads to more finance for the running of the business. However, the business practice has got some limitation which makes it not to be suited to its purpose. All partners are equally liabl...
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