Reference no: EM133232642
Scuffy the Tugboat is a family-run business that, as the name suggests, manufactures tugboats. It was formed as a partnership in 1996 by the three McLaughlin brothers-Mick (a naval architect), Jack (an accountant), and Bob (a marine engineer). Their first tugboat is still towing ships in Boston harbor, and over the years, success has allowed them to grow the company by plowing money back into it. Last year's sales were more than $7 million. Now, however, they want to double production by expanding their factory by twenty-four square feet.
They estimate a cost of about $1 million, yet a bigger facility would enable them to avoid late-delivery penalties that can run up to $2,000 a day. They're not sure, however, about the best way to raise the needed funds. None of the brothers has $1 million on hand, and because lenders are often hesitant to loan money to shipbuilders, even those with good performance records, local banks haven't been encouraging.
Unlike many partners, the three brothers get along quite well. They are concerned, however, about the risks of taking on personal debts for the business. In particular, they don't like being liable not only for their own actions, but for the actions of all partners.
Should you recommend that Scuffy the Tugboat either remain a partnership or become a private corporation?
State the pros and cons of both forms of organization and explain how they apply to the brothers' situation.
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