Reference no: EM133263007
Purpose
The purpose of this assignment is to give you an opportunity to demonstrate your ability to analyze business scenarios, and to demonstrate your knowledge of various choices of business organization, along with their potential benefits and drawbacks, in the context of the scenarios.
How to Proceed
Read Chapter 7: Forms of Carrying On Business (Canadian Business Law, 3rd ed.) and Unit 8 notes.
Fact Pattern 1
Taylor has always loved cars. They have worked on their own cars over the years, including doing regular maintenance, doing certain modifications, and repairing them when needed. Taylor has a full-time job, but decides to start offering his services as a person knowledgeable in cars to his friends and family. Taylor starts to tell family and friends that he will provide maintenance, modification, and repair services to them for their cars. Some of Taylor's friends provide their cars to Taylor to do repairs in exchange for cash. Taylor does this work from the garage next to Taylor's house.
What form of business organization is Taylor carrying on, and what are its essential characteristics?
What are the potential benefits to Taylor in carrying on business using this type of business organization?
What are the potential downsides for Taylor in carrying on their business in this form of business organization?
What other form of business organization could Taylor consider in carrying out their business?
What could motivate Taylor to change the form of business they are carrying on into the one in question d. above?
Fact Pattern 2
Taylor's good friend Darcie is also a car enthusiast and begins helping Taylor with projects on Darcie's spare time. Darcie's friends and family also start bringing their cars to Taylor and Darcie to repair or modify. Things become so busy for Taylor and Darcie that they decide to leave their other jobs to focus on the car business. They agree to work together on the cars and to split any profits or losses 50/50. Taylor and Darcie put a sign outside of Taylor's garage that reads "Taylor and Darcie's Fine Automotive."
What form of business organization are Taylor and Darcie carrying on, and how is it formed?
What are the benefits for Taylor and Darcie in carrying on business using this type of business organization?
What are the potential risks for Taylor and Darcie in carrying on their business in this form of business organization?
What are the potential tax implications of carrying on business in the form that Taylor and Darcie are currently carrying on their business?
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