How can burien hardware keep its limited liability

Assignment Help Business Law and Ethics

Reference no: EM13784206

In order to obtain limited liability, Tony and Daryl formed a S Corporation to operate their hardware store Burien Hardware. Both Tom and Daryl sometimes directly deposited the proceeds from Burien Hardware's daily sales into their personal checking accounts. When they needed to pay personal bills and were short of funds, Tom and Daryl used the Burien Hardware business checking account to pay those personal bills. Burien Hardware has not made any payments to their various creditors for over three months. If Burien Hardware's creditors cannot get payment for their invoices, is there anything a court can do to help those creditors? What if any mistakes did Tom and Daryl make with the creditors of Burien Hardware? Going forward, how can Burien Hardware keep its limited liability?

Reference no: EM13784206

Questions Cloud

Sales and cash budget issues : Give a detailed example of how the process of a sales budget and a cash budget would work for your venture.

Gender socialization or professional socialization : Discuss your own socialization process as regards EITHER gender socialization or professional socialization.

Write essay analyzing visuals in term of their key component : Write an essay analyzing visuals in terms of their key components and context(s). Provide readers with background on your visuals. Then, using specific examples from the visuals.

Developing rural services paper : Introduction - Clearly state the problem ( who is affected including demographics,of affected clients, how does it affect client(s), what has created the problem (i.e., economics, policy, oppression, attitudes). Be specific - don't just say "lack..

How can burien hardware keep its limited liability : If Burien Hardware's creditors cannot get payment for their invoices, is there anything a court can do to help those creditors? What if any mistakes did Tom and Daryl make with the creditors of Burien Hardware? Going forward, how can Burien Hard..

Guidelines for effective communication in families : Considering the guidelines for effective communication in families, describe how you want your current or future family to communicate. What communication rules might you implement?

What is the general opinion on eyewitness testimony today : What is the general opinion on eyewitness testimony today? Discuss his reasons for stating that eyewitness testimony was not reliable

Making effective and ethical decisions : Complete the experiential exercise 5.1 Assessing Yourself at the end of the chapter, "Ethics and Corporate Responsibility." Based on your score, create a plan to increase your skills in making ethical decisions in the workplace.

What are the common causative factors : What are the common causative factors

User Account

All Pages