Reference no: EM131927184
Fundamentals of the Legal Environment of Business: A Managerial Approach: theory of practice. 3rd edition by Sean P. Melvin
APA- 300 words - 2 sources 1 could be the bible
CASE STUDY
Peter and Andrew are brothers. Since childhood, they have wanted to convert a barn on their grandfather's farm into a hunting and fishing lodge that would provide modest but comfortable accommodations for sportspersons using nearby recreational lands.
Andrew has suggested that they bring his friend, Paul, into the business, as well.
While Peter and Andrew would develop the property, Paul has experience in the hospitality industry and could manage the day-to-day operations. Peter and Andrew would also want to make the lodge available to local church groups for worship retreats.
They haven't yet discussed this with Paul, because they know he is not comfortable with most churches and their positions on social issues.
The men are now discussing how to form the new business, and have narrowed their choices to a general partnership or a limited liability company (LLC). What would you advise, and why? Consider and discuss issues such as:
What personal liability will the owners have for the obligations of the business (contracts, debts, lawsuit judgments, etc.)
Should Paul be included as a co-owner, or in some other role? On what do you base that decision?
How would contributions to the new business be valued?
How would profits and losses be distributed?
Thread Requirements
To begin a discussion assignment, review the case study presented in the forum and consider the questions at the end. Research sources in support of your answers. At least 2 sources in current APA format must be used, and can include the Bible.
Then, compose a post in current APA format which addresses those questions and incorporates your research. Include a works cited list at the end of your composition (this list does not count toward the word count requirements).
The purpose of this research criterion is to encourage you to contribute academic content to the course; therefore, failure to do so will result in a substantial deduction to your grade. First-person voice is allowed, but your writing must otherwise be as professional as possible. It must be free of spelling, punctuation, and grammar errors.
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