Shanetta and crystal are general partners

Assignment Help Finance Basics
Reference no: EM132081432

Shanetta and Crystal were close friends and always dreamed of filing a limited liability company (LLC) together. Crystal always admired how Shanetta owned her own house, two cars, and a vacation home in Charlotte, North Carolina. Although Crystal didn't have much money or property, their friendship still remained strong. Shanetta decided to allow Crystal to use her vehicle every Tuesday and Saturday to drive to different locations to do hair. One of the primary conditions of the agreement was that Shanetta received twenty dollars flat for every person Crystal served. The agreement was never reduced to writing; however, it produced quite a bit of money to share for both Crystal and Shanetta.

One Saturday, Crystal was doing Lynette's hair when she accidentally caused a second degree burn to her scalp. Lynette began bleeding and screamed in pain! Lynette stormed out to the

  • local hospital to receive treatment for her injuries. Thereafter, she immediately called her attorney to ask whether she could sue Crystal, Shanetta, or perhaps even both of them. Please discuss whether Shanetta and Crystal are general partners. Please also explain the relevance, if any, regarding the limited liability company and how it affects their respective liability. Try to I.R.A.C. your answer to this question. Issue, Rule, Analysis, Conclusion

Reference no: EM132081432

Questions Cloud

Applying the applicable law : If so, please clearly articulate their respective liability, if any, applying the applicable law. I.R.A.C.
Write a program that reads from the console : Write a program that reads from the console, a person's first name, current age, and a year in the future and then displays the person's name.
Write a function called lowertrim that takes two arguments : Write a function called lowerTrim that takes 2 arguments: x and trimBelow. This function takes the average of those values in x .
Fail?er considering? employees and ?leaders : ?Around 200,000 Motrin liquids which are used for infants was recalled by ?the ?j?ohnson? and john?son ?company because it contained particles of plastic.
Shanetta and crystal are general partners : One Saturday, Crystal was doing Lynette's hair when she accidentally caused a second degree burn to her scalp. Lynette began bleeding and screamed in pain
Write two separate c programs for client and server : Write 2 separate C programs, a client & server. The client makes a connection to the server and transmits a series of numbers.
Business together selling t-shirts : Jake and Mike decided to go into business together selling T-shirts. Jake was the general partner while Mike was the limited partner. Mike invested
There any theory available to him to recover something : If you believe that XXX will not succeed for breach of contract, is there any theory available to him to recover something?
What can we make of fukuyama famous projections : What can we make of Fukuyama's famous projections about the impacts of technology on social and cultural spheres?

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd