What are the requirements to create both

Assignment Help Business Management

Reference no: EM13523340

Jake and Kate are two members of an LLC with 15 members. This is a member-managed LLC with three of the members identified as the managers. Kate is one of these managers, though Jake is not. In reality, Jake and Kate together do most of the management for the LLC, contributing approximately equal amounts of time and energy. They both have spent some of their own money on behalf of the LLC. In one situation, Jake and Kate each put up $1,000 as a deposit on a contract entered into on behalf of the LLC that the other two managers voted to not perform. Jake and Kate want to be compensated for their time, want their expenses covered, and are worried about liability on the unperformed contract. Discuss their rights and liabilities. How would this differ from a limited partnership. What are the requirements to create both?

Reference no: EM13523340

Questions Cloud

The decision variables are assigned : The decision variables are assigned

What is the magnitude of the cats centripetal acceleration : A cat rides a merry-go-round while turning with uniform circular motion. What is the magnitude of the cat's centripetal acceleration

Explain the ph of a soft drink in which the major buffer : A buffer, consisting of H2PO4- and HPO42-, helps control the pH of physiological fluids. Many carbonated soft drinks also use this buffer system. What is the pH of a soft drink in which the major buffer ingredients are 8.00 g of NaH2PO4 and 6.70 g..

Estimate the electric field halfway between the plates : A homemade capacitor is assembled by placing two 7 in pie pans 10 cm apart and connecting them to the opposite terminals of a 9 V battery. Estimate the electric field halfway between the plates

What are the requirements to create both : What are the requirements to create both?

Prepare garfields journal entries for the purchase : The bonds have a year-end fair value of $75,500. Assume effective interest amortization is used

What is the net force acting on ball while it is in motion : A ball of mass 0.5 kg flies through the air at low speed, so that air resistance is negligible. What is the net force acting on the ball while it is in motion

The local newspaper to attract new customers : A catering business and you are advertising in the local newspaper to attract new customers

Total net cash flows through eight periods : Product offering to Gentle Care Products Company, based on the cash payback period for each product line - why is one product line preferred over the other, even though they both have the same total net cash flows through eight periods?

User Account

All Pages