Reference no: EM133546024

Case Study: It very often happens that an entrepreneur buys an existing business and makes it their own rather than starting one from scratch. Answer the following questions about buying a business. You will need to read the textbook and have a good understanding of these concepts in order to produce a good answer. Now that we have looked at the different business forms. Your answer should be written in a managerial writing style, not just answering the question. Remember, a managerial writing style is an introduction to the topic that includes the final decision, a body that shows how you arrived at the decision, and a conclusion that recaps your decision.

Questions:

1. What is unique about buying a business from a sole proprietor rather than from a partnership or corporation.
2. How would you buy an S corporation?
3. How would you buy a LLC?
4. What is goodwill and can you buy it?
5. What is a "contract for deed" and why is it a common way to sell a small business? (note: this is not in the textbook)
6. Conduct case research in Westlaw to find at least three cases involving a dispute between the buyer and the seller about buying a business in MN. This must not be about a crime or taxes. Give a synopsis of what the cases were about, what were the facts, what laws were at issue, and what was the outcome for each case. Do you think the decisions were correct?