Who is correct lucy or the widow

Assignment Help Business Law and Ethics

Reference no: EM13813631

Part 1:

Scenario 1

Charlie and Lucy are partners in a book shipping company. Charlie dies. Charlie's widow calls Lucy and says, "As Charlie's heir, I am entitled to take Charlie's place as your partner." Lucy states, "No, you are not." The widow states, "ok, then as Charlie's heir, I am entitled to all of the books in the warehouse." Lucy states, "No, you are not. All you are entitled to is the value of Charlie's interest in the partnership property.

Who is correct, Lucy or the widow? Support your answer with material from the readings and/or the applicable law.

Scenario 2

Tim Taylor operates a home improvement business performing various fix-it-up projects, including some car repairs. Tim is well known for his fun personality and quality work, so he has plenty of loyal customers to keep him busy, along with one full time employee, Al. Tim occasionally rents out some of his tools and equipment to friends and clients.

About a year ago, Tim started purchasing foreclosed homes, renovates them and then rents or sells the homes. Some of the homes are financed through various banks.

Tim and his wife, Jill, own a home, in which they have a reasonable amount of equity. Jill manages the books and other accounting responsibilities for the business.

Which type of business organization is best for Tim? Explain the advantages and disadvantages of your selection and why your answer is best based upon the applicable law.

Part 2-

Create a new business that you would like to operate. Would you select an LLC, an LLP, or a corporation to form your company? Provide a detailed explanation as to why that entity would be appropriate for you. Support your choice with the applicable law and/or text materials. Search for information related to doing business in FLORIDA and provide the requirements for the option you selected, as applicable.

Reference no: EM13813631

Questions Cloud

Explain an overview of andy warhols biography : Prepare a 5- to 10-slide Microsoft PowerPoint presentation in which you examine the connection between the work of Andy Warhol and popular culture. Explain An overview of Andy Warhols biography.

Assignment on external and internal factors : International teams can be difficult to coordinate. In order to successfully utilize international teams of employees, managers must consider variables that include everything from technical challenges, such as communication methods and time diffe..

Significance of the current role of the us military : Write a thesis statement- Describe the two international events involving the US military from the past five years you investigated that can be traced back to a foreign policy created after the Civil War.

Determine the standard deviation and variation : Determine the standard deviation and variation

Who is correct lucy or the widow : Who is correct, Lucy or the widow? Support your answer with material from the readings and/or the applicable law

Describe what social engineering is : Describe what social engineering is and explain its existence and prevalence

Discuss your reaction to the public service announcement : From the e-Activity, discuss your reaction to the public service announcement (PSA) in relation to the marketing of junk food to children, with a focus on why this PSA is appropriate or inappropriate. Explain your rationale

Network security hardware and recommended security policy : Network security hardware and recommended security policy components

Infrastructures and the availability of natural resources : In your paper, determine whether these infrastructures and the availability of natural resources pose challenges or opportunities to your chosen organization. Explain why.

User Account

All Pages