Reference no: EM131387583
Charles and Jack orally agreed to become partners in a tool and die business. Charles, who had experience in tool and die work, was to operate the business. Jack was to take no active part but was to contribute the entire $500,000 capitalization. Charles worked ten hours a day at the plant, for which he was paid nothing.
Nevertheless, despite Charles's best efforts, the business failed. The $500,000 capital was depleted, and the partnership owed $500,000 in debts. Prior to the failure of the partnership business, Jack became personally insolvent; consequently, the creditors of the partnership collected the entire $500,000 indebtedness from Charles, who was forced to sell his home and farm to satisfy the indebtedness.
Jack later regained his financial responsibility, and Charles brought an appropriate action against Jack for (a) one-half of the $500,000 he had paid to partnership creditors and (b) one-half of $80,000, the reasonable value of Charles's services during the operation of the partnership. Who will prevail and why?
|
How has researching your career choice changed your view
: How has researching your career choice changed your view or impacted your preconceived notions of that field? What have you learned by speaking to other people in your field of interest (such as peers, faculty, career counselors, etc.)? Identify who ..
|
|
Discuss whether the seventh will should be probated
: She died on February 1, 2010, without ever having changed the seventh will, and Gustafson, who was named as executor, now seeks to have the will admitted to probate. Discuss whether the seventh will should be probated.
|
|
What are some of the expenses that you will be looking at
: Question 1: You are the CFO of health organization. Your CEO informed you that you must find a way to cut your budget by 5 million dollars for the following year. i) What are some of the expenses that you will be looking at?
|
|
Does social media marketing work in the btb marketplace
: Social media marketing depends on involvement and word-of-mouth. However, there are risks when using social media marketing. Discuss the pros and cons of using social media such as LinkedIn, Facebook, and online blogs as part of an integrated mark..
|
|
Who will prevail and why
: Jack later regained his financial responsibility, and Charles brought an appropriate action against Jack for (a) one-half of the $500,000 he had paid to partnership creditors and (b) one-half of $80,000, the reasonable value of Charles's services ..
|
|
Expected to be one of the largest ipo
: Snap is expected to be one of the largest IPO's of 2017, with a $25 Billion Valuation. How would you "pitch" to investors that Snap is going to be the next Facebook (up over 200% since its IPO ) and not the next Twitter (down over 50% since its IP..
|
|
Explain is glenn liable in given situation
: Glenn takes no steps to deny the existence of a partnership between them. Ron, who extended credit to the firm, seeks to hold Glenn liable as a partner. Is Glenn liable? Explain.
|
|
Before-tax cost of capital for this debt financing
: DMB, Inc. sells $100 million worth of 26-year to maturity 12.32% annual coupon bonds. The net proceeds (proceeds after flotation costs) are $858 for each $1,000 bond. What is the before-tax cost of capital for this debt financing?
|
|
Describe what the bound tariff rate
: Describe what the bound tariff rate is. What is an applied tariff rate? What term is used to describe the difference between the bound and applied tariff rates?
|