Management Decision Regarding the Legal Form of Business Essay

| The partners are jointly and severally liable for business debts and obligations. The partners are held personally responsible for the business and may be sued personally for liability. Partners’ personal assets are subject to lawsuit(s) made against the business. Lack of continuity; death of a partner may end the partnership/business if a buy/sell agreement is not in place. Disagreements may be difficult to resolve.

The difference between statutory law and common law is that statutory law is a written law where common laws are based on any prior court decisions and are legal binding. For statutory laws the government, state, and local agencies issue written statutes and regulations which eventually become part of statutory law, as for common law it is prior case decisions and rulings that are followed unless a judge finds a big difference in the between the previous case and current case.

The provision and use of personal protective equipment could include using gloves, glasses, earmuffs, aprons, safety footwear, dust masks.

There are three types of business entities: sole proprietorship, partnerships, and corporations. Sole proprietorships are businesses owned by an individual person. They are easy to form, but are not taxed. Instead the individual business owner is taxed on any monies acquired on behalf of the business (Kubasek, 2012. Partnerships are businesses that are owned by more than one individual owners. The big thing about partnerships is that each partner is personally responsible for the acts of the other partners in the business . (Kubasek, 2012 Corporations are businesses owned by multiple people to include shareholders (Kubasek, 2012). They can sue and be sued and are subject to a host of rules and regulations set forth by the government.

1. Give an example of a case that would fall under diversity jurisdiction. Explain all of the key elements of such a case.

In the case in the text where someone purchased a used safe at an auction for $50, but

case brief---Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy hour and Wessel will pay $250 to Gregory. All performers could make $500 per appearance on the comedy hour. and when Wessel was scheduled to aper on the comedy hour, Gregory informed him that he was unable to provide the monologue, because last time Wessel was asked to make special guest appearances at three local comedy clubs performance during the comedy hour. and Wessel bought lawsuit to Gregory for beach of contract and request damages of $1250.

can name, organize and carry the business as far as you dream of it going. Sole proprietorship

3. For a crime to be committed, the prosecutor must be able to prove a criminal intent and an overt act to carry out that intent. Jack and Mary agreed to rob a series of banks. Prior to beginning their bank robbery spree, they were arrested and charged with criminal conspiracy. What act did Jack and Mary do that justifies a finding that they committed the crime? Explain.

2) Westlaw uses a system called the Key Number System which breaks down hundreds of broad legal topics into increasingly detailed information on tens of thousands of specific legal concepts.

Please answer the questions posed at the end of each case study in essay form.  Each essay will be judged on your capacity to present strong, logical discussions that support your conclusions.

Therefore, Market West accepted the corporation stock as partial debt. Hooper and Yoder agreed to add Brian Bradley who worked for Market West as the third director. Hooper colluded with Bradley and violated a fiduciary duty to Yoder by issuing 95 shares of stock to himself, 5 shares to Bradley, and none to Yoder. Furthermore, Hooper got paid $141,000 salary from the business without Yoder knowing. More importantly, Hooper and Bradly voted to force Yoder to leave the corporation. After Yoder found out that Hooper broke their agreement, violated Yoder’s rights and duties, acted dishonestly, and made unethical decisions, Yoder sued Hooper and Beautiful Daydreams in the District Court. Under the common law, with these facts, the court supported Yoder and ordered Hooper to give back one-half of the salary plus one-half of the shares of stock to Yoder.

To overcome this problem, the partnership may take on as many Sleeping (or Silent) Partners as they wish - these people will provide finance for the business to use, but will not have any input into how the business is run. In other words, they have purely put the money into the business as an investment. These Sleeping Partners face limited liability for the debts of the partnership. A partnership, just like a sole trader, is an unincorporated business. What are the advantages and disadvantages of a Partnership?

There are a number of forms of ownership that the business can take. The main forms are sole proprietorship, partnership, Limited Liability Corporation, corporation and S corporation. There are advantages and disadvantages to each of these forms that will be discussed in this section. A sole proprietorship essentially has the person as the business. In this situation, the proprietor bears all of the risk involved in the business. Business income flows through to the proprietor's personal taxes. For some individuals there are tax advantages, but for many the appeal of the sole proprietorship is its simplicity. The IRS defines a partnership as a relationship existing between two or more individuals who joint to carry on a business. Partners divide income according to their own agreement and that income flows through to their personal taxes. Partners also have a high level of liability for any legal action that befalls the company.

Firstly, even though there are different types of partnership such as general, limited and limited liability partnership. This three different type has its advantages and disadvantages however we will be mainly focused on general partnership. One advantage of the general partnership is raising capital due to the nature of the business the partners will raise capital to start-up the business. Therefore more partners mean more capital can be put to the business, this allows the business to have more potential for growth and profitability. Another advantage is that a partnership is less complicated to form and run than a company they don’t have legal filing requirements, this means they don’t have to file accounts and documents with Companies House.