Sam Jones, Mary Adams, and Larry Brown have been talking about startingtheir own business for several years. Sam is an electronic repairman, Mary isa partner in a large law firm, and Larry is an excellent salesperson. Sam andLarry will work in the business on an equal basis. It costs $100,000 to startthis business. Sam has no money, Mary has $60,000, and Larry has $40,000.If they form a partnership, how would you recommend that they organize?
Sam Jones, Mary Adams, and Larry Brown have been talking about startingtheir own business for several years. Sam is an electronic repairman, Mary isa partner in a large law firm, and Larry is an excellent salesperson. Sam andLarry will work in the business on an equal basis. It costs $100,000 to startthis business. Sam has no money, Mary has $60,000, and Larry has $40,000.If they form a partnership, how would you recommend that they organize?
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 47P
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Sam Jones, Mary Adams, and Larry Brown have been talking about starting
their own business for several years. Sam is an electronic repairman, Mary is
a partner in a large law firm, and Larry is an excellent salesperson. Sam and
Larry will work in the business on an equal basis. It costs $100,000 to start
this business. Sam has no money, Mary has $60,000, and Larry has $40,000.
If they form a
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT