Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Law & Ethics Expert

problem: Walton, Sr., the sole owner of a small retailing business, was trying to purchase some goods on credit from a manufacturer with whom he had not done business formerly. In talking in person with the manufacturer's representative, Walton pointed to his daughter, Waltona (a nationally recognized retailer who was as well visiting for a few days). Walton then stated that: "my partners and I have always paid our bills on time." Waltona heard and saw what her father had stated and done, however she made no comment in the presence of the manufacturer's representative. The manufacturer's representative knew, though, that Waltona was neither her father's partner nor or else involved in business with him. The manufacturer thereafter sold Mr. Walton goods on credit and Walton failed to pay for them when payment was due. When the partnership has no assets, and the manufacturer sues Waltona and Walton under such facts, against whom (if anyone) will it be successful?

problem: Barry, Victor, and Greg form a partnership which sells diet supplements to athletes. Greg spends far more time working in the business than do the other two partners. How could partners arrange to pay Greg a salary?

problem: John, Al, and Michelle are partners in the pizza restaurant. John owes Shark Finance Co. a great deal of money. Can Shark join to any partnership property? How could John arrange to pay off Shark from his partnership profits? What could Shark do to attempt to seek repayment via John’s interest in the business?

problem: Ally is a partner in the accounting firm. Can Ally accept after-hours tax and accounting clients as a sideline business?

problem: Bob, Caryl, Ted, and Alice formed a partnership to operate a restaurant called "Our Town." They each contributed funds and/or equipment for use in the restaurant, and Ted contributed an employed van he already owned.  Several months later, Ted "borrowed" the van to take it on vacation. He claims he has the right to employ partnership property so long as it benefits at least one party. Is he right?

Case Problem:

Gershunoff, Silk and Oliker became equivalent partners in a business designed for the syndication and management of apartment houses. They never executed a written agreement setting forth the term of partnership. Afterward, when Oliker voluntarily withdrew from the partnership, Gershunoff and Silk continued to run the business, acquiring new assets and incurring latest obligations. For the subsequent two and one-half years, the parties met on many occasions to discuss the financial details of Oliker’s withdrawal. Lastly, Oliker demanded that the business be liquidated and that he be paid a one-third interest in the partnership assets at the time of termination. The Silk and Gershunoff argued that Oliker’s interest must be based on the value of partnership at the time of dissolution and must not comprise the raise in partnership property which occurred throughout the two and one-half years after his withdrawal. May Oliker now compel liquidation and receive one-third of the assets at the time of termination?

Short Answer problems:

problem: Sharon, Sandy and Linda wish for to form a corporation for the floral shop that they are planning to open. They are confused concerning the differences among the articles of incorporation and the bylaws. Briefly distinguish between articles and bylaws. Which of such would control more of the day-to-day operations of the corporation?

problem: Tammy is a promoter for Acme Co. Briefly describes Tammy’s duties as a promoter. Also describe Tammy’s liability to the corporation and to the third parties. Is the corporation needed to pay Tammy for her services as a promoter?

problem: Under what circumstances might the court decide to pierce the corporate veil?

problem: Harold, Hillary and Heidi form a close corporation for their cleaning business, Happy Cleaners. What are some of the primary features of a close corporation?

problem: Johnny Walker wants to start up a pet walking service in the New York City. He intended to incorporate the business, however as his business was so successful, he never got around to dealing with all paperwork. Beneath the proposed incorporation, he was to be the sole shareholder of the corporation. Last week, one of Johnny’s client’s dogs broke loose from the pack and knocked over Peter Pedestrian, causing severe injury. What are the consequences to Johnny?

Case Problem:

Following the death of L. E. Ward in the year 1969, his widow, three children and a grandson formed a corporation for the purpose of holding the family farmlands. Leroy Ward controlled 50 percent of the corporation, Ward Farms, Inc. Throughout the life of the corporation; numerous conflicts existed between Leroy and the other shareholders. The corporation had never declared a dividend. The shareholders instituted some lawsuits regarding the corporation. Leroy had been enjoined from entering the property despite his control of 50 percent of the corporate stock. Leroy petitioned the court to dissolve the corporation on grounds that it was deadlocked and its assets were being wasted.

Should the corporation be dissolved by the court?

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M9130

Have any Question? 


Related Questions in Business Law & Ethics

Pick a legal topic we are studying and area within that

Pick a legal topic we are studying and area within that topic. For example, Employment Law (topic), sexual harassment (area). [At this point, I advise you to read a (at least semi-legal) article on the area, which will h ...

Balancing goal attainment and ethicstoday probably more

Balancing Goal Attainment and Ethics Today probably more than ever before, all departments of an organization, as well as any associated internal processes, are required to contribute to organizational goals designed to ...

Complete both part a and part bpart a select one of the

Complete both Part A and Part B. Part A: Select one of the following issues that court administrators face: Volume of cases in the court system Diversity of judges Language barriers and availability of court-interpreters ...

1maker manufactures printing presses news a publisher of a

1.Maker manufactures printing presses. News, a publisher of a local newspaper,was interested in purchasing a few presses. Rep, a representative of Maker, metwith Bill, the president of News, to describe the advantages of ...

Key playersgloria has now been in business for 2 years her

Key Players Gloria has now been in business for 2 years. Her business is called International Widgets, and she employs more than 300 people in the business headquarters. In the early stages of the business, she created a ...

Managing criminal justice organizations essaychanging times

Managing Criminal Justice Organizations essay Changing Times: Police Functions and Technological Changes If you could look back in time to 60 years ago, you would see a totally different make-up and focus of police offic ...

You must respond to the following questions respond in at

You must respond to the following questions Respond in at least 500 words or more. Question: Chapter 16 in the Schroder & Lombardo book covers use of force issues. For supervisors, (1) describe your approach to handling ...

Landlord-tenant lawworth 220 pointshint see chapters 29 and

Landlord-Tenant Law Worth 220 points HINT: See Chapters 29 and 30 of the text to help understand some of the legal issues covered in this assignment. Larry Landlord has recently renovated an apartment and has put it on t ...

Ethics paper -before writing your position statement on

Ethics Paper - Before writing your position statement on Philosophical and Practical Approach for Balancing Issues. Then, research at least three (3) peer-reviewed articles about individual rights, morality, ethics, indi ...

There were many topics mentioned discussed and considered

There were many topics mentioned, discussed, and considered in this unit as well as previous units, regarding corrections, especially prisons. In a well-developed research paper, you are to choose one of the three option ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro