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1 Discussion Introduction: For any business, the selection of an business entity/form is a very important part of business planning. This may change as the business evolves and grows. The factors that go into this decision have many legal implications for the owners. In this discussion we will review more closely the steps for formation, management styles, taxes, liability, financing and role of long term goals. Learning Objectives: • Define and describe legal terms and concepts that relate to Business Law. • Discuss the fundamentals of business organization and forms. • • • • Describe a major form of business organization. Explain the advantages and disadvantages of a selected form of business organization. Explain the differences among the different forms of business organization. Explain the process of formation for a selected form. Instructions and points: Business Forms Selection- Legal Entities Scenario: You have three friends that want to begin a consulting business. Friend number one, has a good paying job, a full time position, is willing to invest $20,000 to start off the business and co-sign to obtain credit for the business, but does not have time to participate in the daily operation. She/He also wants to own a portion of the business, share authority to direct its future, and share in a portion of the profits. Friend number two has just been laid off of her/his job. She/He is over extended on her/his credit, has a large mortgage payment, is separated from her/his spouse, has three minor children, and expects to be going through a divorce soon. However, she/he also has exceptional skills and expertise; she/he has made a lot of connections from her/his job, expects to bring in at least three high paying clients, and has plenty of time to dedicate to the business. Friend number three owns retail space and has agreed to lease the space or allow the company to use it as an investment, has an accounting background, is working part-time, has agreed to keep the books, arrange appointments and scheduling, order supplies, answer the phones and plan marketing strategies. Friend number three has three adult children that she/he would like to eventually inherit her/his share and maybe even participate in the business as employees. Your friends have heard that you are in business school and are taking business law, and have sought your advice as they proceed. (For this question, assume it is ok for you to give legal advice.)* 1. 2. 3. 4. PART 1: Student’s Post Please provide typed responses submitted in BlackBoard Module Discussion. Address each question and answer in complete sentences. Be sure to answer all parts of each question. You may need to refer to your textbook, the Internet and other resources in order to fully address the questions. Based on the above scenario please fully answer following questions: What legal business ENTITY (such as a Partnership, LLC, S Corporation or C Corporation) would you suggest they select for their situation to best meet their needs and goals? Fully explain your reasoning pros and cons for this entity. What process is required, if any, to create/form the suggested ENTITY? Be sure to identify both the institution and documents required. What additional information would you need or like to know in order to provide them with a complete answer? From whom, after you, would you recommend that your friends seek advice as they proceed? PART 2: Sources and Citations In order to explore the broader world and current setting for class concepts and academic questions, students are required to conduct independent outside research in order to complete each discussion and assignment. In a professional and academic setting it is always important to give credit to your sources. Moreover, it helps prevent allegations of plagiarism or academic dishonesty. It reminds students of where they got information and helps to return to it later. Citing sources is important not only for direct quotes, 2 paraphrasing and ideas, but as reference to resources and general background to a topic. Also, it adds to your credibility in demonstrating research and support for your ideas and conclusions. “If I have seen further than others, it is by standing upon the shoulders of giants. ” Isaac Newton Source:https://www.brainyquote.com/quotes/quotes/i/isaacnewto135885.html meaning that we are "discovering truth by building on previous discoveries." Source:https://en.wikipedia.org/wiki/Standing_on_the_shoulders_of_giants Be sure to include at least three citations and/or links to all sources in APA or MLA formats. Chapter 8 Real, Personal and Intellectual Property © 2013 The McGraw-Hill Companies, Inc. All rights reserved. Copyright © 2016 McGraw-Hill Education. All rights reserved. 1 Chapter 8 Case Hypothetical and Ethical Dilemma Timothy Ackers is a “stay-at-home dad” living in Falling Waters subdivision in Olympia, Washington. Timothy’s wife Julia earns a six-figure income at the largest accounting firm in Olympia, and both husband and wife feel fortunate that one of them is able to stay at home with their two young children, four-year-old Hope and two-year-old Matthew. Timothy is part of the community watch organization in his subdivision, and as a stay-at-home parent, he has ample opportunity to observe the daily neighborhood “goings-on.” For the past six months, Timothy has noticed heightened activity at the house down the street owed by the Penningtons (Clara and Jonathan;) approximately eight to twelve cars come and go from the Pennington driveway every day, and four months ago, handicapped access ramps were installed at the front and back entrances to the home. On several occasions, Timothy has seen elderly people sitting in wheelchairs in the Penningtons’ front yard. Curious, Timothy knocks on the front door of the Pennington home one Monday morning. Clara Pennington answers. Ackers states “Good morning, Clara. I know the old saying that ‘curiosity killed the cat,’ but I can’t help myself. What’s going on at your house? Why are all the elderly people here? I though both of your parents were deceased, and I thought Jonathan’s parents had ‘passed on’ as well. Are these people related to you?” Clara responds: “Timothy, Jonathan and I decided six months ago to open up an elderly care facility. We didn’t have the money to purchase a separate building, so we decided to care for the elderly in our home. This gives me a wonderful opportunity to stay at home, and I wouldn’t be able to do that just on Jonathan’s income. Plus, think of the advantages for our clients. Isn’t this so much better than a regular rest home? These folks have cried tears of joy, and they thank me every day for providing them the quality of care they had hoped for in their ‘golden years.’” Falling Waters subdivision is zoned exclusively residential. Should Timothy report the Penningtons’ zoning violation? What ethical issues are involved in Timothy’s decision? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 2 Chapter 8 Case Hypothetical and Ethical Dilemma John “Jack” Franklin and Ruby Huss are next-door neighbors. Jack’s narrow road from the state-maintained highway to his house is approximately two-tenths of one (1) mile long, and runs along the edge of his property. On the left side of Jack’s road is a drainage ditch running the length of his road, while on the right side is the property line dividing the two neighbors’ landholdings. One day, Ruby was out gardening (she loved to cultivate roses) and Jack approached her with the following question “Ruby, I am going to have my road graveled, and I would like lay enough gravel to expand my road about four feet in width. I can’t expand it on the left side because of the drainage ditch, so I was wondering if you would mind if I widened the road on the right side. It sure would mean a lot to me, since my road is so narrow right now that I have a hard time driving my truck up to the house.” This meant that the gravel would extend approximately four feet onto Ruby’s property. Ruby believed in the power and value of friendly neighborly relations. She responded, “Yes Jack, you may certainly do that. That gravel won’t do me or my property any harm. Tell Ann and the kids (Jack’s wife and children) I said hello when you get back to the house.” Based on the facts presented, is Ruby’s four-foot-wide strip of land subject to Jack’s adverse possession of it? If the gravel remains on this strip of land for the statutorily-prescribed period of time for adverse possession (twenty years in many states), will Jack become its owner? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 3 Chapter 8 Case Hypothetical Jason Binghamton is a huge fan of the Montana State Teacher’s College (M.S.T.C.) men’s basketball team, nicknamed the “Flying Elk.” The M.S.T.C. team has enjoyed the best season in its 52-year history, and they are a favorite to win the Lewis and Clark League (L.C.L.) men’s basketball title. In fact, the team has advanced to the L.C.L. men’s basketball tournament championship, a contest against the Billings Technical College “Fighting Prairie Dogs.” Jason drives to the championship game at Lewis and Clark Stadium in Helena, Montana. He approaches the stadium parking lot, and pays the attendant $25 for parking; in return, the attendant hands Jason a parking stub. On the back of the stub is the following language: “Lewis and Clark Stadium and the city of Helena shall not be held liable in any way for loss of or damage to visitor’s property, including loss of or damage to automobiles parked in the stadium parking lot. In accepting this parking privilege, the patron agrees that he will hold harmless Lewis and Clark Stadium, and the city of Helena, for such damage.” Jason does not read the language on the parking stub; instead, he places the ticket on his dashboard, parks his car in area B1 of the lot, locks the car doors and puts his keys in his pocket, and heads to the stadium. By all accounts, the game is the proudest moment in the history of the Flying Elk. They defeat the Fighting Prairie Dogs 82 to 58, and Binghamton leaves the stadium ecstatic, knowing he attends a college of “winners.” Upon returning to his car, Jason’ happiness deflates to consternation and anger. His windshield has been shattered by a stuffed and mounted prairie dog that now lays upside-down in his driver’s seat, along with countless shards of broken glass. It is obvious to Jason that the “deed was done” by some disgruntled Fighting Prairie Dog fan, but that individual is probably well on his way back to Billings by now, and he will never be able to locate the criminal. Jason files suit against Lewis and Clark Stadium and the city of Helena, Montana, seeking to hold the defendants “jointly and severally” liable for the damage to his automobile. Will he win the lawsuit? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 4 Chapter 8 Case Hypothetical The American Pistol Association (APA), a gun-rights activist organization, is headquartered in Laramie, Wyoming. The APA held a ceremonial luncheon at its headquarters, and invited a host of Second Amendment advocates, including the former governor of Wyoming, Sara M. Caine. Dubbed “The Renegade” by her avid supporters, most believed that Sara would make a presidential run in the next election. Known more for her public proclamations than her actual governing acumen, Sara is most-remembered for leading a gun-rights demonstration in Wyoming’s state capital, Cheyenne, at which time she held her Chesterfield rifle above her head and announced that before government officials took her gun away, they would first have to deal with her “sharp, red fingernails!” As a key part of the ceremony, the APA honored Sara M. Caine’s efforts to uphold the Second Amendment. The APA’s president, Charles T. Hess, presented Sara with a “Bronco 55” pistol, proudly manufactured in the United States of America. Sara enthusiastically accepted the Bronco 55. After the ceremony, Charles approached Sara and informed her that although his organization had planned to get the gun engraved with her initials on each side of its ivory handle before the presentation, the person they had chosen to do the work, Edward “Wild Eddie” Cody, had been away on vacation. He further told Sara that if she would hand the gun to him, he would get Wild Eddie to engrave the gun when he returned from vacation, and return it to her as soon as possible. Sara happily agreed, and transferred the gun to Charles. Charles put the gun in his office desk at APA headquarters. That night, an unknown perpetrator burglarized APA headquarters, taking only the Bronco 55. Charles suspected the thief was Jean Gigot, a vocal, well-known opponent of gun rights who had moved from Dijon, France to Laramie several months ago. During his presentation of the Bronco 55 to Sara, Charles had observed Jean lurking in the back of the dining room, furtively and feverishly pacing back and forth. From a legal standpoint, must The American Pistol Association or Charles T. Hess answer to Sara M. Caine for the theft of the gun? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 5 Chapter 8 Case Hypothetical Bernie Sides is a restaurant entrepreneur and an avid Civil War buff. Over the years, Bernie has collected a “treasure trove” of Civil War memorabilia, and he decides to combine his passions for restaurant ownership and Civil War history by opening a new restaurant called the “Hardtack Café” (“hardtack” is a hard, unsalted biscuit used as a staple for Civil War army rations.) Sides has devised a logo for the restaurant, and the logo (a yellow circle with red lettering for the name of the restaurant) bears a striking resemblance to a certain “rock and roll” themed restaurant of a similar name and logo. Upon discovering the existence of the new restaurant, attorneys for the rock and roll restaurant immediately sue, requesting 1) a temporary injunction (a court order mandating that the Hardtack Café cease and desist from using its name and logo, pending the outcome of the litigation; 2) a permanent injunction (a court judgment that the Hardtack Café forever cease and desist from using its name and logo;) and 3) money damages representing all profit the Hardtack Café has earned during its existence. Who wins, and why? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 6 Chapter 8 Case Hypothetical Davidson’s Microbrew, Inc. is a small beer manufacturer located in Denver, Colorado. The owner of Davidson’s Microbrew, Benjamin Davidson, takes great pride in offering the public a variety of beers, including a particular one that is currently the subject of litigation. “Barley-Davidson” is a dark brew closely resembling motor oil in its appearance. For the past three (3) years, Barley-Davidson has been sold in orange cans. There is a “bar-and-shield” logo on the can’s front closely resembling the iconic Harley-Davidson logo; in the “bar” portion of the logo, the “Barley-Davidson” name appears, and the words “Asphalt-Dark Beer” appear in the “shield” portion of the logo. On the back of the can, in small but legible print, the following disclaimer appears: “Not affiliated with Harley-Davidson Motor Company.” Barley-Davidson has become Davidson’s Microbrew’s most popular product, selling approximately 250,000 units per year. In its lawsuit against Davidson’s Microbrew, Harley-Davidson has requested an injunction (temporary, pending litigation, and permanent, post-litigation) and money damages based on all profits generated by the defendant in its sale of Barley-Davidson. Davidson’s Microbrew’s defense is based on four (4) contentions: first, its product (beer) is distinguishable from Harley-Davidson’s product (motorcycles); second, its product disclaimer (indicating its non-affiliation with Harley-Davidson Motor Company) is displayed on every can of Barley-Davidson it sells; third, the “Barley” portion of its dark beer’s name has nothing to do with Harley-Davidson; and four, the “Davidson” portion of the beer’s name is proudly associated with the name of the microbrew’s company, and the last name of the microbrew’s founder himself. What is the likely result of the litigation? © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 7 Real Property Definition: Land and everything permanently attached to it © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 8 Extent of Land Ownership •Surface Rights •Airspace •Water Rights •Mineral Rights (Subsurface Rights) © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 9 Interests In Real Property •Fee Simple Absolute: Right to possess for life and devise (will) to heirs upon death; the most complete interest in real property •Conditional Estate: Interest comparable to fee simple absolute, except that interest will terminate on occurrence/non-occurrence of a specified condition •Life Estate: Granted for lifetime of an individual; right to possess property terminates upon life estate holder’s death, and property will pass to another party designated by original grantor © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 10 Interests In Real Property (Continued) •Future Interest: Person’s right to property ownership and possession in the future •Leasehold Estate: Right to possess (but not own) property for a stipulated period of time © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 11 Nonpossessory Estates •Easement: Irrevocable right to use some part of another’s land for a specific purpose, without taking anything from the land -Example: Utility easement •Profit: Right to enter another’s land and take part of the land, or take away a product of it -Example: Right to harvest timber •License: Temporary, revocable right to use another’s property -Example: Theatre ticket © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 12 Voluntary Transfer of Real Property Requires: •Execution—preparation and signing of deed; •Delivery—of deed to grantee, with intent of transferring ownership to grantee; •Acceptance—grantee’s expression of intent to possess and own property •Recording—filing deed with appropriate county office to protect interests of grantee © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 13 Types of Involuntary Transfers: •Adverse Possession: When person openly treats real property as his/her own, without protest/permission from real owner, for statutorily-established period of time, ownership is automatically vested in that person •Condemnation: Government acquires ownership of private property for “public use” for “just compensation” over the protest of the property owner © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 14 Personal Property © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 15 Personal Property Definition: All property that is not land or not permanently affixed to land © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 16 Types of Personal Property • Tangible: Property identified by the senses (Examples include furniture and automobiles) • Intangible: Property not identified by the senses (Examples include bank accounts and stocks) © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 17 Voluntary Transfer of Property • Purchase: Buyer gives consideration to seller in exchange for title to property • Gift: Donee gives no consideration to donor in exchange for title to property © 2013 The McGraw-Hill Companies, Inc. All rights reserved. 18 Elements Required for Valid Gift • Delivery ...
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Tutor Answer

DoctorDickens
School: Purdue University

Attached.

Running Head: BUSINESS ENTITY

1

Business Entity
Institutional affiliation
Course
Professor’s name
Date

2

BUSINESS ENTITY
Business Entity

When planning a business, it very important to consider its form or entity. This is because a
business form has implication on whether the business will reach their scaled height, objectives
and goals. The form also has legal implication in whether the form the business assume is legally
acceptable. As for my friend, due to the status of their lives, I would suggest they start a partnership
business. This discussion justifies my business suggestion by looking at the pro and cons of the
business form, process required for formation and an ideal source from which their can seek
consultation.
I suggested partnership business for my friends because of several factors. One factor is that they
have different financial capabilities. Friend number one has a good paying job and have agreed to
put into the business 20,000 dollars. On the other hand, friend number two is experiencing a
financial crisis and therefore...

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Anonymous
Thanks, good work

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