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Incorporation is Effective and Allows the Business to Raise Revenue - Essay Example

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This paper describes Ellen and Roy, who are registered, nurses. They want to start a retirement home for elderly patients who need nursing care. They plan to be in business for 10 years until Ellen'ss husband retires. …
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Incorporation is Effective and Allows the Business to Raise Revenue
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Download file to see previous pages A LLC protects a person from getting their personal assets taken away, his assets of the company will be in danger. The court will first investigate the matter, and then the matter of meditations and negotiations takes place. The court may close the LLC for a fee and analyze the allocation of assets that the plaintiff deserves. a€? Susan, Dave, and Marvin are society hair stylists, who make a very good living. Because they are all in so much demand, they decide to open a business together. They form a Limited Liability Company, through which they operate a hair salon called Fabulous Hair, LLC. Each contributes $10,000 to the business. One day Marvin calls in sick, and Susan and Dave work double duty trying to keep up with Marvina€™s appointments and their own appointments. Dave forgets about one of Marvina€™s clients and leaves chemicals on her hair too long, which causes serious chemical burns. The client sues for damages and recovers a judgment in the amount of $75,000 against Fabulous. Discuss the extent to which each member of the LLC may be held responsible for the clienta€™s damages. Support your conclusions with facts and information from the text. Be sure to cite to your sources. Since the company is LLC, everyone is accounted for the share that they put up in the corporation. Susan, and Marvin will have liability of $10000, but since Dave left the chemicals, he will personally liable more than his partners since it was his fault. Susan and Marvin are not responsible for Dave’s work and hence should file a motion to dismiss the notion. A LLC protects the assets of another employees even if the another employee does...
The paper shows that since the company is LLC, everyone is accounted for the share that they put up in the corporation. Susan and Marvin will have the liability of $10000, but since Dave left the chemicals, he will personally liable more than his partners since it was his fault. Susan and Marvin are not responsible for Dave’s work and hence should file a motion to dismiss the notion. An LLC protects the assets of another employee even if the another employee does something wrong. In essence, Susan and Marvin's won't have to worry about their personal assets.
Paul and Rachel Anderson love to eat at Burgerville, a nationwide chain of fast-food restaurants. They love it so much that they purchase a Burgerville franchise from Burgerville, Inc., and are successful right away. One day, supermodel Olga X enters the restaurant with her children. Olga slips on Super Secret Sauce, a Burgerville treats that someone spilled on the floor. Olga slides across the floor and hits her face on the jukebox, which causes permanent injury to her famous face. Her attorney filed suit against Paul, Rachel, and Burgerville, Inc. List the rights and obligations arising from the business relationship between the Andersons and Burgerville, Inc. Will Olga recover a judgment against all the parties she has sued? Explain the legal and factual reasons for your answer.
Paul and Rachel since are the owners, will have to pay for certain injuries, but they will be limited. Buying a franchise, in essence, means to buy a security. ...Download file to see next pagesRead More
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