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Law Hypothetical6 - Essay Example

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Nothing seems to work all that well, when one day the co-owner of the local dirt bike store suggests forming the OUTAWAY ANNUAL BIKE RALLY AND RACE. Of course, he has no…
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Law Hypothetical6
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Download file to see previous pages He does not want to have any involvement in the event and is very concerned that he not suffer any potential liability except his investment. You all eventually agree to split the profits from the event on an equal basis. You question, however, the business skills of the dirt bike shop co-owner so that to have full responsibility over the business affairs of the event the biker shop owner will be restricted to marketing. The three parties are the dirt bike store (which is a partnership between two brothers), the money was (as individual) and the OUTAWAY INN (which is a sub chapter S corporation).
The new venture should be structured as a partnership between the three parties. The three partners should have equal say in organizing and running the event. This means that the two brothers who own the bike shop should have one vote as should the owner of the OUTAWAY INN and the Canadian investor.
The new structure should be more than a contract relationship. There should be formation of a new registered business entity to ensure continuity if the race proves to be a success. This will ensure easier periodical organizing of the race. It will also be easier to promote the race if it is a formally business than when it happens in an impromptu manner. The formal registration of the race would be in essence a new investment by the three partners.
The partnership perfectly fits the description of a Limited liability partnership in that one if its partners; the Canadian investor has limited liability. The requirement of the Canadian that he has as limited liability will prompt the partnership to go for C Corporation which will tax the business separately from the owners therefore ensuring that the partner will in no way be required to directly pay any tax to the United States federal income tax law. This will ensure that only the returns from his initial investment will be taxed. The most strategic move however, should the ...Download file to see next pagesRead More
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