StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Friends Owning the Company - Essay Example

Comments (0) Cite this document
Summary
Julie, Jose, Anthony, and James own the company together. All act as a director. There was never a managing director appointed between the four of them. The one director James went on a vacation, and while on personal vacation met a woman named Frances. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.7% of users find it useful
Friends Owning the Company
Read TextPreview

Extract of sample "Friends Owning the Company"

Download file to see previous pages The machine was to cost the company $500 thousand. When James returned, and spoke with his other partners, James explained about the machine, and the price of the machine. The other directors think the machine will cost the company too much money at this time, and the other partners are concerned that the company will be obligated to fulfill the contract. However, if a company enters into a contract of such there are certain limitations to how a company can enter into the contract, and make the contract a binding contract. As it is written with only James’ signature on the contract, and that the signature was not witnessed by anyone else the contract is not binding, and is considered null and void. There are only three ways a company can enter into a legal and binding contract. The contract can be signed with the seal of the company, or it can be signed without the official seal of the company. When the contract is signed without the official seal of the company the contract must be signed in the presence of two directors. The contract can be signed in the presence of one director, and a secretary of the company. In this case the contract was signed without the official seal of the company. The contract was signed while James was on vacation. The contract was not witnessed by any other director of the company. ...
James should have consulted the other partners prior to signing the contract. Because all partners have managed the company together, and have until this time made decisions together. James thought because the machine offered a way of increasing productivity by 20% that the machine will increase the company’s profits. The remaining partners are not convinced that the machine will increase productivity, and increase profits. If the machine does not increase productivity, and profits, then the company might become bankrupt over the obligation of paying for the machine. The other partners do not want this to occur. When James did not consult the other partners in the decision making, he did not follow company procedures. Because the partners of the company have always discussed important decisions like this, and made decisions together, internal procedures at the company were not followed. James should have discussed with the other partners his intentions to purchase the machine. However, James did not discuss his intentions of purchasing the machine with the other partners. The four partners have always discussed important expenditures like this, because James did not discuss with the other partners the machine, and this large purchase the company procedure was not being properly followed. Company procedure is that all partners must discuss important expenditures with one another, and make a decision about the purchase together. Because, company procedure was not followed the company will not be held responsible for the purchase. James was the principle in the agency principle method of signing a contract for a corporation. James was considered to be doing business with the agent of the machines ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Friends Owning the Company Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1422005-case-study
(Friends Owning the Company Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.org/macro-microeconomics/1422005-case-study.
“Friends Owning the Company Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/macro-microeconomics/1422005-case-study.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Friends Owning the Company

The Spanish Retail Clothing Company

The demand for clothing and fashion garments increase in a growing economy. The industry today has grown exponentially; the role of the buyer, as well as the supplier too, has changed. Intellectual capital and creativity are central to the success in the clothing industry. In the current business environment, competitive edge lies in innovation and original creative expressions. The fashion industry is unpredictable. Fresh fabrics introduced every season, new and original designs created every now and then, mark the fashion and clothing industry today. These are the greatest assets of the company, which the executives need to identify in a timely manner, assess its application, and make changes or modifications to suit the demands...
11 Pages(2750 words)Case Study

Truth and Power at the Coca Cola Company

Needless to say, while some corporations have successfully implemented these recommendations and have substantially expanded their markets and financial returns as a result, others have not. This research looks at one of the corporations which have successfully reaped the rewards of globalization: Coca-Cola. Drawing on international business theory, the study engages in a critical analysis of Coca-Cola’s external and internal environments for the purposes of shedding light on its corporate strategy and uncovering the determinants of its success. The analyses, which utilize Porter’s Five Forces, SWOT and PEST, indicates that Coca Cola’s success is a direct outcome of an internationalisation strategy which is deepl...
14 Pages(3500 words)Case Study

Integrated Marketing Communications Programme for Crunchy Crunch Company

The Crunchy Crunch Company (CCC) has been in the business of making crisps and other snacks for many years. They want to build on their reputation for traditional health-conscious consumers. Therefore, they have made the brave decision to move away from the traditional products it has in its portfolio and are about to launch a range of healthy snacks. The brand name for this range is "Fit" to reflect the healthy nature of the products and the people consuming them. So far, four varieties will be available: Fit Fruit (Fruit and corn-based snack) Fit Quiche, Fit Frosty (a savory ice cream) and Fit Crackle (a crisp like product).

“According to the American Marketing Association, marketing research is the systematic g...
8 Pages(2000 words)Case Study

The Marketing Communications Strategy & Mix: Sports Company

Despite the challenges that Adidas met in the 90s from fierce competitor Nike, the company hit the rebound by the end of that decade and has reclaimed its position as one of the leading sports companies nationwide. Considering that the company almost went bankrupt at its lowest point, it managed to rise and compete once again in the market.
With Adidas’ position in the sports apparel industry, this research aims to find out and evaluate the various marketing communications strategies that Adidas has implemented over the years. Further, this research aims to be able to identify which strategy is proven to be most effective, and which did not bring the desired results.

Football is undoubtedly the most popular s...
9 Pages(2250 words)Case Study

Structure of Ford Motor Company

It was only in 1927 when GM overtook Ford in sales that Henry Ford felt the need to innovate Model A that was more in tune with the times (Cattlel, 2000).
Today, Ford Motor Company is the biggest family-controlled auto-manufacturer with number three spots in the list of world’s biggest manufacturers and sellers of vehicles. In, 2007, for the first time in 56 years, Ford was relegated to the third spot from second by the Toyota of Japan. Ford manufactures cars, trucks, and SUVs in the brand range of Ford, Mercury, Lincoln, Volvo, and Mazda. Ford’s s distinctly home-spun variety economy class Mondeo and Mustangs sold the world over, and Lincoln stands for luxury and elegance. Lincoln Motor Company was the first stra...
13 Pages(3250 words)Term Paper

The Company Targets Customers

... and introducing new ideas. Only company to offer make your own PC offer. Strong business Process outsourcing Weaknesses: Relatively young in age and dominated by young executives lacks Maturity. Loses a lot of business due to non-retail activities. Believes Carrying out marketing only through the Internet and telephone. Less reputation. Needs a lot branding beyond American shores. Recently New Mexico Supreme Court allowed a class action suit against...
8 Pages(2000 words)Case Study

Company Strategy to the Public Sector

The definition of corporate strategies emphasizes the need for the organization to satisfy the needs of all the stakeholders if the organization is to achieve its overall objective of maximizing shareholder value. Stakeholders include employees, customers and the communities in which the organization operates. Employees, customers, and communities, therefore, have a significant impact on the success of the organization and thus on the corporate strategy of the organization. In formulating corporate strategy, organizations need to identify and priorities strategic issues, which involve scanning, selecting, interpreting and validating information. (Schneider, 1989).
The aim of this paper is to explain the strategy of an organiz...
7 Pages(1750 words)Assignment

Company Law Issues

Various sections of the CA are coming into force over a staged process and the relevant provision relating to authority is sections 39 and 40, which came into force on 1 October 2007.

Section 39(1) of the CA provides that “the validity of any act done by a company shall not be called into question on the ground of lack of capacity by reason of anything in the company’s constitution”

Additionally, section 40(1) provides that: “In favor of a person dealing with a company in good faith, the power of the board of directors to bind the company, or authorize others to do so, shall be deemed to be free of any limitation under the company’s constitution”.

Section 40 (2)...
9 Pages(2250 words)Case Study

Company Profile: The Southwest Airlines Inc

Ever since the horrific attacks of 911, the airline industry has been going through a bad phase. The attacks on the World Trade Center have had a devastating effect on the commercial sector and the airline industry in particular. When one considers the fact that the instrument of destruction of these attacks was hijacked airplanes, there is understandable concern about traveling in them and thus the public lost faith in the airline industry immediately following September 11th.  For many airline companies, this meant going into severe debt or even declaring bankruptcy. Even after some time, the majority of the airline industry experienced lower profits and massive downsizing. However, for smaller companies like Sou...
8 Pages(2000 words)Case Study

Business Sustainability and Society: Coca-Cola Company

... association with them. For instance, by the year 2007, the company did not own more than 75% of its bottling partners that manufactured beverages and other products to the customers and consumers globally (Coca-Cola, 2008). Scrutiny of the company’s reports has indicated that it has been very concerned about its ethical image in the world, and it has been endeavoring enormously to market its image as an ethical and sustainable company. Despite of such efforts, a huge number of individuals and organizations (Coke Justice, 2010) have been carrying out protests against the company that it is involved in unsustainable business practices, as well as unethical ones that are damaging a huge number of stakeholders associated...
10 Pages(2500 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Friends Owning the Company for FREE!

Contact Us