- Field: Law
Select TWO of the three case studies. Post your document to the W1: Assignment 3 Dropbox by Tuesday, July 16, 2013. It is not necessary to copy the case study into the paper. Label the beginning of each case study with the number you selected (Case Study 1). Cite your sources in APA format on a separate page.
Save your document using the following format: SU_BUS2038_W1_A3_LastName_FirstInitial.doc.
Case Study 1
Lowe, Ball and Lynch were partners in a New York law firm. Lowe, who was in failing health, advised the partners that she wanted to retire and that she had assigned her full interest in the partnership to her son Jessie Stringham. Stringham was a New York bar-licensed attorney with numerous years of professional experience. Ball and Lynch did not permit Stringham to attend management meetings or inspect the books. Stringham believes, as the assignee of his mother’s partnership interest, he was entitled to do both. Is Stringham correct? Explain your answer using legal references such as cases, statutes and other materials.
Case Study 2
Ralphael and Mitch have general commitments from several people to invest in their exotic animal park. Mitch wants to form a limited partnership, but realizes that every limited partnership must have at least one general partner who manages the business and is subject to unlimited liability for the business and its debts. Mitch thinks this is no problem because the general partner can be a “shell” corporation with Mitch and Ralphael at its helm. Ralphael thinks an LLC might be the best approach because the investors are relatives that have opinions on the business, and some are professionals who could offer valuable expertise. Compare the advantages and disadvantages of a limited partnership with an LLC and determine which is the most appropriate form of business for this venture.
Case Study 3
James, Annette, Vanessa and Andrea are undergraduate students studying business administration. James came up with an idea for a new product that he believes will make the four of them very rich. His idea is to manufacture cappuccino machines for the average business organization. The company would also supply a variety of specially blended coffee. James’s personal experience qualifies him to be a general manager of the new firm. Annette is a natural salesperson. Vanessa is an excellent cook and enjoys experimenting with different flavors in coffee. Andrea has little interest in sales or management, but she would like to invest a large sum of money that she inherited from her uncle. The group of students decided to name their business “JAVA.” Thoroughly discuss the factors that James, Annette, Vanessa and Andrea should consider in deciding which form of business organization to adopt.
|Assignment 3 Grading Criteria|
|Answered one scenario, analyzed the facts and provided well-reasoned answers that reflect an understanding of course material. Supported the response with appropriate cases, laws and other relevant examples.|
|Answered another scenario, analyzed the facts and provided well-reasoned answers that reflect an understanding of course material. Supported the response with appropriate cases, laws and other relevant examples.|
|Used correct spelling, grammar, punctuation and professional vocabulary.|
|Presented the paper in APA format and properly cited sources using APA.|