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business
essentials business law
Understanding Business And Personal Law, Student Edition (BROWN: UNDER BUS & PERS LAW) 1st Edition McGraw-Hill Education - Solutions
Martin Greenlawn, Gladys Chilcote, and Lillian Brunner decide to incorporate their flower shop, calling it the Hearts and Flowers Florist Shop, Inc. They file articles of incorporation with the appropriate state office, not knowing that they need a statutory agent. Through an oversight, a
Dennis Tharp and Merle Coffman decide to incorporate. They call their corporation Ford Motors because they figure that using a well-known name would attract business.They draw up the articles and include the corporation’s name, proposed duration, and purpose; the number, classes and par value of
Alice Pryor and Jessica Tunney operate their business for several years as a partnership.Pryor convinces Tunney that it would be a good idea to incorporate. Tunney agrees, so they change the name of the business to Pryor and Tunney, Inc. They do nothing further, although they tell their customers
Ethel Holmes, Chris MacLeod, and Alicia Stevens decide to incorporate their printing business, naming it HMS, Inc. George Kitchel, their attorney, assures them that the articles will be approved. Because of a misunderstanding between Kitchel and a coworker, the articles are never filed. When
What would you recommend they do?
Would the resolution be any different if their business were a partnership?
How can Tim and Eric resolve their differences without harming their relationship or their business?
What should Tim and Eric consider when trying to make this decision?
Describe the significance of each type of documentation, noting the similarities and differences.
Contrast the legal documentation required in forming different types of business organizations (proprietorship, partnership, and corporation).
What is a stock exchange? What are some of the most prominent stock exchanges?
What are dividends?
Under most state statutes, what words must be included in the name of a corporation?
In Chapters 27 and 28, you learned about a variety of different business organizations: proprietorships, partnerships, corporations, and new and hybrid business entities such as an LLC or sub-chapter S corporation. Identify the duties and responsibilities for those interested in each type of
Identify new and hybrid business entities, including sub-chapter S corporations, limited liability partnerships, and limited liability corporations. Briefly explain each, and identify their distinguishing characteristics.
What are the two main types of corporations?
What are the differences between these types of stock?
What two kinds of stock are issued by a corporation?
What must be included in the articles of incorporation?
What is the promoter’s role in the incorporation process?
As a class, vote to select the best game.
Present your game to the class.
Play your newly created game.
In groups of four, create a board game about corporations using all of the key terms. The purpose of the game will be to help the players develop an understanding of how to create, finance, and distinguish among various types of corporations.
Are promoters necessary during the incorporation process?
What state office regulates the incorporation process?
What are the advantages and disadvantages of a corporation?
Respond How is a business partnership like a marriage? How is it different?
Question Do you think it is fair that the law holds each partner responsible for the other partners’ actions within the partnership? Why or why not?
Connect Would you like to own a business one day? Why or why not?
Predict Why would a small business owner choose to use a fictitious name instead of his or her own?
Prioritize the sites according to the importance of the information they might be able to provide
Research 10 Web sites that provide resources to entrepreneurs and small business owners.
Dissolution As a partner, Hanes contributed $19,875 to a new partnership as his capital contribution. The other partners, Giambrone, Hayes, and Medley, made no capital contribution, although they had agreed to do so. Medley withdrew some of the money contributed by Hanes without the unanimous
Partnership by Proof of Evidence George and Clarence Simandl, brothers, jointly owned a gas station-delicatessen-magazine stand.All building permits were issued in both names, and both parties signed all of the business contracts. They carried on the business and shared profits and losses for 40
Alan Gallagher and Norma Kendall each contribute $20,000 to begin their partnership. At one point, the venture is in trouble, so Gallagher lends the partnership an additional $10,000. Eventually, the partnership is dissolved. After the creditors are paid,$50,000 of assets remain. Kendall claims
Max Massie is a general partner in the construction firm of Massie, Briggs, and Yates. While operating a forklift at a construction site, Massie collides with a limousine owned by the mayor. The mayor sues all three partners. Yates and Briggs argue that because Massie was at fault, the mayor has no
Ruth Drummond, a general partner, purchases all merchandise for the partnership.A manufacturer gives Drummond a 10-percent discount on goods she purchases for the partnership. Drummond never tells the other partners about the discount and keeps the difference for herself. When the other partners
Nancy Myers’s law office is in the prestigious Brown & Brown Law Office Building. To help her business, Myers has business cards printed that read, “Nancy Myers of the Brown & Brown Law Office.”When Samuel Brown, one of the Brown partners, discovers what Nancy has done, he laughs and tells
What would you do if you were Emilio and you discovered what Richard was doing?
If the IRS decides to audit the business, is Emilio financially liable for any back taxes? Why or why not?
Is Emilio legally responsible for the tax return Richard filed for their business?Why or why not?
What type of zoning ordinances might be an issue
How to acquire an occupational license
How to select a fictitious name
What the local requirements are
What types of businesses require a license
What is tenancy in partnership?
In some states, what can a sole proprietor do to prevent other companies from adopting his or her fictitious name?
What are the duties of the partners to each other?
What questions might the court ask to determine whether certain property belongs to the partnership?
What are the differences among a secret partner, a silent partner, and a dormant partner?
Why is a sole proprietorship the most common type of business and easiest to form?
Perform your dialogue in front of the class.
Imagine you are a business attorney and have been hired by a new business owner to discuss the legal forms of business association. With a partner, create a role-play in which you are a business attorney, and your partner, a new business owner, has hired you to discuss the legal forms of business
What are the effects of the dissolution of a partnership?
What are a partner’s rights in relation to property?
How can a partnership be created?
How does a sole proprietorship begin?
During what time period may a borrower usually exercise the right to rescission authorized under the Truth in Lending Act?
What are the consequences a lender may face if it does not comply with the disclosure requirements of the Truth in Lending Act?
What information must a lender provide to the borrower in a transaction subject to the Truth in Lending Act?
To what types of loans does the Truth in Lending Act apply?
What was Congress’s purpose in adopting the Truth in Lending Act?
During what time period may a borrower usually exercise the right to rescission authorized under the Truth in Lending Act?
What are the consequences a lender may face if it does not comply with the disclosure requirements of the Truth in Lending Act?
What information must a lender provide to the borrower in a transaction subject to the Truth in Lending Act?
To what types of loans does the Truth in Lending Act apply?
What was Congress’s purpose in adopting the Truth in Lending Act?
Explain why a personal defense cannot be used against a holder in due course.
Is there a common element among the explanations of real defenses?If so, what is it?
Is there a common element among the explanations of personal defenses? If so, what is it?
Respond What are some of the reasons a bank would dishonor a negotiable instrument?
Question Why are personal defenses sometimes called limited defenses?
Connect What would you do if a friend forged a check to be used as payment for a new DVD player?
Predict Why do you think holders in due course are treated more favorably than holders?
Create a list of at least five Web sites that offer legal dictionaries.
Transferring Notes John and Beverly Girner executed a $5,000 promissory note payable to the order of First Realty Corporation. The note was to be paid in monthly installments. First Realty transferred the note to Imran Bohra in exchange for property. When the note was six months past due, Bohra
Indorsement Authority Refrigerated Transport Co., Inc. employed a collection agency to collect some of its overdue accounts. The collection agency indorsed, without authority, checks made payable to Refrigerated Transport and deposited them in the agency’s own checking account. Was the bank that
Louise Torelli presented a note to Duke Fairfax for payment on the due date. Fairfax had become insolvent and could not honor the note. There were four indorsers on the note, and Torelli gave notice of dishonor to the indorser immediately ahead of her. That indorser failed to give notice to the
Steve forges the name of Joanne Newman, a well-known merchant, on a $500 note.He then negotiates the note to William Kester, an innocent purchaser, for value.Kester sues Newman when payment is refused at maturity. Is Newman required to pay the note? Why or why not?
Daniel, a minor, gives Carmenza a $200 check in payment for a VCR. Daniel uses the VCR over the weekend, decides to return it, and stops payment on the check.Carmenza cashes the check at her bank, which becomes a holder in due course.What defense, if any, may Daniel use against Carmenza’s bank if
Moynihan executed and left on her desk a note made out to Pappas. Moynihan owed Pappas the money specified on the note for the purchase of a lawn tractor. Pappas was admitted to Moynihan’s office, saw the note made out to her, picked it up, and departed without seeing Moynihan. Pappas negotiated
Cynthia, a minor, purchased a used truck for $1,500 from a dealer. In payment, she gave $500 in cash and a promissory note for the balance to be paid in three months.The dealer indorsed the note and negotiated it to a bank. A week later, Cynthia was involved in an accident, and the vehicle was
Explain the primary and/or secondary liability in this situation.
Does the shelter provision apply?
Is there a holder through a holder in due course?
Who is the holder in due course?
What might a person be requested to do when making presentment of an instrument?
What is fraud in the inducement?
Describe the shelter provision.
What is good faith?
What are the three conditions that must be met for secondary liability?
Can personal defenses be used against holders in due course? Why or why not?
Explain what it means to be a “holder through a holder in due course.”
When is value for an instrument given?
Reflect on you could have improved your role-play activities.
After you have finished delivering your role-play activities, ask your classmates for constructive criticism.
Present your role-play activities to the class. If possible, dress in costumes and use appropriate props.
Practice your role-play activities until you and your partner feel comfortable.
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