Darcie and Taylor's business continues to be quite successful and profitable. Taylor has another idea for a
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Question:
- What form of business organization would the lawyer and accountant likely recommend to Darcie and Taylor for the new racing business?
- How is the type of business organization recommended in question a. above formed, and what are its legal characteristics?
- If Darcie and Taylor both wanted to engage in participating in managing the racing business, but only wanted to take on liability for their own actions, while also being able to use any losses from the operations of the business to offset other income, and they were located in British Columbia or in another province in which (hypothetically) racing cars was a "qualifying profession," what form of business organization could they use? What is the difference between this form and the form recommended in question a. above?
- In either type of business organization discussed in the questions of this fact pattern, what kind of agreement could Darcie and Taylor enter into with respect to the business organization in order to govern their relationship, and what are some of the general topics such agreements contain?
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date: