Emma is a computer repair specialist who works for Perfect5050 Repairers Manchester Limited. She specializes in repairing computer equipment for various business clients in Manchester. She has decided to ask Roger to join her and become partners in this adventure. They decided to ask Jane who has a degree in business law about their option: a partnership or a limited private company. Explain what a partnership and a limited private company are, presenting the main legal differences.

Help Seve & Exit Your three friends inherited an old dude ranch, and plan to turn it into a pasture for retired racehorses, Shady Rest wants to open its doors by next summer. After going to several small business seminars, your friends are certain they need limited liability. The high-risk, labor-intensive business will require a sizeable investment including an air-conditioned barn, several fenced-in pastures, and loads of animal feed. You explain to them that LLC ownership requires owners to pay self-employment taxes on the entire amount of earnings. You are fairly certain this is one tax liability your friends would like to avoid. You instead recommend Multiple Choice sole proprietorship. general partnership. an S corporation. a limited liability company.

What is a continuation agreement? Why is it important in an LLP?

Mario and Johnny want to start a business. They have very little capital. They are new partners and largely unfamiliar with each other’s management practices. They are happy, however, to be organizing a business together in order to avoid full liability for the business. Which detail of this situation is a good reason for Mario and Johnny to create a general partnership?     Sharing profits   Avoiding full liability   Unfamiliar with each other’s management practices   Little capital

How exactly a limited partner can lose the limited partner status and become a general partner with unlimited liability? Can you think of any relevant case law? (accorning to canadian law)

1. Goldie and Hattie want to develop real estate and want to organize it under their state's Revised Uniform Limited Partnership Act. (a) Please advise Goldie and Hattie about what they will need to create and capitalize their partnership. (b) What advantages does the limited partnership business form offer to them over the general partnership? (c) What should Goldie and Hattie expect about their personal liability and tax situation?

Shep and Gerald are nearing the end of the production of their new film, "It All Falls Sideways," and are seeking advice on how to end their limited partnership. Shep and Gerald have some outstanding bills and still expect some income as well. (a) What steps are necessary to end this limited partnership? (b) What would happen if Shep wanted to end the partnership, but Gerald wanted to continue making films? (c) What must Shep and Gerald do to wind up and distribute the remaining assets?

Mario and Johnny want to start a business. They have very little capital. They are new partners and largely unfamiliar with each other’s management practices. They are happy, however, to be organizing a business together in order to avoid full liability for the business. Which detail of this situation is a good reason for Mario and Johnny to create a general partnership?

3.