The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Question
Chapter 17, Problem 1IS
Summary Introduction
Case summary: Persons G, H, and I are members of J watches. J watches is an LLC.
To find: The options available to the persons G, H, and I with regards to the management of their firm.
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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?
P&G
PHI M
LIFE
An AIA Group Company
MERALCO
SAN MIGUEL
CORPORATION
Assessment
Wite true if the statement is correct and write false if not
Al crporaters are subsribers but subsuribers need not be an incorporator
2. The Corporate Treasurer of a corporation must be a director.
Death of shareholder will not dissalve the corporation
4 A corporation can come into existence by mere agreement of the parties as in the case
of partnerships
S Acorporation is created by agreement of the sharehalders.
The paid-up capital of a Plippine corporation must not be less than Php S00.00.
7Any Individual shareholden in a corporation may personally be held lable for all debts
Inuered by the corporation
L Al incerporators are corporators of a corporation.
S A corporatlen has continulty of existence which permits the business to continue
epardiess of changes in ownership or the death of shareholders
10 Acorportatien or a partnership can be a Incorporator but not a corporator.
11. Corparate Secretary must be a…
Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three teenage sons, Calvin, Cameron and Craig. Rebecca does not have a will and leaves behind the following assets:
House $800,000 (Joint Ownership with Chris)
Non-registered Portfolio $273,593 (Individually owned)
RRSP $370,068 (Beneficiary: Chris)
Life insurance $309,927 (Beneficiary: Estate)
Assuming that Rebecca lives in Ontario, how much will each of her sons inherit from her estate?
Round your answer to the nearest dollar.
Chapter 17 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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