Case Study : Albert And Baker

| The partners are jointly and severally liable for business debts and obligations. The partners are held personally responsible for the business and may be sued personally for liability. Partners’ personal assets are subject to lawsuit(s) made against the business. Lack of continuity; death of a partner may end the partnership/business if a buy/sell agreement is not in place. Disagreements may be difficult to resolve.

The business entities of corporations and partnerships share many similarities, however key difference exist, primarily in terms of formation, taxes and liability. This section will largely address the issue of liability, in terms of the effects of damages, disclosure requirements and personal liability for both corporations and partnerships. Additionally Amazon will be examined as a partnership rather than a corporation to further illustrate these differences.

Forming a business entity requires a great deal of knowledge before any decision is made. There are advantages and disadvantages to each entity and without proper understanding of what they are, individuals could make costly errors and forfeit crucial perks that would be in the businesses best interest. In the situation in New State, Alex, Bill, Carl, and Devon have inherited their father’s operating organic farm and seek advice, in regards to which form of business organization would best fit their particular criteria. They have emphasized their immediate concerns, wants and needs from a business standpoint, but also stress their strong faith to uphold and operate in accordance with the Christian worldview. Their criteria is as follows, (1) create an entity which averts formalities or complexities, (2) develop a structure allowing cousin Xavier to handle the day-to-day, (3) minimize taxes on the entity, (4) avoid any personal liability, (4) keep business in the family only, (5) remain in accordance with the Christian worldview, (which will be the final topic in this discussion). After reviewing all criteria, it will be advised that forming a limited liability company (LLC) and electing for an S corporation status would be of best interest for the family. Discussed below, is the strengths and weaknesses of each form of business organization as it applies to their unique situation, to help better understand why an LLC/S corporation, is the best form of

Whether certain allocations of partnership income, gain, loss, deductions, and credits have substantial economic effect and whether that has any impact on the partners’ distributive shares.

Many believe that liability is a biggest issue in a general partnership than in a sole proprietorship. The owners of the company are still fully liable for any debts the company may accrue as well as the liability for any lawsuits that may be brought against the company. However, the bigger issue in a partnership is that now each partner can be liable for the other partner’s actions. If one partner is sued for malpractice, the other partner may suffer because of it.

General Partnership: Occurs when two or more individuals get together to operate a business with the intention of making profit. Each individual is a general partner of the business and all profits and losses are shared between the partners. General partnership agreements can be a written or verbal agreement.

Gary Baker is a non-SDA famer who has a total of 57 years farming on his own. According to FLP staff, the applicant has a current FSA-902 and is reporting farming activity consistently with FLP application. He was born and raised on a family farm and has farmed the majority if not all his life. He started his own farming operation in 1961 after working for his father for multiple years. His major enterprise is Soybeans and Tobacco. This year he projects to plant 225 acres of soybeans and 70 acres of Flue-Cured Tobacco. The size of the operation is considered between small and medium being that it is 100 acres. All the farmland is large and is near to his headquarters. He does not work a non-farm income job currently. He does most of the work on his own but does

The court verified that a person is a partner and jointly liable with others in the firm “if his agreement with them is that he should be paid by the firm a fixed sum, irrespective of profits, for work done by him”.

Partnership liability tort can take place when a partner or all partners acting on partnership business causes injury to a third person. Cause of this tort could be a negligent act, a breach of trust, breach of fiduciary duty, defamation, fraud, or another intentional tort (Cheeseman, 2010, p. 538). Under the Uniform Partnership Act, partners are jointly and severally liable for torts and breaches of trust (UPA, 2010). This is true even if the co-partner(s) did not participate in the act. The joint and severally liable tort permits a third party to sue one or more of the partners

Mr. Dennis Baker is a 43-year-old single, white male, born August 17th, 1941. He has never been married and currently resides in a single-family home in Westland, MI with his parents, Mary and Jerry Baker, who are his legal guardians. He is unemployed due to chronic epilepsy and receives disability payments through Social Security. His highest level of education is General Education Development (GED). Mr. Baker reported difficulty in school attendance due to seizures and necessary medical appointments.

The case of GRUENDL v. OEWEL PARTNERSHIP INC. the overall partnership of OPL is OPI and not a plaintiff exclusively, a circumstance of which the defendant was mindful. The plaintiff may possibly be judged to have contributed in governing of OPL simply because he implemented his responsibilities as president of OPI or because he may have represented as a indemnity for, or loaned funds to, OPL. (Corp.Code, § 15632, subds.(a), (b)(1) & (3).) Furthermore, nothing in the records suggests that the plaintiff, in his capability as a limited partnership, should be held accountable for OPL's partnership liabilities.

Under this form of business Jane could only seek damages from the corporation itself, meaning both Jeb’s and Josh’s personal assets would be safe. The creditors that are seeking restitution from John could only take the share that Josh owns in Arcadia Sports. Arcadia Sports and Jeb would be safe from the

I guess I can also kind of relate to Russell Baker. Because when I was in high school and he had to write a paper I could make the teacher start cracking up when she read some of my papers. I guess you could say that I was kind of a smart ass on some of the topics that we had to write or a video that we just got done watching.

He believes that things are changed now, and there’s going to be some more changes in the close future and so it’s better for him to do this.

Tony Baker has been a resident of Landen for fifteen (15) years. His interests include volunteer work, gardening, sailing and travel. He was on the CSA Board from 2004-2006 and served as the CSA Treasurer. Mr. Baker currently serves on the CSA Board; he is the Chair of the Pathway Committee and the Assistant Treasurer. Mr. Baker served on the Building and Grounds Committee from 2005 through 2012. He was re-elected to the Board in 2012. The most important reason Tony moved to Landen was, “living on a body of water–-something I never thought I would be able to do in my lifetime.” His goals, if elected to the CSA Board, would be to continue the program started in 2004, not only to repair and replace the deteriorating infrastructure, but