Gloria Smithson's Family Case

The Smith family is in the same situation as many other families that live in the United States. A young single mother is trying to raise two children by herself with no income. Lucky for them, there are several government funded programs that are there to help them to form a better life. However, there are certain requirements for several of the programs. The Smith family should meet most of those requirements. They have until the end of the month before all their resources are cut off.

Due to its nature, partnership is generally liable for the acts of the individual partners if committed in the course of the partnership business. However, liabilities of every partner may be regulated by the written agreement signed by partners. If no written agreement is signed by partners, liabilities of the partnership are regulated by the Partnership Act. If one of the partners retires, he or she may not be liable for the future debts of partnership if an official notice of the change is sent to creditors and the public. However, there were no official notice sent by the partners in the case; therefore, Toby may be liable for the debts of partnership. Due to the death of the third partner, partnership may be dissolved. In order to pay off the debts, assets should be sold and partners are free to continue the same kind of business after the dissolution of the

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.

Yes, it is not always necessary for limited partnerships to dissolve if one general partner dies as long as there is one other general partner. If there is provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner, and that partner does

There is also the concept of secondary liability. This means that if, for example, an employment agency

B) Managers of LLCs are personally liable for the debts, obligations, and liabilities of the LLC.

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

The principle of direct liability is an individual or business established on negligence or any results in harming or damaging to another individual or their property. Hospitals or providers are liable for the conduct and treatments provided by their physician members. Any damage or treatment a physician’s provides is covered by the hospital. Enterprise liability is a legal matter that a related corporations or people can be held responsible for any actions, damage or wrong

This is a family owned company with the sons and daughters of the founder forming the board of directors. We operate from one main factory which include several different sections. These sections including a stores area for the raw materials used to make the widgets, a machine shop for producing the widgets,

I Gloria Davis give authorization to Lonestar Ford to inspect my vehicle the 2013 Buick Regal to assess the damage .And to determine rather the damage is repairable,if so to also estimate the amount of the repair. I

Rationale. The advent of the limited liability company in the 1990’s came about primarily to promote small business start-ups by providing substantial asset protection, simpler rules, and favorable state and local tax treatments (Millon, 2007; Riles & Whitlock, 2003: Vandervoort, 2004). LLCs are also typically easier and less expensive to form and manage than a corporation and quickly became the entity of choice (Hopson & Hopson, 2014).

The private limited company obviously has limited liability, which protects the firm from being responsible for the potential amount of loss that exceeds their financial capability. Secondly, added credibility makes it easier for a private limited company to raising capital by borrowing money and achieve financing without personal risk.

The title dissolution of partnership is distinct from dissolution of firm. In the dissolution of firm the business of firm is closed and the assets of the firm are sold off and the liabilities of the firm are discharged. Whatever remains after is distributed among the partners in the ratio of their profits or as per the agreement of the firm provides for. In contrast in the dissolution of the partnership only the agreement is dissolved whereas the firm continues to exist.

Limited partners are shielded from personal liabilities, but they can lose their financial investment in the limited partnership. Limited partners can lose their status and be held personally responsible for business liabilities if they are found to be actively involved in the management of the business.

Organizing a corporation limits your liability to your investment in the business, but LLCs don 't require seating a board of directors, holding shareholder meetings and other time-consuming and expensive administrative formalities. Another great benefit is that you can divide profits any way you want, entice employees by offering them a share of your profits and assign shares without requiring the recipients to pay market value. You can choose to tax any LLC’s profits as a corporate entity or pass-through company, which means that profits are passed through to the shareholders and taxed as regular income.