Business Law Question

Discussion Question 1 (answer ½ page of content)

John, Lesa, and Tabir form a limited liability company. John contributes 60% of the capital, and Lesa and Tabir each contribute 20%. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60% of the profits, in accordance with his contribution. Lesa and Tabir, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue.

– Use the IRAC structure to identify issues and apply law and facts to the case. The IRAC method has four steps:

1. Identify the issue.

2. Relevant law – Here you need to explain the law, not just state it. This could be sections/s of the Corporations Act or case law.

3. Application to the facts – the law is applied to the facts of the problem.

4. Conclusion

● What law will the court apply?

● In most states, what will result?

● How could this dispute have been avoided in the first place?

—————Write a Paper (3 pages of content)

As discussed in Chapters 36, 37, and 38, the first step in setting up a new company is choosing among the different types of business ownership. The business structure one chooses influences everything from day-to-day operations, to taxes, to how much of one’s personal assets are at risk. One should choose a business structure that gives one the right balance of legal protections and benefits.

• What questions should be asked in determining the appropriate forms of business ownership for a business?
• What are the advantages or disadvantages of sole proprietorship and partnership forms in an organization? Would you use a sole proprietorship in your business in the future? Why or why not?
• What are the different types of partnerships? Why is the partnership agreement important? Would you use a partnership in your business in the future? Why or why not?

Develop a two- to three-page APA-formatted paper and include three peer-reviewed sources to support your answers.

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Do these in order:- Answer discussion questions (½ page) & Write a paper (3 pages) SEPARATELY

● In correct APA format, write the citation.

– please submit the paper on time and make sure NO PLAGIARISM!!!