By John M.B. Balouziyeh
This quantity offers an outline of usa federal and country legislation governing enterprise firms. The chapters take the reader via a step by step exposition of the main uncomplicated sole proprietorships to the main advanced multi-tiered conglomerates. one of the company businesses taken care of are partnerships with their a number of modalities (general partnerships, restricted partnerships, restricted legal responsibility partnerships), organisations (including heavily held companies, public companies and different diversifications) and constrained legal responsibility businesses.
The case legislations and statutes governing the total menu of commercial enterprises are systematically analyzed and provided. best circumstances at either the federal and country point in addition to version laws reminiscent of the Uniform Partnership Act and enacted laws are additional tested.
Other themes coated comprise enterprise and partnerships, Accounting, taxation and finance, Startup enterprises and enterprise capital, Fiduciary tasks and shareholder keep watch over, Mergers and acquisitions.
Read or Download A Legal Guide to United States Business Organizations: The Law of Partnerships, Corporations, and Limited Liability Companies PDF
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Extra info for A Legal Guide to United States Business Organizations: The Law of Partnerships, Corporations, and Limited Liability Companies
Thus, a partnership is not automatically dissolved and the assets are not automatically liquidated upon the death of a partner. Consider G&S Investments v. Belman (Ariz. Ct. App. 1984), where the plaintiff filed to dissolve a partnership with the defendant, whose cocaine use led to bad business decisions. When the defendant died, however, the plaintiff filed an alternative complaint to acquire the defendant’s interest and carry on with the partnership. The defendant’s 44 5 Partnerships estate, which preferred dissolution and winding up, since it would have brought in more money than buying him out, argued that the plaintiff could not continue the partnership because a complaint demanding dissolution had already been filed, and the partnership was thus dissolved.
App. 1955), the defendant persuaded the plaintiff to become a 50 % partner in an enterprise that failed because of delays and rising costs. When the plaintiff sued to dissolve the partnership, he was not permitted to do so because he did not fully comply with the partnership agreement when he withheld funds and caused the enterprise to lose money. Judgment was granted for the defendant. 2 Two Kinds of Partnerships Partnerships can last for a term or can be set up to be ended anytime by any partner at will.
Boxer (Cal. Ct. App. 1984), a law firm dissolved into two new firms and the plaintiff sued for an accounting of the attorney fees acquired during the dissolution. The court held that quantum meruit is not the proper doctrine to use in dividing assets; rather, the partners should continue to receive fees as they did in the former firm, regardless of which attorneys actually worked on particular cases. 4 In Meehan v. Shaughnessy (Mass. 1989), for example, two departing partners sued to recover monies they claimed were owed to them by their law firm.