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Fred is well known in his town for his homeopathic cough syrup. After years of encouragement, he has decided to take his miracle cough remedy to market as “Fred’s Miracle Cough Syrup.” While his cough syrup is homeopathic, one of the key ingredients causes a severe reaction when taken in conjunction with aspirin. Fred plans to make and bottle his cough syrup in an outbuilding on the family farm. His son, Sam, has been raving to the locals about his father’s cough syrup for years, and the local drug store and grocer have contacted Fred to place orders as a result. Sam also intends to approach several national chains in an effort to secure supply contracts for Fred’s cough syrup. Fred has asked Sam to assist him with deliveries, as Sam has a van. Fred would like Sam to be involved with the business as an employee initially, with the option of making him a partial owner at a later time. Fred and his wife Sally have two children, Sam and Lilly. Both live in cabins on the family farm with their spouses and children. Fred and Sally engage you as their attorney to assist with the formation of the new business, including determining the appropriate business entity type, management issues, product liability issues, and estate planning for both the business and family property. After your initial meeting, you identify and research the following issues. I) Describe the main types of business entities and their defining Characteristics II) Apply product liability law and determine what issues are present. How would you advise your client to mitigate those issues? III) Apply the elements and characteristics of an agency relationship to Sam’s actions. Does Sam’s involvement prior to the business formation, as well as his anticipated role once the business is formed, create an agency relationship? Why or why not? IV) Identify potential real property issues based on the location of the business on the family farm. Justify each potential issue. V) Does the manufacture of Fred’s Miracle Cough Syrup on the family farm necessitate a formal transfer of ownership or possessory rights? Defend your response. VI) Identify potential personal property issues based on the use of Sam’s personal vehicle to deliver the product. Justify each potential issue. VII) Does the use of Sam’s personal vehicle in the course of business expose Sam or the business to any liability issues? Defend your response. VIII) Identify potential estate planning issues with regard to the business and the family farm. Justify each potential issue. IX) What estate planning vehicles are available to Fred and Sally should they desire to transfer ownership in the business and family farm, respectively, to Sam and Lilly equally? What are the advantages and disadvantages to each? X) Apply your analysis of the issues above, which type of business entity do you recommend for Fred’s Miracle Cough Syrup and why?
q1. in signaling model assume high school graduates are paid a stream of income whose present value is 200000. college
Do you agree with this statement? Could you make an argument that these markets are not competitive?
The GDP is $40 billion below its potential value. It is expected that next-period GDP will be $20 billion below potential and that two periods from now it will be back at its potential level. The multiplier for government spending is 2. What is the b..
Suppose the county government has the choice to invest in a public library or a basketball court. It can't invest in both. A public library is very expensive to build and maintain, but it will serve the county for 20 years. The present value of the n..
Suppose to have a linear programming problem. It is known from the optimal solution that allowable increase of the b1 is equal to 30. Initial value of b1 is 40.
Suppose the immigrant flow from Country X to the US is positively selected. That is, highskilled workers are more likely to leave Country X to move to the US. In order to mitigate this “brain drain” Country X experiences as a result of this migration..
Three individuals each hold a ticket for a lottery that will pay $100 with probability 0.2 and $10 with probability 0.8. Their utility functions for the monetary amount x may be described as follows: Tom: u(x)=0.002x2+x Jim: u(x)=log10(x) Janet: u(x)..
There are four individuals I , II, III and IV in a society with a demand for the public good given by Q = 100 – P, Q = 300 – P, Q = 400 – P and Q = 150 - P respectively. If the marginal cost of providing the public good is constant and is equal to $7..
Using a spreadsheet program, chart the book value of a $14 000 asset over a seven-year life using declining-balance depreciation (d = 0.2). On the same chart, show the book value of the S14 000 asset using straight-line depreciation with a scrap valu..
A local cell phone monopoly faces the following monthly inverse-demand for lines from a typical family: P = 100 – 20Q. The total cost to the monopoly is C(Q) = 20Q. This implies that the marginal monthly cost to the monopoly is $20 per line. How many..
The following equations apply to an economy: C=400+.9(Y-T) I=250-50r (M/P)d=Y-300r You also know that government spending and taxes are 500 and the nominal money supply is 4000. The price level is 2. Make sure you simplify your equations. What are th..
Category Amount:: Durable Goods $1,000, Non-Durable Goods 2,500, Services 7,000,Fixed Investment 1,800, Changes to Business Inventory 35, Investment in Stocks & Bonds 5,500, Federal Government Purchases 1,200. Using the above table determine the amou..
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