User Account

All Pages

Limited liability companies john lesa and trevor form a

Assignment Help Accounting Basics
Reference no: EM13601094

Limited Liability Companies. John, Lesa, and Trevor form a limited liability company. John contributes 60% of the capital, and Lesa and Trevor 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 Trevor, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue. What law will the court apply? In most states, what will result? How could this dispute have been avoided in the first place? Assess fully.

Justify your answer using information from your reading and be sure to:

  • Assess the laws that govern the limited liability companies (Uniform Limited Liability Company Act ULLCA).
  • Evaluate how these laws frame our scenario and how a court would rule.
  • Conclude how John, Lesa, and Trevor could have avoided the dispute by creating an operating agreement and integrating operating procedures into a written agreement.

Reference no: EM13601094

Questions Cloud

Korte company is currently producing 16000 units per month : korte company is currently producing 16000 units per month which is 80 of its production capacity. variable
Business transactions often involve the exchange of : business transactions often involve the exchange of property goods or services for notes or similar instruments that
Compute benettons margin of safety using data from 2003 and : 1. how do the formats of the income statements shown on pages 33 and 50 of benettons annual report differ from one
Daniel and sondra estelle hired allens firm to renovate a : daniel and sondra estelle hired allens firm to renovate a home they owned in ladoga indiana. to finance the cost they
Limited liability companies john lesa and trevor form a : limited liability companies. john lesa and trevor form a limited liability company. john contributes 60 of the capital
During the year the company produced 25000 units and sold : the wisconsin company manufactures and sells a single product. the following costs were incurred during the companys
Prepare schedules of cogm and cogs and an income statement : selling exp.........................215000 purchase of raw materials...........260000 direct
On january 2 2013 pod company purchased 25 of the : on january 2 2013 pod company purchased 25 of the outstanding common stock of jobs inc. and subsequently used the
Best bathware company manufactures faucets in a small : best bathware company manufactures faucets in a small manufacturing facility. the faucets are made from zinc.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Set up separate accounts for distinct types of intangibles

Powerglide Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012.

  Jackie chin waste management has a subsidiary that disposes

jackie chin waste management has a subsidiary that disposes of hazardous waste and a subsidiary that collects and

  Actual results for february appear below prepare a flexible

pie guys pizzeria is owned and operated by three brothers. data concerning the pizzerias monthly revenues and costs

  Mcguire company acquired 90 percent of hogan company on

mcguire company acquired 90 percent of hogan company on january 1 2010 for 234000 cash. this amount is reflective of

  If sold now the current copier would have a salvage value

kinder enterprises relies heavily on a copier machine to process its paperwork. recently the copy clerk has not been

  Total estimated overhead costs are 298800 overhead cost

wilkins inc. has two types of handbags standard and custom. the controller has decided to use a plantwide overhead rate

  It may not always be feasible for every company to have an

it may not always be feasible for every company to have an accountant that is also a computer expert. in this respect

  Investment expected return and its standard deviation

(Expected rate of return and risk) Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this security?

  On 1 july 2010 anderson ltd acquires 70 percent of the

on 1 july 2010 anderson ltd acquires 70 percent of the equity capital of arthur ltd at a cost of 4 million. at the date

  Objectives of a system of internal control

Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.

  In order to maintain production at 5200 laptops drake

suppose that drake corporation produced and sold 5000 laptop computers during 2010. it reported 270000 cash provided by

  A company has inventory of 15 units at a cost of 12 each on

a company has inventory of 15 units at a cost of 12 each on august 1. on august 5 they purchased 10 units at 13 per

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd