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Business Arrangements & Global Business Law Essay Example

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Business Arrangements & Global Business Law

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Business Arrangements & Global Business Law. Since there is no written document of the partnership past two years there might be chance of friction between the partners. If Barbara, Helen and Maureen have a written document with all the valid points of their partnership it would be easy for them to avoid any kind of confusion in the future, which might lead to conflict in partnership. As they are going to expand their business and employee two people it is advised to have everything in written.When Barbara, Helen and Maureen are planning to make their business a limited liability company or LLC it is necessary for them to know about various types of LLCs (GCSE Business Studies, 2004). Knowing about these would help them understand their business better and make them aware their type of business.

Below are various types of LLCs:. General Partnership: In this type of business there is more than one partner involved. In this type of partnership all the co-owners are involved the debts, business transactions and taxes incurred by the business1.Case In Point: In the famous case of Patricia Ostolaza and José Diaz vs. Countrywide Home Loans, Inc., which was represented by Anthony Falcone took over all their mortgages about their new home, which Ostolaza-Diaz had a partnership. While taking over it was promised that the new payment would be much lower than that of the original repayment. When Ostolaza-Diaz filed a suit the trial dismissed it and the appellate court had upheld the dismissal on the ground that the duo was given an opportunity to read the document clearly but they had not done the same.. Limited Partnership: This type of partnership is more or less similar to that of general partnership but in this partnership one partner should have the full liability of the business structure and another would be accountable for limited amount of liabilities.. Family Limited Partnership: This type of partnership reflects the structure of limited partnership but the difference is that the partners are all family members. Mostly it is seen that when a family starts a partnership business they form it as a general or limited partnership firm2.Case In Point: In the famous case of Estate of Rector v. Commissioner, the limited partnership that Mrs. Rector formed in December 1998 was learned by her son John. She had another son named Frederick. In March 199 according to the clause of the agreement $8.8 million of cash and marketable securities were transferred to the limited. Business Arrangements & Global Business Law.

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preview essay on Business Arrangements & Global Business Law
  • Pages: 9 (2250 words)
  • Document Type: Coursework
  • Subject: Law
  • Level: Ph.D.
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