Download A Legal Guide to United States Business Organizations: The by John M.B. Balouziyeh PDF

By John M.B. Balouziyeh

This quantity presents an summary of usa federal and nation legislations governing company companies. The chapters take the reader via a step by step exposition of the main uncomplicated sole proprietorships to the main complicated multi-tiered conglomerates. one of the enterprise enterprises handled are partnerships with their a number of modalities (general partnerships, constrained partnerships, restricted legal responsibility partnerships), organisations (including heavily held companies, public firms and different adaptations) and restricted legal responsibility businesses.

The case legislations and statutes governing the entire menu of industrial enterprises are systematically analyzed and offered. prime situations at either the federal and kingdom point in addition to version laws reminiscent of the Uniform Partnership Act and enacted laws are extra tested.

Other themes coated contain organization and partnerships, Accounting, taxation and finance, Startup organisations and enterprise capital, Fiduciary tasks and shareholder regulate, Mergers and acquisitions.

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Extra resources for A Legal Guide to United States Business Organizations: The Law of Partnerships, Corporations, and Limited Liability Companies

Example text

The theory of the firm attempts to explain, based on market prices, why some of these activities are managed within the firm, while others are outsourced. The theory of the firm recognizes the discretion of the manager as the element that distinguishes the firm from ordinary market activity. The entrepreneur is forced to find equilibrium between granting managers sufficient power to exercise 24 3 Accounting and Finance discretion in order to increase profits, and checking the decision making power of managers, which when left unchecked, may pursue self-interested gain over the overall profit of the company.

2 Taxes and Creditors When using credit, a hierarchy of debts arises with respect to the debtor’s repayment obligations. He is first required to pay taxes off of the profits of his enterprise. Second, he must pay off secured debts. Finally, he is required to pay off general debts, which are split between creditors based on the percentage of each creditor’s debt interest. In recovering their loans, general creditors may go after any of a debtor’s assets, except for those that are owed to secured creditors, who receive priority in the repayment hierarchy.

When a partnership for a term is established, the term may be implied when it is contemplated that a debt will be repaid out of profits and there is an inference that the term is the period required to achieve repayment. Partnerships at will, on the other hand, can be ended at anytime by any partner. The default rule under the UPA is that any party may cancel the partnership when no definite term or particular undertaking is specified. A partnership can be cancelled even before a profit-generating term has passed.

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