Question
Cersei and her brother Jamie inherited a family ranch consisting of 2,000 acres in New Mexico from the recent passing of their father. The ranch
Cersei and her brother Jamie inherited a family ranch consisting of 2,000 acres in New
Mexico from the recent passing of their father. The ranch was operated mostly by Jamie
and Jamie and their late father resided on the New Mexico Ranch. Cersei also owns a
ranch in far west Texas, consisting of approximately 2,000 acres, but she resides in
Midland. She has big profits from her grazing and hunting operations on the Texas
property. The New Mexico property is also likely to be profitable in a few years time, but
is and has been operating at a loss for the last several years. Cersei and Jamie want to form
some sort of entity to own and operate the ranches. What should they form? Cersei also
has a ranch manager, Jon Snow, for her ranch on site since she doesn't live there. Should
they include him as an owner? Employ him? Keep him on as an independent contractor?
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Choose an entity form, and if dictated by the type of entity chosen, "form" the entity
by choosing a name, a state of formation, drafting a certificate of formation or
incorporation, and the governing document of the entity, such as bylaws, a partnership
agreement or a company agreement. If you have chosen an entity with limited liability
protection for the owners, you may also likely need a written memorandum of
organizational meeting, or to hold such a meeting and prepare notes from the meeting.
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If you have elected to make the ranch hand an owner, explain why and show the
electronic negotiations with him regarding his duties and all the parties regarding their
ownership interest. If you have elected not to make the ranch hand an owner, negotiate
a contract covering his duties and compensation, either as a contracted employee or an
independent contractor.
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