GOOD AFTERNOON. I HAVE AN ASSIGNMENT WITH Organization Problems

NMENT ABOUT

PARTNERSHIPS:

1.Rupert and his two brothers, Merdoch and Keith, formed a partnership to build a casino in Reno. During construction, Rupert went to a bar with his friend Dufus and tricked Dufus into investing in the casino. Rupert didn't tell Dufus that no one else was investing cash or that the entire enterprise was already bankrupt. Dufus mortgaged his home, invested $250,000, and lost everything. He then sued all three partners for fraud. Merdoch and Keith defended on the ground that they did not commit the fraud, only Rupert did.Who won? Why?

Limited Liability Companies

2.John, Lesa, and Tabir form a limited liability company. John contributes 60 percent of the capital, and Lesa and Tabir each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits, in accordance with his contribution. Lesa and Tabir, however, assume that the profits will be divided equally. A dispute over the profits arises. In most states, what will result? How could this dispute have been avoided in the first place? Discuss fully.

CORPORATIONS:

3.Latoya and two business associates formed a corporation called Sherpa Corp. to sell llama wool clothing to tourists in Traverse City. Latoya owned 50 percent of the corporate shares and served as the corporation's president. She wanted to get a personal loan from her bank for $250,000, but the bank required the note to be cosigned by a third party. Latoya cosigned the note in the name of the corporation. Later, when Latoya defaulted on the note, the bank sued the corporation for payment. As its defense, the corporation argued that Latoya exceeded her authority when she cosigned the note on behalf of the corporation. Had she? Explain.

THANK YOU.