Main concept: Two brothers, Ray and Paul Ashford, start a business manufacturing a new type of battery system for hybrid automobiles. They hit the market at the perfect time, and the batteries are in great demand. Need to answer these questions in IRAC method: I (Issue), R (Rule),A (Analysis), C (Conclusion). 1. When Ray and Paul started their business , they contributed equal amounts of capital but did not sign a formal agreement. What type of business entity would they be presumed to have formed, and how would any profits be divided? If they want to limit their liability but still remain a small business enterprise, what are their opinions? Which type of limited liability organization would you recommend, and why? 2. As their business becomes more successful, Ray and Paul seek to raise significant capital to build a manufacturing plant. They decide to form a corporation called Ashford Motors, Inc. Outline the steps that Ray and Paul need to follow to incorporate their business. This from my legal environment business law class and here is the link to the book and where you can find all of this: http://books.google.com/books?id=S6RCqUr5m1EC&pg=PA560&lpg=PA560&dq=unit+three+cumulative+business+hypothetical&source=bl&ots=RW4lcS0UIQ&sig=Yi_J6baDleTq5l75r5-o9QxeuRw&hl=en&sa=X&ei=GrWiUI8LgvSKAqGBgcAN&ved=0CDwQ6AEwAw#v=onepage&q&f=false (page 560) ^ Thank you