oo Sprint LTE 7:44 PM Back Resources MGT 2210001 Hypotheticals due by 8:00 a.m. on December 6, 2017. Provide a full discussion and answer to the following. Cite your authority. 1. 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 question arises, and ultimately a court has to decide the issue. What law will the court apply? In most states, what will result? How could this dispute have been avoided in the first place? 2. Discuss fully the differences and similarities of the Corporation, S Corporation and Professional Corporation. In your answer, provide the pros and cons of each entity. 3. The concept of limited liability is an important element of several different business entities. Why is the law designed to allow limited liability in business transactions? Do you agree with this legal concept? Does it foster or hinder