Questions

1. Goldie and Hattie want to develop real estate and want to organize it under their states Revised Uniform Limited Partnership Act. Please advise Goldie and Hattie about what they will need to capitalize their partnership. What advantages does the limited partnership business form offer to them over the general partnership? What should Goldie and Hattie expect about their personality liability and tax situation?

2. Shep and Gerald are nearing the end of the production of their new film, "It All Falls Sideways," and are seeking advice on how to end their limited partnership. Shep and Gerald have some outstanding bills and still expect some income as well. What steps are necessary to end this limited partnership? What would happen if Shep wanted to end the partnership, but Gerald wanted to continue making films? What must Shep and Gerald do to wind up and distribute the remaining assets?

3. Alyssa and Becky are suddenly successful candy makers and have been advised to organize their business to continue their success. They both want to avoid liability and be taxed as little as possible. Alyssa and Becky have heard about the limited liability company and corporations and have sought your advice which form would better achieve their goals and how to organize their business. Please advise them on how to organize their business. How can Alyssa and Becky avoid being labeled as another business form? What challenges might exist for creating their desired form?

4. The very large Lido Family has recently won the lottery and their friends have encouraged them to open a restaurant chain to serve their classic family style Italian meals that the neighborhood has enjoyed for many years. The Lido's are set on organizing their restaurants as an S corporation. Gina and Vito Lido are a married couple and are lawful permanent US residents, Maria Lito is an Italian citizen, Salvatore and Enzo Lido are married and US citizens. Please advise them on who can be a part of the S corporation and why or why not every family member can be an owner in the corporation. The Lidos are also interested in selling second-class shares to their neighbors, while retaining their first-class stock. Will this be possible for an S corporation?