Songo is a young, dynamic entrepreneur who wants to start a business with seven of her friends.
Question:
Songo is a young, dynamic entrepreneur who wants to start a business with seven of her friends. She is uncertain about the most appropriate form of enterprise to use for their new business. Songo wants to protect herself against being liable for the business debts in case of liquidation and wants to know what she can do to protect herself from any of the business owner's misconduct. She also wants to insure the business against fire, hail, floods, or any other ‘acts of God ’. In your advice to Songo, discuss: the most appropriate form of enterprise for her business and provide reasons for your recommendation of the principles of limited liability and continuity of the remedies against delinquent directors' insurance Songo’s business is now running, and she is approached by Alex and is informed that Alex has contacts with product suppliers. Alex wants to act as an agent on Songo’s behalf.
Advise Songo on the law of agency and the requirements for a valid contract of agency.
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young