Question
three friends have decided to start a business together (called Healing oils) selling fish oil capsules to the sea shepherd society. One friend (Donnie) sources
three friends have decided to start a business together (called Healing oils) selling fish oil capsules to the sea shepherd society. One friend (Donnie) sources the raw material, another (Joe) refines, and the third (Jordan) markets and delivers to sea shepherd. Each friend has significant expertise in his area, but they consult extensively with each other in all business decisions. Joe and Jordan are much younger than Donnie, and consequently have little in the way of assets. Donnie is very wealthy and has significant personal assets, including other sources of income. One of sea shepherds customers who had been sold the product developed a significant medical problem as a result of her use of the capsules, and sea shepherd had to pay over $100,000 in damages. Sea shepherd decides its going to sure for 115,000
A. Assume healing oils is a corporation, with donnie, joe and jordan as its only shareholders. Could Shepherd satisfy its judgement by attaching/seizing either of the shareholders property? Fully explain why or why not? Would either of the sharehlders benefit more or less from this structure?
B. Now assume that Healing oils is a partnership, with the three individuals as its only partners. Could shepherd satisfy its judgement by attaching/sieizing either of the partners property Donnies property? Fully explain why or why not? Would either of the partners benefit more or less from this structure?
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