Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tom sold his business to Shawn York and his company, Yorkompany LLC. The terms were $50,000 down and $50,000 annually until the entire $400,000 sale

image text in transcribed
Tom sold his business to Shawn York and his company, Yorkompany LLC. The terms were $50,000 down and $50,000 annually until the entire $400,000 sale price was paid. The business was a franchised tax office and the sale included all franchise rights, office equipment, furnishings, signage, and the building in which the business operates. In recording the financing statement (form UCC-1) under the name "Yorkcomapny LLC" Tom thought he had perfected his security interest in the business and all its assets. What UCC or other credit issues do you see as being relevant in this situation? Has Tom perfected his security interest in all the business's assets according to what we've studied in this week's material? Based on these facts alone, what is there anything he should do now? What are your thoughts on how well this system works? Please respond with a minimum of 200 words, and don't forget to reply to the responses of two other students. Always include "works cited" or "references". Tom sold his business to Shawn York and his company, Yorkompany LLC. The terms were $50,000 down and $50,000 annually until the entire $400,000 sale price was paid. The business was a franchised tax office and the sale included all franchise rights, office equipment, furnishings, signage, and the building in which the business operates. In recording the financing statement (form UCC-1) under the name "Yorkcomapny LLC" Tom thought he had perfected his security interest in the business and all its assets. What UCC or other credit issues do you see as being relevant in this situation? Has Tom perfected his security interest in all the business's assets according to what we've studied in this week's material? Based on these facts alone, what is there anything he should do now? What are your thoughts on how well this system works? Please respond with a minimum of 200 words, and don't forget to reply to the responses of two other students. Always include "works cited" or "references

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics And Its Application

Authors: Walter Nicholson, Christopher M. Snyder

13th Edition

0357133064, 978-0357133064

Students also viewed these Accounting questions