Laws and Contracts Lesson 29 - 1975 Words

LAW AND CONTRACTS 1.Eagle Stores, Inc. borrows $5,000 each from EZ Loan Corporation, First National Bank, and Great Products Corporation. Eagle uses its present inventory and any thereafter acquired to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1, followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement, giving Great Products a purchase-money security interest (PMSI) in the new inventory. On the same day, Great Products perfects its interest and notifies EZ Loan and First National. Eagle takes possession of the new inventory on April 15. On April 20, Eagle defaults on all of the loans. †¢ Whose security interest has†¦show more content†¦Ã¢â‚¬ ¢ Which form of business organization would be most appropriate? There are a few factors for Owen to consider when choosing a business form for his startup. These include liability, taxation, continuity of life, and the legal formalities and costs associated with starting up the business. At this point in the startup of his small business, Owen’s Pet Store, I believe the two forms of business that could be appropriate for Owen are, Sole Proprietorship or Limited Liability Company (LLC). He could operate his business as a sole proprietorship, which is simpler to start and requires few legal formalities. Also he would only pay personal income taxes and no corporate income tax. As he is projected to have little to no profits for the first three years there is no downside to the tax considerations. Once the business is under way, however, the sole proprietorship form may become problematic if additional investors are needed or the personal financial risks of the business become too great. One huge immediate risk that Owen will face is derived from his plans to hire employees. This increases his liabilities and exposes him to significant risk both personally and to his business. As a sole proprietor his liabilities are unlimited and there are many unfortunate circumstances outside of his core business that could put him in financialShow MoreRelated Capital Punishment Essay - Justice in Retribution1470 Words   |  6 PagesCapital Punishment: Justice in Retribution       The American government operates in the fashion of an indirect democracy. Citizens live under a social contract whereby individuals agree to forfeit certain rights for the good of the whole. Punishments for crimes against the state are carried out via due process, guaranteed by the Fourteenth Amendment. The use of capital punishment is decided by the state, which is legal in thirty-seven states. 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