Which business structure would you recommend to Mrs. Crocker and why
Crocker approaches you as her lawyer and says she need to set up a business in order to carry out Warren’s plan. Based on the information contained in the fact pattern above, identify the pros and cons to each other following business structures and how they apply to Mrs. Crocker.(10 marks)
Partnership
Limited Partnership
Corporation
Which business structure would you recommend to Mrs. Crocker and why?(5 marks)
Crocker asks you what are the legal implications of accepting Warrens offer and what are the legal implications if she does not accept. What do you tell Mrs. Crocker?(10 marks)
6 months go by and Mrs. Crocker business is not doing well. She is behind on all her bills as well as the loans she took out from the bank. She asks you what her creditors could do to her and what options she has available to her. What do you tell her? (10 marks)
Answer preview to which business structure would you recommend to Mrs. Crocker and why
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