Students also viewed
Other sets by this creator
Elliot Willensky and Beverly Moran formed a partnership to buy, renovate, and sell a house. Moran agreed to nance the eort, which was to cost no more than $60,000. Willensky agreed to oversee the work, which was to be done in six months. Willensky lived in the house during the renovation. As the project progressed, Willensky incurred excessive and unnecessary expenses, misappropriated funds for his personal use, did not pay bills on time, and did not keep Moran informed of the costs. More than a year later, the renovation was still not completed, and Willensky walked o the project. Moran completed the renovation, which ultimately cost$311,222, and sold the house. Moran then sued to dissolve the partnership and recover damages from Willensky for breach of contract and wrongful dissociation. [Moran v. Willensky, 339 S.W.3d 651 (Tenn.App.Ct. 2010)]
(b) Which of Willensky’s actions simply represent unethical behavior or bad management, and which constitute a breach of the agreement?
Due to recent beef recalls, Southwest Steakhouse is considering incorporating. Bob, the owner, wants to protect his personal assets in the event the restaurant is sued.
- Which advantage of incorporating is most applicable? What are other advantages of organizing as a corporate entity?
- What are some disadvantages of organizing as a corporation?