Family Owned Business
This is an excerpt from the paper...
There is often nothing more difficult than to change a family-owned business, regardless of the fact that no formal agreement was ever initiated stipulating who controls what. When half of the business is literally controlled by two aging women, who are not involved in the business, the problems increase. This may well be due to the fact that, if the two aunts were asked, or even forced, to sell or turn over their 50% share of Maury % Sons, they might take personal offense, rather than seeing it as a wise business decision. While this business has been operating as a general partnership, the problem with 50% owned by two elderly women can cause some serious problems. The main problem concerns liability. "Each partner is, jointly and severally, personally liable for debts and taxes on the partnership. For example if the partnership assets are insufficient to satisfy a creditor's claims, the partners' personal assets are subject to attachment and liquidation to satisfy the business debts" (no auth 2002 1). Is it really proper to put the two old aunts at risk? Even though the business has been successful and is growing, in today's uncertain economy no one can be sure that the business will continue to grow and expand, despite the best efforts of Monty and Max. Furthermore, if these two eventually want to sell to the highest bidder, a large corporation which would undoubtedly offer stock as part of the purchase price,. In ord
. . .
Some common words found in the essay are:
Monty Max, MAURY SONS, Monte Max, Paterson White, Max Monty, Betty Betty, Max Furthermore, LifeCycle Buy-Sell, Service Professionals, CPA Journal, monty max, elderly women, author listed, family corporation, maury sons, altieri cenker, 2002 1, auth 2002, personal liability, partnership 50%,
Approximate Word count = 867
Approximate Pages = 3 (250 words per page)
More Essays on Family Owned Business
|
Customer Service
to Over
32,000 Professionally Written Papers!!!
