Business Law Final Exam. Kellogg Business School - 1898 Words

Law and Corporate Managers – Prof. Larry Franklin Question Two A. (i) For refusal In order to honor the LC, the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name, hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received, the BOC cannot make any payments. BOC has to state why it is not going to pay. The seller reviewed the LC before the shipment of goods, so it is his mistake that he didn’t point out the discrepancies. (ii) Against refusal Since the LC is irrevocable, then JFTC cant make any modifications or cancellation without the†¦show more content†¦(ii) The five subsequent investors IF the venture will be established as a LP, then the investors could limit their liability up to the amount of their investment, therefore they will have one level of tax (they will not pay corporate tax). However, the return on their investment is subject to the performance of the LP and the profits that derive from it. In case of corporation, the investors could invest their investment as shareholders with limited liability. But they will have to pay two levels of taxes. In re the fixed return on the investment, they could provide a loan to the corporation with a fixed rate of interest that will be guaranteed by the company. (iii) The CEO manager Bernie will prefer to act as a CEO in a Corporation with a board of directors that will direct him and will borne the direct responsibility for the acts of the corporation. He will also have the responsibility for the acts of the corporation. In order to attract Bernie to join the business, it is likely to offer him shares or options to purchase the shares of the corporation. This is not possible under a LP. B. I will recommend Jameson to choose Corporation for the following reasons: 1. He is not investing money and he wants to be owner and involved in the business. The best for him is to be a shareholder of the company and a director. His tax considerations in this case are not relevant. So there is no advantage in LP.Show MoreRelatedStudents Guide4962 Words   |  20 PagesStudent 14-16 Guide Contents A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Aims and objectives Business ownership Culture Direct selling Ethics Factors of Production Growth Higher grades Insolvency Job advertisement Kellogg and the product life cycle Logistics Marketing mix New product development Organisational functions Pre-issued Case Studies Quantitative and Qualitative market research Recruitment Stakeholders Training Unseen Case Studies View all the latest www.tt100.biz XchangeRead MoreJamie Turner at Mli, Inc. 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