BUS 207 Lecture Notes - Lecture 14: Arthur Andersen, Preferred Stock, Greg Mortenson
Document Summary
Attoruneys, accountants and engineers, architects, land surveyors. Partner"s liability for other partner"s malpractice limited to partnership assets. But a partners has unlimited personal liability for own malpractice and for all non professional obligations of the partnership. Ie rent, copiers, debts owed to suppliers, wages owed to employees. Rich mary and poor mark story started a firm. Mary"s negligence for mark is limited to partnership"s assets. If mary commits her own negligence, then her family wealth is exposed. Went to pakistan (islamabad) and met a guy who pitched a cow service there (cowlar - Regular corporation (c corp) a fitbit for cows) Shareholders elect board of directors to monitor the business. Board of directors select officers to run everyday affairs. History comes from british from east india company. Exceptions: personal guarantees, fed and state taxes, unlawful/unauthorized transaction. Dual/double taxation (on dividends and corporate income) Which state you should incorporate in (ca vs de)
