POL 319 Lecture Notes - Lecture 11: Implied Powers, Limited Liability Company, Fiduciary
15 Oct 2017
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Lecture 11: bankruptcy law, bankruptcy relief is provided under federal law. A person whose debts occurred from the purchase of goods for personal family or household use: requirement of credit counseling courses, under chapter 7 liquidation a bankruptcy trustee is appointed to manage the funds. Trustee calls meeting: distribution to secured (cars and home) and unsecured creditors, priorities in distribution, certain debts not dischargeable, back taxes, student loan (unless grave hardship). ,149,525 all earnings: eligible persons: salaried employees, sole proprietors, welfare recipients, those living, social security, pensions or investments, good faith requirement to pay a lesser amount or in full. Must turn over to trustee: plan to pay 3-5 years. If no other business formation was down then the business is a sp: can range from a small home based business to a large restaurant or store, advantages: sp retains all the profits and control. Business can expand internationally: types of franchises, distributorships: auto dealer, beer distributors.
