According to the papers that were signed by Barr on behalf of The Stone Scone, Fleet Bank agreed to a $100,000 unsecured small business line of credit for The Stone Scone. The bank mailed financial reports addressed to each The Stone Scone and Barr. Fleet Bank made funds available to The Stone Scone for four years. Following that time, conversely, The Stone Scone did not construct any additional expenditure on the loan, leaving $91,444 in principal which was not paid. Pursuant to the credit contract, interest on the owed principal balance constantly accumulated at a charge of 6.5 percent per year. Bank of America, N.A., who had procured Fleet Bank, filed a suit against The Stone Scone and Barr to recuperate the principal and interest which was not paid. Barr sets a verdict against The Stone Scone, which she had transformed into a limited liability company, but left without personal responsibility for the debt owed. The trial court established Barr legally responsible for the credit obligation which was appealed by Barr.
The trial court 's decision that seized Barr individually responsible was confirmed by the supreme judicial court. An individual is left accountable for all debt of the sole proprietorship; for this reason it 's also because any person that is doing business as a sole proprietor has under a different name.
The simplest type of business group is sole proprietorship. The sole proprietor is identified as merely the one possessor of the business. The legal entity is not separate. No, Barr did not act ethically. Namely, the owner will let go of their complete capital input if the business is not successful. The threat of the failure of the business is accepted by a sole proprietor. Additionally, th...
... middle of paper ...
...iven a charging order by the court in support of Chrysler.
Peterson, in this case, had reassigned his interests in the four limited partnership units to his spouse and lawyer sometime before he learned of Chrysler Credit 's request for a charging order nevertheless subsequent to the court 's inspection on this matter.
Under the Minnesota fraudulent transfer act, the transfers could have been brought to a standstill as stated by Chrysler Credit. A charging order was issued, by the court, to Chrysler Credit, and stating the interests are of the limited partnerships are attached, which Peterson determined later to have in Cedar Riverside Properties.
Cheeseman, H. R. (2013). The legal environment of business and online commerce: Business ethics, e-commerce, regulatory, and international issues (7th ed.). Upper Saddle River, NJ: Prentice Hall.
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