| This is my assignment for Business Law, but I don’t understand! Please anyone help me?

This is my assignment for Business Law, but I don’t understand! Please anyone help me?

Eric C asked:


This is my assignment for Business Law, but I don’t understand! Please anyone help me!

Ronald and Constance Kreikemeier are husband-and-wife proprietors and own The Great Gourmet , an upscale reetail seller of gourmet coffee, baked goods, and kitchen utensils that has operated successfully for the last 30 years. The Kreikemeiers own the tangible and intangible property connected with the business including the real estate in which the store is located. They recently have been thinking about retiring and selling their business. In that regard, the Kreikemeiers have come to us for advice.

They want to know whether they should change their business form before entering into a purchase agreement with a potential buyer; and if so, what business form will serve their needs best.

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Comments

One Response to “This is my assignment for Business Law, but I don’t understand! Please anyone help me?”

  1. Shawn H on July 23rd, 2011 6:54 pm

    If the assignment means structure then privately-owned, partnership, LLC, S-Corporation, etc would apply.

    You’d have to compare and contrast each of these structures, in addition to what accounting method they are using (cash or accrual).

    One problem with changing the structure is it takes time due to processing.