Examlex

Solved

Jeremiah Has Just Closed His Lumber Yard

question 78

Essay

Jeremiah has just closed his lumber yard.Based on construction demand,his business suffered during a decline in new construction.This,combined with unemployment in the area leading to fewer home improvement projects,created a limited market.Describe Jeremiah's potential reaction to this failure based on the principles of "small" and "big" failures.


Definitions:

Limited Partners

Individuals in a partnership who invest money but do not have management responsibilities and whose liability is limited to the amount of their investment.

Foreign Limited Partnership

A partnership entity in which some owners have limited liability and limited involvement in management, recognized under the jurisdiction other than where it operates.

Internal Affairs

A legal doctrine which says that a corporation's internal activities should generally be governed by the laws of the state in which it is incorporated.

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment but do not participate in management.

Related Questions