Bud and Lou Own and Operate a Bakery

question 47

Essay

Bud and Lou own and operate a bakery. They each perform all of the functions in the bakery, from baking to cleaning up. They make decisions jointly and hold themselves out to the public as business equals. When starting the business, Bud contributed $60,000 and Lou $40,000 to capitalize the business. They have a written agreement stating that they will share profits equally; however, responsibility for losses will be allocated at 60 percent to Lou and 40 percent to Bud. If Helen slips and falls in the shop and gets a judgment for $100,000, how may Helen proceed?

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Definitions:

Nasal Corticosteroids

Medications used to treat and relieve nasal symptoms of allergies by reducing inflammation.

Respiratory Irritation

An uncomfortable condition of the respiratory tract that can cause symptoms such as coughing or shortness of breath, often due to environmental factors like pollutants.

Cromolyn Sodium

A medication used to treat symptoms of allergies, such as nasal congestion and asthma, by preventing the release of substances that cause inflammation.

Lose Weight

The process of reducing body mass, typically through diet, exercise, or a combination of both.