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Chapter 51 - 1 Farmers trying to buy wheat that get...

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Chapter 37 Takes 3 things for an LLC to operate: 1. Certificate of formation – state of Texas says you exist 2. Registered Agent and must identify the registered agent (person who lives in that state that can receive documents) 3. All members must sign operating agreement – can be done last Joint Venture 1. Like a partnership but different. As long as you can make money partnership exists. 2. People get together in a combination for one particular purpose. So multiple people get together to get a large contract Syndicates 1. Investors who came together to buy a franchise or a large group (Mark Cuban, The Rangers) Cooperatives p 768
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Unformatted text preview: 1. Farmers trying to buy wheat that get together to do it at a cooperative 2. Buy or sell anything at an economic advantage Chapter 51 Ordinarily Prudent 1. Familiar with generally accepted accounting principles (GAAP and GAAPS) p 1049 What is liability? 1. Bottom of page 1049 2. Accountant is not required to identify everything Opinion Letters 1. Bottom of page 1049 Attorney’s Duty of Care 1. Standard of Care 2. Misconduct 3. Liability for Malpractice Restatement Rule p1055 P1055 Sarbanes-Oxley Act of 2002 Done b/c of Enron P1056 (concept Summary) Liability to third parties -...
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