5 LLC Writing Assignment Jan and Lee are professional photographers w
5 LLC Writing Assignment
Jan and Lee are professional photographers who specialize in family portraits. They want to open their own photography studio in Pittsburgh under the name Yellow Bridge Photography. They have found available space that can be renovated and leased, but they have limited business experience. They estimate start-up costs of $40,000 and have agreed to a 50/50 deal to split costs and operate the new studio. Jan tells Lee that she has spoken to her accountant. She proposes to operate the studio as a 50/50 proprietorship and explains that this avoids the expense, paperwork, and additional taxes that could be due from forming a new entity.
You are a recent law school graduate practicing commercial law, and Lee is your client. Lee has heard of limited liability companies and wants your legal advice on whether an LLC for the new studio would be a better choice than Jans proposal. You decide to advise Lee, in writing, on the benefits of an LLC and include analysis of key issues of liability protection, income taxes, and use of an LLC operating agreement.
Assignment Instructions
Submit a concise memo of 250500 words. Before submitting, please be sure to prepare and edit your work in a word processing program to correct errors and refine your submission.
Grades for this assignment will be based on the quality of your submission and analysis on the key issues of use of an LLC structure, liability protection, income taxes, and use of an operating agreement.
To get full marks, your submissions should:
1. respond in accordance with the assignment instructions and subject matter;
2. include your careful analysis and thinking;
3. include references and citations to supporting course materials or outside sources where utilized;
4. be organized, refined, and well-written; and
5. be edited to correct errors and ensure clear communication of your thinking.
5 LLC Writing Assignment
Assignment Scenario
Jan and Lee are professional photographers who specialize in family portraits. They want to open their own photography studio in Pittsburgh under the name Yellow Bridge Photography. They have found available space that can be renovated and leased, but they have limited business experience. They estimate start-up costs of $40,000 and have agreed to a 50/50 deal to split costs and operate the new studio. Jan tells Lee that she has spoken to her accountant. She proposes to operate the studio as a 50/50 proprietorship and explains that this avoids the expense, paperwork, and additional taxes that could be due from forming a new entity.
You are a recent law school graduate practicing commercial law, and Lee is your client. Lee has heard of limited liability companies and wants your legal advice on whether an LLC for the new studio would be a better choice than Jans proposal. You decide to advise Lee, in writing, on the benefits of an LLC and include analysis of key issues of liability protection, income taxes, and use of an LLC operating agreement.
Assignment Instructions
Submit a concise memo of 250500 words. Before submitting, please be sure to prepare and edit your work in a word processing program to correct errors and refine your submission.
Grades for this assignment will be based on the quality of your submission and analysis on the key issues of use of an LLC structure, liability protection, income taxes, and use of an operating agreement.
To get full marks, your submissions should:
respond in accordance with the assignment instructions and subject matter;
include your careful analysis and thinking;
include references and citations to supporting course materials or outside sources where utilized;
be organized, refined, and well-written; and
be edited to correct errors and ensure clear communication of your thinking.
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