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Business Law & Management Ethics

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1. Why should a definition of law emphasize enforcement?
2. To what three factors do courts look for evidence of an implied partnership?
3. What is meant by corporate "double taxation"? Explain several ways in which double taxation may be avoided.
4. Which law, federal or state, governs bankruptcy proceedings? Under the Bankruptcy Code, what is the test for insolvency (the "bankruptcy test")?
5. Should the living benefits be allowed? What guidance does utilitarianism provide?
6. What should Prudential do and why?
7. Name two fundamental rights set forth in the Fourteenth Amendment to the U.S. Constitution.
8. Name at least four reasons why disputes are compromised.

Reference Books:
1. Business and its Environment by David P. Baron
2. Business Law by Robert W. Emerson

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Answer 1.
Enforcement is an important element of law that helps to successfully implement law within specific arena. Since law has significant impact over the society, it is very important for law to be enforced. If law is not enforced, it would have no influence over the society that may further affect the relevancy of law (Emerson, 2009). Without enforcement, a law would only be a dead letter without meaning. At the same time, it also leads to disrespect of the regulatory body that introduces specific laws without its enforcement. Enforcement of law leads to improvement and progress and without this enforcement, there would be no progress or improvement in the specific areas for which law has been introduced. Apart from this, the law gets weakened due to lack of enforcement. This is reason why definition of law emphasizes enforcement. In case of conflict of law with personal morality, enforcement helps individual to follow law that would not be possible under strong feeling of morality with lack of enforcement within the law (Cho, Hess & Orthmann, 2011).

Answer 2.
Within an implied partnership, it is very difficult to identify any kind of existing partnership. Since there is no written agreement between the partners, it becomes very difficult for courts to prove which form of partnership exists there (Baron, 2012). Therefore, courts have defined three factors that would be regarded as the evidence of an implied partnership. Joint ownership, sharing of profit and loss and equal management right are the three factors that would be considered as an evidence for implied partnership in lack of any written agreement between the parties. Since sharing of profit and loss and equal management right effectively describe the relationship between the parties, it would be easy for courts to decide the existence of implied partnership between the parties (Emerson, 2009). At the same time, existence of joint ownership also helps to determine the existence of partnership in the business as an evidence of implied partnership.

Answer 3.
Corporate double taxation is the tax paid twice for the same income and asset. As a part of double taxation, the corporation pays tax on their profit made in a financial year and a part of profit is given to shareholders in terms of dividend is again taxable to the individuals (Hoffman, Maloney & Smith, 2008). Double taxation generally exist for those who are the owners of business and also being the employee of company, they have to pay tax individually on their incomes. Apart from this, there are also different means through which corporate double taxation could be avoided. There are basically two types of ...

Solution Summary

The expert examines business law and management ethics. Why the definition of law should be emphasize enforcement is determined.