Open Access. Powered by Scholars. Published by Universities.®
- Discipline
Articles 1 - 11 of 11
Full-Text Articles in Law
Rolling Down The Curtain On "Roll-Ups": The Case For Federal Legislation To Protect Limited Partners, Kenneth R. Hillier
Rolling Down The Curtain On "Roll-Ups": The Case For Federal Legislation To Protect Limited Partners, Kenneth R. Hillier
Michigan Law Review
This Note examines roll-ups and the lack of alternatives available to reluctant limited partners. Part I focuses on existing judicial remedies for limited partners, such as injunctions and actions for damages, and explains why these courses of action provide inadequate protection. This Part then reviews recent attempts at statutory protection and points out the shortcomings of these remedies. Part II examines safeguards afforded analogously situated corporate shareholders and sets forth arguments why limited partners should receive similar protection. After demonstrating the need for legislation, Part III suggests a workable structure for this statutory protection. Then, the Note discusses the relative …
Some Income Tax Aspects Of Community Property Law, Paul R. Trigg, Jr.
Some Income Tax Aspects Of Community Property Law, Paul R. Trigg, Jr.
Michigan Law Review
The recent enactment of community property law in Michigan and other states has created new problems for lawyers. Not the least of these is the question of the income tax consequences which flow from the existence of a community between the spouses. Nor is this the type of problem which can be shrugged off by reference to tax counsel. Local community property law and federal .income tax law are too closely enmeshed to be intelligently divided. No authority is needed for the statement that recently enacted community property laws are a product of high surtaxes. At the same time, these …
Joint Adventure-Actions At Law For Share Of Profits, Hobart Taylor, Jr.
Joint Adventure-Actions At Law For Share Of Profits, Hobart Taylor, Jr.
Michigan Law Review
Action in assumpsit for money due under a contract whereby defendant leased plaintiff's entire clothing factory for the manufacture of 20,000 coats for which defendant held a government contract. By the terms of the agreement, plaintiff was to receive one-half of the net profits. The agreement expressly stated that they were not to be partners. The coats were manufactured pursuant to the agreement. Held, a mere agreement to share profits is, between the parties, insufficient to create a partnership, and assumpsit may be maintained by the members of a joint adventure inter sese for the agreed share of profits. …
Taxation - Social Security - Dissolution Of Corporation And Formation Of Partnership As Means Of Avoiding Tax, Arthur P. Boynton
Taxation - Social Security - Dissolution Of Corporation And Formation Of Partnership As Means Of Avoiding Tax, Arthur P. Boynton
Michigan Law Review
The O Company surrendered its corporate charter and began operating under an agreement purporting to establish a partnership relation between the former officers and employees whereby complete management including the power to employ, discharge and control the duties of its members was vested in a "board of control" elected by and subject to changes made by the majority in interest. Net profits and losses were shared in proportion to the respective interests. The firm could be dissolved only by a vote of the majority in interest and not by transfer of interest, death or resignation of a member. Advice was …
Joint Adventure - Relationship Distinguished From That Of Employer-Employee, Wayne E. Babler
Joint Adventure - Relationship Distinguished From That Of Employer-Employee, Wayne E. Babler
Michigan Law Review
The taxpayer had an arrangement whereby he planned to furnish the Russian Government with shrapnel shells by farming out the various stages of manufacture to several different companies. A Canadian corporation, also having a contract for furnishing shrapnel, made arrangements with the taxpayer whereby the latter cancelled his contract and went in with the Canadian corporation. Under this arrangement the taxpayer was to furnish his manufacturing arrangement, plans, tools, gauges, drawings, etc., and to get fifteen per cent of the profits on the present contract and five per cent of the profits on future contracts of a similar nature. An …
The Power To Carry On The Business Of A Decedent, Harry Adelman
The Power To Carry On The Business Of A Decedent, Harry Adelman
Michigan Law Review
The continuation of a business for the sole purpose of making a profit is clearly beyond the scope of liquidating the estate of a decedent. It is rather a trust of the business, created for the benefit of the creditors of the decedent and persons entitled to share in the distribution of the estate. The business is managed as a normal going concern, on a somewhat permanent basis, rather than as a temporary means of preserving the value for an advantageous sale.
The Corporate Entity As A Solvent Of Legal Problems, Elvin R. Latty
The Corporate Entity As A Solvent Of Legal Problems, Elvin R. Latty
Michigan Law Review
If a layman were to ask a lawyer what is the reason that a stockholder is ordinarily not liable for his corporation's debts or that a deed to corporate property by the sole stockholder in his own name is not a flawless conveyance, the answer the layman would get would be: a corporation is a wholly different person from its stockholders-it is an entity separate and distinct from them. That answer reveals the traditional approach to scores of problems in corporation law, an approach which, it is submitted, can lead the incautious into considerable trouble.
Corporations-Tort Liability Of Independent Taxi Owners' Associations
Corporations-Tort Liability Of Independent Taxi Owners' Associations
Michigan Law Review
(a) In order to meet the competition of the large taxicab companies a number of taxi drivers owning their own cabs join together to advertise under a common name, establish a more efficient phone service, and secure the benefits of large-scale garage service. For this purpose a non-profit-sharing corporation is organized, to the expenses of which each driver contributes initiation fees and dues. (b) In order to avoid the liabilities which attend the ownership of cars one of the large taxi companies sells its cabs to the drivers. The drivers now pay the company a certain compensation in "dues" for …
Injunction - Mutuality- Personal Service Contract
Injunction - Mutuality- Personal Service Contract
Michigan Law Review
Plaintiff and defendant entered into a contract whereby plaintiff was to teach defendant boxing and to use his best efforts to negotiate and manage boxing bouts for defendant over a period of five years, the proceeds of the contests to be divided between plaintiff, defendant, and a brother of defendant on a percentage basis. Defendant agreed not to engage, during the life of the contract, in any "boxes, exhibition fights, or theatrical performances except such as have been procured by" the plaintiff. On appeal by defendant from a temporary injunction restraining his breach of the negative covenant, held, assuming …
The Institute's Restatement And The Michigan Law, Herbert F. Goodrich
The Institute's Restatement And The Michigan Law, Herbert F. Goodrich
Michigan Law Review
The task which the American Law Institute has undertaken is to make a statement of the common law, in its various branches. The end in view is not codification; indeed the idea is directly opposed to codification. It is hoped to have, when the work is completed, an accurate statement of existing common law, carefully and systematically made, from which local variations and peculiarities have been ironed out. It is hoped, in other words, to restore both accuracy and continuity to the pattern of the common law fabric as it is woven in our judicial mills.