The Law Dictionary for Everyone
Following is the case brief for Meinhard v. Salmon, New York Court of Appeals, (1928) Case summary for Meinhard v. Salmon: Morton Meinhard and Walter Salmon entered into a business venture together, where Salmon would manage and Meinhard would initially fund the business throughout the duration of a 20 year lease made with Hotel Bristol. With a few months left […]
Read moreThe term sole proprietorship refers to a business owned and operated by one person, which is not registered as a corporation or a limited liability company. In a sole proprietorship, there is no legal distinction between the individual and the business owner. While the owner is entitled to all profits from the business, he is also responsible for the business’ […]
Read moreA limited liability company is a U.S. form of privately owned company that combines the limited liability of a corporation with the simplified taxation of a sole proprietorship or partnership. Owners of a limited liability company, referred to as an “LLC,” report the company’s profits and losses on their personal income tax returns, rather than preparing separate corporate tax returns. […]
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