Theodore the Tugboat is a family-run business that runs tugboats. It is owned by three brothers, Jack, Frank, and Bob. Their first tugboat is still towing ships in Boston Harbor, and over the years, success has allowed them to grow the company by consistently reinvesting money back into the business. Now, however, they want to expand but they are not sure how they should do this. They are also unsure about which legal form of organization is best for them. They have entrusted you to advise them and have asked you these True or false questions. Besides answering T or F, justify your answers. 1. Theodore the Tugboat could not operate as a sole proprietorship. 2. If Theodore the Tugboat operates as a partnership each of its owners would have limited liability. 3. To maximize the likelihood of obtaining financing from the bank to expand and limit each one’s liability, the three brothers should form a partnership. 4. If the three brothers form a limited partnership, all three could be limited partners and therefore limit their liability. 5. Perhaps the best legal form of organization for Theodore the Tugboat is a limited liability company (LLC). This would give the three brothers limited liability and would mean they would not pay personal taxes on their company’s earnings. 6. The brothers are considering joining a cooperative of tugboat operators. This would allow them to join with other tugboat operators to market their services and purchase supplies such as gasoline. If the cooperative is successful, they would share in the cooperative’s financial success. 7. They could expand their operations by acquiring another tugboat company. This type of deal is called a merger. Additional Assignment: Go to this website and look for a Franchise you may be interested in. Look, and investigate, some of the costs. Some are not explained on the site (ex. Royalty Fees)… Look this, and others you are not familiar with, and explain these and why you think/don’t think this may be a good avenue to pursue. https://www.entrepreneur.com/franchise500/2019
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