The Limited Liability Company Song from: Billy: A Post Apocalyptic comedy.
You Tube Description:
Goofy song and dance number from the play "Billy: A Post-Apocalyptic Comedy" by Derek Lee Barton. Music by Sean Barton. Choreography by Darrin French. Starring Seth Garben, Jefferson Grubbs, Phil de Guzman, Christopher Leck, Jenna Troum, and Jeremy Shpizner. Directed by Kathryn Walsh
Lyrics:
Now if you want to make a nice big fortune
Then there are just a couple things you'll need:
A broker friend to lend a hand
And a few rental properties
Though its not legal you will just follow my lead!
A building in foreclosure you should buy,
Convert to lots of cramped apartments,
Then just rent them out!
Require large rental deposits
Put them in your bank account,
And soon you'll find your balanace has become
A significant amount!
Then you just create an LLC,
A Limited Liability Company,
basically a legal entity that owns the building instead of you.
Limited Liability Company!
You limit liability for me!
An LLC is gonna be
What takes the fall for me.
When renters want their money I'l say
Ask the LLC!
They'll try to get back deposits,
They may even sue,
But the landlord is something
That just isn't you!
LLCs are not people,
they're magic indeed!
They take the fall in courts of law
So you get off scott-free!
(chorus repeats)
The song starts around the 3:34 mark in the video below:
Showing posts with label business enterprises. Show all posts
Showing posts with label business enterprises. Show all posts
Friday, January 31, 2014
Friday, December 6, 2013
The Business Enterprise Song
Partnership, Limited Partnership. Corporation or LLC - Which one will you choose?
Wednesday, February 15, 2012
Business Entities
The Mahalo channel on youtube includes a grouping of 7 videos on "Business Entities" all hosted by CPA Keith Hall. In a comfortable, folksy, tie-loose-at-the-neck style, Hall competently describes the characteristics of the principal forms of business organizations. There is a video on Sole Proprietorships, Partnerships, Corporations, S Corporations and Limited Liability Companies. There is also the overview video embedded below.
Friday, February 10, 2012
Corporations Are Persons Now
Tell us how you really feel ladies. Don't hold back, now! See also the The Story of Citizens United.
Thursday, September 22, 2011
Featured Case: Anthony v. Blum
As reported in an article in The Business Lawyer:
In Anthony v. Blum,(1999 WL 259726 (Conn. Super. Ct. Apr. 23, 1999)). a Connecticut case, Blum had negligently represented Anthony and, in settlement, Blum executed a $10,400 promissory note on behalf of his law firm (an LLC), payable to plaintiff. Plaintiff sued Blum on the note and argued that Blum's negligence constituted the consideration for the note, thereby entitling plaintiff to hold Blum personally liable. The court held, however, that "the present action is not a malpractice action but a breach of contract action" in which the law firm was the obligor and for which "Blum is not personally liable."
So, the lawyer escapes liability on the note issued by the LLC to settle the case based on the lawyer's malpractice. No wonder lawyers have a bad reputation for slick maneuvering.
In Anthony v. Blum,(1999 WL 259726 (Conn. Super. Ct. Apr. 23, 1999)). a Connecticut case, Blum had negligently represented Anthony and, in settlement, Blum executed a $10,400 promissory note on behalf of his law firm (an LLC), payable to plaintiff. Plaintiff sued Blum on the note and argued that Blum's negligence constituted the consideration for the note, thereby entitling plaintiff to hold Blum personally liable. The court held, however, that "the present action is not a malpractice action but a breach of contract action" in which the law firm was the obligor and for which "Blum is not personally liable."
So, the lawyer escapes liability on the note issued by the LLC to settle the case based on the lawyer's malpractice. No wonder lawyers have a bad reputation for slick maneuvering.
Monday, April 18, 2011
Tax Day Debate: Double Taxation of Corporate Form - Fact or Fiction?
In teaching the different features of various business organization forms, we advise students that one of the detriments of the corporate form is the problem of double taxation. By law, the corporation is subject to taxes on its pre-dividend profit and, the corporations' shareholders are subject to taxation on the dividends distributed to them in after tax dollars. Has modern corporate practice relegated this legal concept to the dustbin of theory?
The New York Times reported in 2008 that 2 out of 3 American Corporations paid no income tax between 1998 and 2005. Zero Tax! Now it has been reported that despite soaring profits, General Electric Corp paid no taxes in 2009. Do we have an obligation to advise students that it is possible to legally manipulate the corporate form to avoid income taxes altogether?
The New York Times reported in 2008 that 2 out of 3 American Corporations paid no income tax between 1998 and 2005. Zero Tax! Now it has been reported that despite soaring profits, General Electric Corp paid no taxes in 2009. Do we have an obligation to advise students that it is possible to legally manipulate the corporate form to avoid income taxes altogether?
Tuesday, March 15, 2011
Law Lessong - Business Enterprise Song
This simple video and song from a Power Point presentation can help students review the characteristics of the principal forms of business enterprises.Learn more about Law Lessongs from the post found here. More law lessong videos may be found at my youtube channel. Please feel free to use them in the classroom or as assignments or in any way that they work for you as an educational resource.
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