There are extensive federal regulations governing airplanes and pilots. Assume that the state of New York passed a statute containing numerous requirements, some conflicting with federal regulations, covering operation of airplanes and licensing of airplane pilots.
If the New York state statue is challenged as being unconstitutional, what is the likely result? Describe the applicable law and rationale for your conclusion.
2.)
Fifty CPAs together want to form a new firm. They want to use a business organization form that will provide each of the 50 owners of the new firm with limited liability.
Analyze and describe the business form(s) that will provide the new owners with limited liability.
3.)
Aaron plans to open Aaron’s Pet Supplies, a pet supplies outlet, and plans to hire 2 part-time employees. Aaron will invest only his own money in the business. He does not expect to make any profit for at least 2 years and to make very little profit for the first 3 years after the first 2 years. He does expect to make a profit eventually.
Which form of business organization is most appropriate and easiest for Aaron to use in opening his pet store – and why?
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