By Mark Singer
From esteemed New Yorker author Mark Singer comes this cautionary story of the Penn sq. financial institution, the oil and gasoline dealer in an Oklahoma urban shopping center whose cave in in 1982 staggered America’s banking undefined. Recounting the complete superb tale and its colourful characters, Singer makes brilliantly (and hilariously) transparent what truly occurred and why it needed to occur in boom-time Oklahoma. Nowhere else did funds move in rather an identical spontaneous model. [A] story of fantastic verve” (New York Times), humorous funds involves existence via Singer's brilliant prose and keeps to resonate in today's tradition of company corruption.
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Extra resources for Funny Money
Choices for Professionals If you are a professional, such as a doctor, lawyer or accountant, your choice of business structure may have to take into account certain additional factors. These include your need to avoid group liability, and state laws or rules of professional ethics governing your choices of business structure. a. There is a downside to limited partnerships: Doing business as a limited partnership can be at least as costly and complicated as doing business as a corporation. Although limited partnerships don’t have to issue stock, state laws typically require that a limited partnership file registration information about the general and limited partners.
Normally, a partner in an LLP isn’t personally liable for the negligent acts of other partners but is liable for his or her own negligence and for other partnership debts. A general partnership that’s been operating for years can also create a limited partnership to finance expansion. EXAMPLE: Judith and Aretha have been partners in a small picture frame shop for two years. They want to expand into a bigger store in a much better location, where they can stock a large selection of fine art prints as well as frames.
Bartolo are sur- geons who practice as partners. Dr. Bartolo leaves a medical instrument inside a patient, who bleeds to death. The jury returns a $2 million verdict against Dr. Bartolo and the partnership. There is only $1 million in malpractice insurance to cover the judgment. Dr. Anton (along with Dr. Bartolo) would be personally liable for the $1 million not covered by insurance. EXAMPLE 2: Drs. Anton and Bartolo create a professional corporation. Dr. Bartolo commits the malpractice described in Example 1.