Can Theodore Brown and James Green legally create the business that Ted Brown and Jim Green have been discussing?

Instructions

Ted Brown and Jim Green have been discussing going into business together for several months, and they are anxious to start that business before the end of this month. However, both Ted Brown and Jim Green each have to be out of town for several weeks on other business, so Ted Brown has told his son, Theodore, who is 16, about the discussions with Jim Green and has appointed Theodore to complete negotiation of the final details of the business. Jim Green has told his son James, who is 18 years old, about the discussions with Ted Brown and appointed James to complete the negotiations.The business that Ted Brown and Jim Green want to create will develop an app for cell phones that will identify family-oriented attractions along major highways so families can download the app to help in planning family vacations. The development of the app will take 4 months, and then it will take approximately another 4 months to fully deploy the app. As the app becomes popular, the business will solicit family-oriented businesses to advertise on the app. Ted Brown and Jim Green have very little capital to use in the development and deployment of the app and will probably need to raise the capital necessary to develop and deploy a quality app.In your case study, address the questions below.

  • Can Theodore Brown and James Green legally create the business that Ted Brown and Jim Green have been discussing? Why, or why not?
  • If Theodore and James do create the business, what duties do they each owe their father? Describe what those duties mean in this case.
  • What factors do Ted Brown and Jim Green (or their sons on their behalf) need to consider in selecting a form for this business?
  • What form of business will provide the most advantage for their venture?
  • What are the disadvantages of the form of business that they selected?

SAMPLE SOLUTION

Theodore Brown and James Green have been discussing the idea of creating a business together. They both agree that they would like to start their own company, but they are not sure if it is legal for them to do so. They have decided that they would like to form a limited liability company (LLC) together.

They have looked into starting an LLC online, but they are unsure if this is the best way for them to go about it or not. They want to make sure that everything will be done correctly and legally so that there will be no problems in the future with any government agencies or creditors. If they decide on going through with forming an LLC online, then there is a chance that something could go wrong and cause unnecessary trouble for them down the road.

Theodore has been working as a real estate agent for over ten years now, while James has been working as an engineer for almost twenty-five years now. Both of them have worked hard throughout their entire lives in order to be able to afford their own home and provide themselves with some sort of financial security in life. However, starting their own business together may give them more freedom than being 

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