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Business Entities Coursework
C18CM - Business Entities
9 Pages • Essays / Projects • Year Uploaded: 2021
coursework case study Abigail, Britney and Carrie all work together for Callcentreco responding to customer service complaints. They are not particularly enjoying their jobs, and find out that they all share a love of quilting. Abigail proposes that they could make some extra money providing quilting classes, and selling some of the many quilts that they have made through the years. They do not have a lot of money, but Britney has just received an inheritance from her uncle of £10,000 pounds. Britney decides to take a chance and buys fabric and quilting supplies for the new venture. Carrie knows of an empty garage and provides £2000 to rent it for the year. Abigail has very little funds, but offers her time to run the quilting classes. She also is skilled with online advertising and starts promoting weekly quilting classes. They each have quilts to sell worth around £1000 which they put towards the business. They ask Dierdre, who just graduated from her BBA is looking to make some money to pay her student loans, to help them sell the quilts on a profit sharing basis. Dierdre will receive 20% of each quilt sold. Her only participation in the business is selling quilts that she is given by Abigail, Britney and Carrie. Abigail, Britney and Carrie are soon making enough to leave their jobs at Callcentreco. After 5 years of success in the quilting business they all decide it is time to retire. They discover that Carrie has taken out a loan in the name of the business of £10,000 to pay for her son’s tuition. They have amassed profits of £90,000, and some disagreements have arisen about how the money is to be shared as they have never really discussed how to divide the profits. In the 5 years of business they were all just taking a modest monthly amount from the business to cover their bills. Abigail, Britney and Carrie have approached you to help them wind up their business, and advise them whether they have to pay Carrie’s loan.
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