Business Entity Project
Facts:
Longtime friends, John Taylor and Emmitt Beck met for a couple of beers at The Tavern to catch-up on life since their graduation from USFSP. A well-known St. Pete restaurateur, Emmitt, has made a name for himself with incredibly popular restaurants that feature locally sourced, seasonable ingredients that bring together the best of sustainability with creativity. John owns a local, independent running store in downtown St. Pete. John has been interested in opening a restaurant as he has a passion for cooking in his spare time. Over beers, John and Emmitt decide to open a tiny gastro pub in downtown St. Pete.
After committing to the new restaurant, Emmitt has found that he does not have a lot of passion for the gastro pub model and that it will be hard to carry out the sustainability and local ingredients branding in strictly pub fare. He is a bit concerned that the brand image of his other restaurants may suffer. However, Emmitt has made this commitment and will help make the restaurant successful. As such, letting John obtain a controlling interest in the new restaurant would be okay with Emmitt.
Emmitt and John decide to form a new entity for this new restaurant.
Instructions: