question archive Barney owns the land and equipment to operate Frugal Farms
Barney owns the land and equipment to operate Frugal Farms
Subject:SociologyPrice:2.86 Bought9
Barney owns the land and equipment to operate Frugal Farms. He has not registered his business with the secretary of state.
His wife Betty lives with him on a house on the land, but she is not a co-owner of the land and works in town at the local bank.
Barney has 2 adult children, Tex and Dakota, from a previous marriage that live in different states and have no children themselves. Barney's parents died in a boating accident last year.
Barney dies unexpectedly in a traffic accident. Barney did not have a will.
• What type of business entity was Barney operating?
• Who are Barney's heirs now that he has died?
• Who gets the land? What kind of co-tenancy do they have in the land? What interest does each own?
• Who gets the livestock, inventory and equipment? What interest will each get and how will they likely divide it?
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
The business operated by Barney was sole proprietorship
Betty, Tex, and Dakota are the heir of the property since they were all the legal part of the nuclear family
The wife Betty and the children, Tex, and Dakota gets the land. The co-tenancy existing is joint ownership. the tree beneficiaries own equal interest without discrimination.
Betty, Tex, and Dakota will own the livestock, inventory and equipment. the property will be divide equally among the three beneficiaries.
