Company name: JJ Motor Company
1. Jack and Jill are in college. They have just created a prototype for a wind powered car that can capture, convert and store wind energy and requires absolutely no other fuel or electricity. They have decided to apply for a patent for this technology and explore manufacturing facilities to start mass producing the vehicle. They learned that a former Saturn manufacturing plant is on limited production and up for sale in Spring Hill Tennessee. They can easily convert this to their first manufacturing facility, and in fact may be able to save and create jobs in Spring Hill.
•Choose an entity form, and if dictated by the type of entity chosen, “form” the entity by choosing a name, a state of formation, drafting a certificate of formation or incorporation, and the governing document of the entity, such as bylaws, a partnership agreement or a company agreement. If you have chosen an entity with limited liability protection for the owners, you may also likely need a written memorandum of organizational meeting, or to hold such a meeting and prepare notes from the meeting. Your formation documents are limited to a maximum of 10 pages.
•Negotiate the purchase contract for the manufacturing facility.
the type of entity chosen and why, your entity’s name, your entity’s business purpose, a hierarchy of ownership, management and control appropriate to the selected type of organization, negotiations between the parties, excerpts from the negotiated written agreement consummating the transaction.