Read the following questions (3 in total) and answer – BUSINESS LAW

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Quality Car & Truck Leasing, Inc. v. Sark

Michael Sark operated a logging business as a sole proprietorship. To acquire equipment for the business, Sark (and his wife, Paula) borrowed money from Quality Car & Truck Leasing, Inc. When the business encountered financial difficulties, Sark became unable to pay his creditors, including Quality. The Sarks sold their house (valued at $203,500) to their son Michael Jr. for one dollar but continued to live in it. Three months later, Quality obtained a judgment against the Sarks for $150,481.85 and then filed a claim to set aside the transfer of the house to Michael Jr. as a fraudulent conveyance. The court issued a decision in Quality’s favor. The Sarks appealed, arguing that they were not actually Quality’s debtors.

A state intermediate appellate court affirmed. The Sarks “are clearly judgment debtors to Quality Leasing and the judgment has not been satisfied.”

Please answer the following questions:

  1. What advantages and disadvantages are associated with the sole proprietorship?
  2. What might the Sarks have done to avoid this dispute, as well as the loss of their home and their apparently declining business?
  3. Why did the Sarks take the unethical step of fraudulently conveying their home to their son? What should they have done instead?

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