Question

(Business Law)

Seth runs David's Connecticut farm while David works as a stockbroker in New York City. Twice a year, David asks Seth for an accounting. Explain Seth's duty to provide an accounting.

Answer 1

Seth has to provide all the accounting transactions to David. He should provide following accounting information:

1. Expense that has been done on the maintenance of farm including cleaning, paint, supervision etc.
2. Seth has to provide the income that has been done from the farm by renting it out or organizing any event by third party.
3. Seth has to provide any monetary transaction, if happened with respect to farm, to David.
4. Seth has to provide the balance (If any) of money, given by David for maintenance of farm.
5. He should also ask for the money if he has spent on farm.