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ASSIGNMENT 1.In January, Dr. Vidricksen contributed $250,000 to become a limited partner in a Chevrolet car agency business with Thom, the general partner. Articles of limited partnership were drawn up, but no effort was made to comply with the State’s statutory requirement of recording the certificate of limited partnership. In March, Vidricksen learned that because […]
ASSIGNMENT Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loaned the partnership $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the partnership is dissolved, at which time it owes […]
ASSIGNMENT John Palmer and Henry Morrison formed the limited partnership of Palmer & Morrison for the management of the Huntington Hotel and filed an appropriate certificate in compliance with the limited partnership statute. The limited partnership agreement provided that Palmer would contribute $400,000 and be a general partner and that Morrison would contribute $300,000 and […]
Limited Partnerships and Limited Liability Companies. Distinguish between a general partnership and a limited partnership.• Identify those activities in which a limited partner may engage without forfeiting limited liability.• Distinguish between a limited partnership and a limited liability company.• Distinguish between a member-managed limited liability company and a manager-managed limited liability company.• Distinguish between a […]
ASSIGNMENT Stroud and Freeman are general partners in Stroud’s Food Center, a grocery store. Nothing in the articles of partnership restricts the power or authority of either partner to act in respect to the ordinary business of the Food Center. In November, however, Stroud informed National Biscuit that he would not be personally responsible for […]
TASK Horizon—a large, publicly traded provider of both nursing homes and management for nursing homes—wanted to expand into Osceola County, Florida. Southern Oaks was already operating in Osceola County; it owned the Southern Oaks Health Care Center and had a Certificate of Need issued by the Florida Agency for Health Care Administration for a new […]
TASK 15. Adam, Stanley, and Rosalind formed a partnership in State X to distribute beer and wine. Their agreement provided that the partnership would continue until December 31, 2020. Which of the following events would cause the ABC partnership to dissolve? If so, when would the partnership be dissolved?a. Rosalind assigns her interest in the […]
ASSIGNMENT Martin, Mark, and Marvin formed a retail clothing partnership named M Clothiers and conducted a business for many years, buying most of their clothing from Hill, a wholesaler. On January 15, Marvin retired from the business, but Martin and Mark decided to continue it.As part of the retirement agreement, Martin and Mark agreed in […]
ASSIGNMENT What is the extent of Muir’s personal liability and the personal liability of Jones and Ray as to (a) the judgment obtained by Ware and (b) the debt owing to XYZ Bank? 6. Lauren, Matthew, and Susan form a partnership, with Lauren contributing $100,000, Matthew contributing $50,000, and Susan contributing her time and skill. […]
TASK Albert, Betty, and Carol own and operate the Roy Lumber Company. Each contributed one-third of the capital, and they share equally in the profits and losses.Their partnership agreement provides that two partners must authorize all purchases over $2,500 in advance and that only Albert is authorized to draw checks. Unknown to Albert or Carol, […]
