Q: Jones and Ray formed a partnership on January 1, known as
Jones and Ray formed a partnership on January 1, known as JR Construction Co., to engage in the construction business, each partner owning a one-half interest. On February 10, while conducting partner...
See AnswerQ: Lauren, Matthew, and Susan form a partnership, Lauren contributing
Lauren, Matthew, and Susan form a partnership, Lauren contributing $100,000; Matthew $50,000; and Susan her time and skill. Nothing is said regarding the division of profits. The firm later dissolves....
See AnswerQ: Adams, a consulting engineer, entered into a partnership with three
Adams, a consulting engineer, entered into a partnership with three others for the practice of their profession. The only written partnership agreement is a brief document specifying that Adams is ent...
See AnswerQ: Charles and Jack orally agreed to become partners in a tool and
Charles and Jack orally agreed to become partners in a tool and die business. Charles, who had experience in tool and die work, was to operate the business. Jack was to take no active part but was to...
See AnswerQ: Glenn refuses an invitation to become a partner of Dorothy and Cynthia
Glenn refuses an invitation to become a partner of Dorothy and Cynthia in a retail grocery business. Nevertheless, Dorothy inserts an advertisement in the local newspaper representing Glenn as their p...
See AnswerQ: The plaintiff contracted with the defendant to deliver liquid nitrogen to the
The plaintiff contracted with the defendant to deliver liquid nitrogen to the defendant’s oil refinery production facility located in Belle Chase, Louisiana. The defendant uses liquid nitrogen to ensu...
See AnswerQ: John Palmer and Henry Morrison formed the limited partnership of Palmer &
John Palmer and Henry Morrison formed the limited partnership of Palmer & Morrison for the management of the Huntington Hotel. The limited partnership agreement provided that Palmer would contribute $...
See AnswerQ: A limited partnership was formed consisting of Webster as the general partner
A limited partnership was formed consisting of Webster as the general partner and Stevens and Stewart as the limited partners. The limited partnership was organized in strict compliance with the limit...
See AnswerQ: Fox, Dodge, and Gilbey agreed to become limited partners in
Fox, Dodge, and Gilbey agreed to become limited partners in Palatine Ventures, a limited partnership. In a signed writing each agreed to contribute $20,000. Fox’s contribution consisted entirely of ca...
See AnswerQ: Madison and Tilson agree to form a limited partnership with Madison as
Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 as capital. No papers are ever filed, and after ten...
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