Judith Carpenter was an experienced businesswoman and served on the board of directors of a bank. In

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Judith Carpenter was an experienced businesswoman and served on the board of directors of a bank. In 1984, Carpenter invested in Briargate Homes, a business that owned several condominiums. She believed that Briargate was a limited partnership and that she was a limited partner. In fact, Briargate was a partnership and she was a general partner. No attempt had been made to comply with the North Carolina limited partnership statute. By 1987, Carpenter had possession of documents stating that Briargate was a partnership and she a partner. As an owner of condominiums, the partnership was liable to the condominium association for assessments for maintenance, repairs, and replacement of common areas in the complex. In 1988, the partnership failed to pay $ 85,000 in assessments. The partnership and its partners were sued by the condominium association. May Carpenter escape liability on the assessment because she thought she was a limited partner?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-0071317658

15th edition

Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt

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