Oren and Jenna carry on their business of buying and selling real estate as a partnership. Each
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Oren and Jenna carry on their business of buying and selling real estate as a partnership. Each is entitled to 50 percent of the profits from the business. Oren bought and sold a parcel of real estate in the name of the partnership without Jenna's permission or knowledge. Oren took for himself the full amount of the profits from the sale ($100 000). Is there a legal basis for Jenna to claim compensation from Oren? If so, how much is she entitled to receive?
PartnershipA 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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Managing the Law The Legal Aspects of Doing Business
ISBN: 978-0133847154
5th edition
Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer
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