Tryon Medical Services Inc is a corporation in a partnership with Jordan. The sole business of the
Question:
Tryon Medical Services Inc is a corporation in a partnership with Jordan. The sole business of the partnership has been leasing premises that the partnership owns to Elton Medical Clinic. Elton rented the premises for 30 years and then moved out when its lease expired. A real estate agent has advised the partnership that finding another tenant would be extremely difficult, if not impossible, without a very large investment in renovating the premises. Jordan, who is about to retire, does not want to make that investment and thinks that selling the building would be the best strategy. Tryon wants to hold on to the building, make the investment, and try to find a new tenant. The partnership agreement between Tryon and Jordan provides that it cannot be terminated by notice from a partner. Could Jordan get a court order to dissolve the partnership?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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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Managing the Law The Legal Aspects of Doing Business
ISBN: 978-0132164429
4th edition
Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer