Question
Assume a jurisdiction in which the 2001 Uniform Limited Partnership Act applies.The Olympians Limited Partnership has one general partner and two limited partners.The general partner
Assume a jurisdiction in which the 2001 Uniform Limited Partnership Act applies.The Olympians Limited Partnership has one general partner and two limited partners.The general partner is Zeus and one of the limited partners is Aphrodite.The Olympians produces high-end furniture. It owes $20,000 to Poseidon's Supply Company for supplies delivered to the partnership on credit.Business has been very slow, so The Olympians is unable to pay many of its bills, including the $20,000 owed to Poseidon.To make matters worse, Zeus has announced that he may file for bankruptcy because he is insolvent.Poseidon considers suing Aphrodite for the $20,000 that The Olympians owes to him.Given these additional facts, can Poseidon recover the $20,000 from Aphrodite under ULPA (2001)? What would happen under the Revised Uniform Limited Partnership Act (RULPA)?
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