Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Case study (2000 words) Alan, Bilal and Chen have been partners in an online jewellery business for several years - BestSilver. They do not have
Case study (2000 words) Alan, Bilal and Chen have been partners in an online jewellery business for several years - BestSilver. They do not have a partnership agreement, as they were keen to start their business and avoid the paperwork. Alan has been so busy marketing their jewellery and making the deliveries that he has not seen the books for over a year. He has had some new personal expenses arise, so he wants to see his share of the profits will be larger this year as it seems to have been a good year. Alan looks for the accounts and is surprised that there are no financial records that make any sense. Indeed, while it appeared that the partnership had done very well in the last year, Bilal has taken most of the money that the partnership has made for himself, leaving the business in dire straits. Alan decides to have a discussion with Chen about what he has discovered. Alan finds Chen at her house, and to his great surprise, discovers boxes of jewellery in her garage and a computer with the website BuyBetterSilver open which Chen is apparently running. Alan is distraught and comes to you for legal advice. Advise Alan what his rights are against his partners including the fiduciary duties that his partners owe him, and his right to capital and profits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started