Question
Hugh, Paul, and Veronica are partners in a three-partner law firm.Their LLP agreement provides for the following profits and loss split: 60% to Hugh, 30%
Hugh, Paul, and Veronica are partners in a three-partner law firm.Their LLP agreement provides for the following profits and loss split: 60% to Hugh, 30% to Paul, 10% to Veronica.The bare bones LLP agreement is otherwise silent.Their landlord offers to sell them the small office building out of which they operate.What vote will be required to accept the offer?
a. Hugh and Paul together (and only Hugh and Paul together) can vote to accept the offer.
b. Hugh alone can accept the offer.
c. Any two of the three partners can vote to accept the offer.
d. Unanimity is required to accept the offer.
After graduating from law school, Anastasia goes to work for a law firm.Several months later, Anastasia's uncle contacts her with a request to handle the closing on a sale of land.
Anastasia explains that she is obligated to work through her firm, but her uncle refuses to engage her firm, wanting to engage her personally.Anastasia relents.
Anastasia spends roughly five hours prepping for and attending the closing, which goes well.Three weeks later, she receives a check for $1,000 and a note that says, "Dear Anastasia, thank you for the help.Love, your uncle."
Did Anastasia violate any duty she owes to her law firm?
a. Yes, the duty of care.
b. No, she did not breach any duty.
c. Yes, the duty of loyalty.
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