Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PARTNERSHIP Facts: A, B, C formed Partnership ABC intended to engage in a manufacturing business where A contributed a piece of land with building in

image text in transcribed
PARTNERSHIP Facts: A, B, C formed Partnership ABC intended to engage in a manufacturing business where A contributed a piece of land with building in it, B contributed 5,000,000 and C, his industry. Questions to be resolved: 1.) In what form should the partnership's agreement be constituted? What are the important declarations in this agreement? 2.) In case any of the partner wants to venture into another business endeavor, can he do so? What are allowed? What are the restrictions? 3.) Assuming D, a third party wants to join the partnership, can he validly join? What are the conditions? What are the restrictions? Why are these restrictions and conditions imposed? 4.) Assuming D was admitted only by B to help build his promised capitalization, what are the rights of D? 5.) Assuming the parties realized continued losses, can C be charged of the Loss? State your reason. 6.) If C was designated as the managing partner, can he be removed? Discuss your answer. 7.) Assuming all of the partnership's assets were already exhausted, but there is still remaining liability, can the third person ran after C? State your reason. 8.) Discuss the concept of Solidarity in partnership and cite 5 indicators of this concept

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

3rd Edition

9780078025525, 9780077517359, 77517350, 978-0077398194

Students also viewed these Law questions