Question
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
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. Additionally, assume Aphrodite was employed as the HR manager at the corporate headquarters.During the time Poseidon provided supplies to The Olympians, it knew that Aphrodite was the office manager.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)?
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