Question
You are very wealthy and have many successful businesses. One of those successful businesses is Restoral. This business restores historic buildings. You entered a partnership
You are very wealthy and have many successful businesses. One of those successful businesses is Restoral. This business restores historic buildings. You entered a partnership with Clint Lenning to form Restoral. Clint does not have any resources. From what you understand, he is in poor financial shape. You were willing to take a risk and partner with him because of the wealth of knowledge and experience he has with historic buildings. It was a very good decision as partnering with Clint has proven to help the business tremendously. The business is growing but much of the initial financing was used for promoting Restoral.
While driving on partnership business, Clint crashes into Rama, seriously injuring him. You were 2,000 miles away on vacation on a Caribbean island when the accident occurred and had cautioned Clint many times to drive carefully. (You had been in the car with him multiple times and were not impressed with his careless driving.) Rama brings a tort action for damages. Restoral has few assets at this point. You think you know how this will work but you want confirmation from an attorney.
Who will Rama be able to name as defendants?
What will happen if the partnership has no assets? (Will you & Clint will be equally responsible for the loss?)
What recommendation would a good lawyer give in this circumstance?
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