The Logan Wright Foundation (LWF), an Oklahoma corporation, was a partner in a partnership formed to operate

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The Logan Wright Foundation (LWF), an Oklahoma corporation, was a partner in a partnership formed to operate two Sonic Drive-In restaurants. LWF argued that it was not responsible for Sonic’s taxes because LWF was merely a limited partner, with limited liability to the partnership’s creditors, including the IRS. The partnership had never filed a certificate of limited partnership with the secretary of state. Is it a valid limited partnership?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Introduction To Business Law

ISBN: 9780324826999

3rd Edition

Authors: Jeff Rey F. Beatty, Susan S. Samuelson

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