Wall Street Technology Partners, LP, was a limited partnership, operating under a 2000 limited partnership agreement. Limited
Question:
Wall Street Technology Partners, LP, was a limited partnership, operating under a 2000 limited partnership agreement. Limited partners made capital contributions on joining the partnership. Under the agreement, they were obligated to make additional contributions as needed, when requested by the general partner. In December 2002, a capital call was sent to the limited partners, but they failed to respond. Wall Street brought an action to compel them to pay. They claimed that they had been promised that such contributions would not be required. Should they be compelled to pay? Why or why not? [Wall Street Technology Partners, LP, v. Kanders, ___ A.2d ___ (Conn.Super. 2010)]
PartnershipA 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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Business Law Text and Cases
ISBN: 978-1111929954
12th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Frank B. Cross