BUSINESSLAW CHAPTER 42 - Business Law

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MARCH 2009 BUSINESS LAW CHAPTER 42 DEBRA BARONE ANSWERS TO QUESTIONS AND CASE PROBLEMS 1. No, she is not correct. If a partnership is liquidated, the creditors need to be paid first and then any contributions made by partners. Since Linda was a contributing partner, her estate, along with Ray get the proceeds. Nancy would get nothing UNLESS there was a surplus. 2. No, he is not correct. He is only an assignee and can receive only a partner’s share of the business and any assignor’s interest on dissolution. Assignees have no rights to manage or inspect the books of a business. However, an assignee can become a partner if the other partners agree to it. 3. No, they are not correct. Since they bought from Children’s Apparel while they were only partners and before incorporating and gave no notice of such, they are liable. 4. The court found in favor of Rudi. The building was part of the partnership even though it had now dissolved. Also Johnson was in breach by taking Rudi off of the insurance policy without notice. Since there was an equal share in the
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This note was uploaded on 04/22/2011 for the course FINANCE BUSINESS L taught by Professor Daviddubois during the Spring '09 term at SUNY Empire State.

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BUSINESSLAW CHAPTER 42 - Business Law

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