Law
...of partnership implicit in the UPA's definition,
i. A sharing of profit or losses
ii. A joint ownership of the business
iii. An equal right in the management of the business
Eugene and Marlowe agreed to split all profits on an equal basis, therefore they satisfied element number one. They were both working on the farm as partners therefore they satisfied element number two and three therefore it is a partnership. When Eugene withdrew $7200 from the partnership account half of that money was also Marlowe's therefore whatever he brought with that money was also half Marlowe's. The courts will decide that the business Eugene started was in fact a partnership.
2. A Fiduciary duty imposes a responsibility on each partner to act in utmost good faith for the benefit of the partnership. When Weisglass and Koeing dissolved the partnership and formed their own partnership they breached the fiduciary duty of utmost good faith for the benefit of the partnership they owed to Dunay. Therefore Dunay would win the case on the basis of breach of fiduciary duties.
3. When Allen and Newsome got the articles of incorporation designating them as directors of Newsome Carpet Inc. were filed in the office of the secretary of state they became a corporation and no longer a partnership therefore Allen and Newsome can not be personally liable as long as the debt occurred when they were a corporation and not when they were still a partnership. If the dept occurred when they were still a partnership they can be held personally liable.
8. A partnership's assets are distributed according to the following priorities:
i. payment of third party debts
ii. refund of any loans made to of for the firm by a partner
iii. return to the partner's capital contributions
iv. distribution of the balance if any to the partners in accordance with the relative properties of their respective...
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