Question

Joe entered into partnership with two others in the establishment of a real estate sales agency. The other two, Sam and Harry, had considerable experience in the real estate business but no money. Joe, on the other hand, had his own home and several significant assets, and although he didn't have any experience in the real estate business, his monetary contribution made him an equal partner with Sam and Harry. Unfortunately, Harry misused some trust funds that had come into his care as a result of business, investing it in the business of one of his sons rather than an interest-bearing account. The business of the son went sour and the money was lost. The client sued Harry, Sam, and Joe.

a) Identify and explain the type of partnership involved and the liabilities of Harry, Sam, and Joe.

Amanda and Florence decided to form a partnership for selling gourmet picnic baskets. To raise sufficient capital, they convinced their mothers to invest $5000 each as limited partners. Amanda's mother was an experienced restaurateur and watched the business with great interest. On several occasions, she advised them on the business and contacted old business associates to buy surplus stock. She even filled in taking orders in the office when needed. A customer who was made ill by contaminated food from a tin can supplied in one basket sued.

b) Identify the nature of the partnership and explain the liability, if any, of the mothers?

Answer 1

Answer:-

A)

Right now customer is correct, if all the accomplices are equivalent all ought to be paying similarly for similar outcomes in light of the fact that for customers if doesn't make a difference where the cash is no more.

The duty ofeveryone right now and resources must be similarly disseminated among their affiliation and notmeant to be utilized for their own issues. They all must be faithful to one another and their association.

The advancement ofpartnership: controls under Tenancy in like manner, Joint the totals , joint property , normal property or part possession does notby itselfestablish an association, regardless of whether the co-proprietors share benefits made by the utilization ofthe property.

B)

Right now bought nourishment from eatery. There are numerous circumstances thatcan happen like iftherestaurantis packingfood themselves then they are subject for it.

They are at risk regardless of whether they are buying from others.

In the event that the date of tin can terminated, at that point likewise restaurantis capable. Perhaps the tin can is spoiled inside on the grounds that ofstoring surplus stock.

The nature of partnership is Admission without commitment or partn ership intrigue.

Every individual must be conceded as an accomplice to an association shaped ofthis title and may get an organization enthusiasm for the organization without making an installment to the association as indicated by this nature. Every individual to be conceded as an accomplice to an association framed under perhaps conceded as an accomplice without gaining a monetary enthusiasm for the organization. Nothing contained right now influence an accomplice's obligation.

Amanda and Florence need to hold up under the outcomes as the obstruction of mother influenced the business.

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