Business of building contractors in partnership

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Reference no: EM1320728

Mark, Matthew and Margaret carried on the business of building contractors in partnership without a written partnership agreement. Mark was the founder of the business and still managed it. The success of the firm had been due throughout its existence to the capacity and personal qualities of Mark, who financed it and skillfully ran it. Matthew and Margaret really did nothing except they had invested some money when the business was started. By oral agreement, each partner had the right to periodically draw such sums from the profits of the firm as were necessary for his or her living expenses, such withdrawals to approximate the proportionate interest of each partner. There was no other express agreement concerning the sharing of profits.

Mark, without the knowledge of Matthew and Margaret, invested excess funds of the firm in property entirely unrelated to the business of the firm, the profits of which he claimed for himself. These investments in no way interfered with the operations of the firm's business, and he eventually replaced the funds he had taken.

What are Matthew and Margaret's rights?

Reference no: EM1320728

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