Explain whether the creditors will prevail

Assignment Help Business Law and Ethics

Reference no: EM131389260

Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 as capital. No papers are ever filed, and after ten months the enterprise fails with liabilities exceeding assets by $30,000.

Creditors of the partnership seek to hold Madison and Tilson personally liable for the $30,000. Explain whether the creditors will prevail.

Reference no: EM131389260

Questions Cloud

Write a response about the given post : You are the Refinery Emergency Response Coordinator for an incident at the SJV Refinery which has been in operation since 1966. The refinery processes 120,000 bbls of crude oil per day, which has a sulfur content of 2.5 percent. The refinery conve..

Attention interest desire and action elements : Find an advertisement (hard copy or electronic), indicate the Attention Interest Desire and Action elements. Present in class. Define the Feature Function and Benefit for your product or service.

Discuss the specific nature of company you will be auditing : Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Owner's Equity accounts and cycles.

What liability if any do fox have : If Palatine Ventures had been formed as a limited liability company (LLC) with Fox, Dodge, and Gilbey as members, what liability, if any, would Fox, Dodge, and Gilbey have to the LLC by way of capital contribution?

Explain whether the creditors will prevail : Creditors of the partnership seek to hold Madison and Tilson personally liable for the $30,000. Explain whether the creditors will prevail.

Design a mealy state diagram for a digital lock : When any out-of-sequence use of the A push-button occurs, an output is asserted that rings a bell to warn that the lock is being tampered with.

Discuss fcpa as it governs barringtons foreign operations : Combine both of these acts into the new AIS for both the domestic and foreign operations of Barrington. Discuss the FCPA as it governs Barrington's foreign operations.

Prepares monthly- quarterly and annual reports : Develops, implements, and manages the Injury/Illness Prevention Program and directs and coordinates the participation of departments within that program; creates or modifies safety policies and updates the Safety Manual as needed. Updates the orga..

Is petragallo an independent contractor : Western claims that because Petragallo is an independent contractor and was never its employee, it is not liable for Petragallo's acts in causing Jaeger's injuries. Is Petragallo an independent contractor? Explain.

User Account

All Pages