Reference no: EM131389327
Adams, a consulting engineer, entered into a partnership with three others for the practice of their profession. The only written partnership agreement is a brief document specifying that Adams is entitled to 55 percent of the profits and the others to 15 percent each. The venture is a total failure.
Creditors are pressing for payment, and some have filed suit. The partners cannot agree on a course of action. How many of the partners must agree to achieve each of the following objectives?
a. To add Jones, also an engineer, as a partner, Jones being willing to contribute a substantial amount of new capital.
b. To sell a vacant lot held in the partnership name, which had been acquired as a future office site for the partnership.
c. To move the partnership's offices to less expensive quarters.
d. To demand a formal accounting.
e. To dissolve the partnership.
f. To agree to submit certain disputed claims to arbitration, which Adams believes will prove less expensive than litigation.
g. To sell all of the partnership's personal property, Adams having what he believes to be a good offer for the property from a newly formed engineering firm.
h. To alter the respective interests of the parties in the profits and losses by decreasing Adams's share to 40 percent and increasing the others' shares accordingly.
i. To assign all the partnership's assets to a bank in trust for the benefit of creditors, hoping to work out satisfactory arrangements without filing for bankruptcy.
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