Limited partnership and properly formed limited partnership

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Reference no: EM133615759

Question

You practice in a state that has adopted RULPA. Sally Screwup comes into your office and presents the following set of facts. Her cousin, Jack, told Sally that he was going to form a limited partnership and that it was going to be wonderful. He invested $95,000 and convinced her to invest $5,000. There were no other parties or partners, and Jack told her not to worry about anything else, as she would thereafter be a limited partner and would not have to concern herself with either management or liability issues. Sally was surprised, therefore, when she found out, two months later, that Jack had never filed any certificate of limited partnership with the Secretary of State. She ordered Jack to remedy the mistake, threatening to withdraw her investment, and Jack said he would. Sally was again surprised, then, when she got sued by a bank that had lent $100,000 to what it claims was a partnership between Jack and Sally. Assume that Sally and Jack have been able to overcome the claims of the bank, have filed a certificate of limited partnership and properly formed a limited partnership, and have, against all odds, begun making a lot of money.

Reference no: EM133615759

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