Limited partnership that owned rental property

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Caton Avenue Associates was a limited partnership that owned rental property. Caton paid Theodore Dalmazio, one of the general partners, a management fee to manage the property. Dalmazio paid his employees with Caton's money. Dalmazio billed Caton for services that are normally performed by other property management firms at no cost and also billed Caton at an hourly rate for work that is normally billed to the rental unit. Alfred Friedman and the other limited partners filed a suit on Caton's behalf against Dalmazio and the other general partner to recover the improper billings as damages. Assume that you are the judge in the trial court hearing this lawsuit. How would you rule in this case, and what reasoning would you use to justify your decision? Please discuss fully...

Reference no: EM131276834

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Limited partnership that owned rental property : Caton Avenue Associates was a limited partnership that owned rental property. Caton paid Theodore Dalmazio, one of the general partners, a management fee to manage the property. Dalmazio paid his employees with Caton's money. Assume that you are the ..

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