Reference no: EM13845284
Byron Bennett and Louis Gagliardi were partners in a law practice. Under their partnership agreement, Gagliardi received 60 percent of partnership profits and Bennett received 40 percent. When Gagliardi died, Bennett continued to practice law at the partnership location in Philadelphia, Pennsylvania. While winding up partnership cases, Bennett commingled (mixed) all of the revenue generated from partnership case files with his own personal funds. In addition, he spent all but approximately $2,000 of the partnership's revenue for personal and other nonpartnership purposes. Bennett expended 563 hours and incurred costs of $2,900 in winding up the partnership cases. Bennett paid $750 to a CPA (an accountant) for preparation of the partnership's 2008 tax return. He spent 73 hours and paid $618 to produce the accountings of the partnership's affairs.
Discuss the following in your first discussion post:
1. Did Mr. Bennett do anything wrong? (Discuss this in terms of Bennett's fiduciary duties to his former partner and to the partnership. Discuss which duties Bennett may have violated.)
Discuss the following in follow-on discussion posts:
1. Was Bennett entitled to compensation for his time spent winding up partnership cases after his partner's death? If so, how much?
2. Was Bennett entitled to reimbursement of his expenses in winding up? If so, how much?
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