What is the liability of nasser and buti for the debts

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Reference no: EM133678611

Assignment:

In 2022, two brothers, Nasser and Buti formed a General Partnership, which they named 'Al Sowaidi and Partners (General Partnership)'. In the Memorandum of Association, the brothers appointed their younger brother, Ahmad, as the manager of the company.

In March 2023, the company entered into an agreement with a Russian entrepreneur, Viktor. According to that agreement, Viktor would join the company as a Silent Partner. Also, the partners agreed that Viktor would share the managerial role with Ahmad given his expertise, as well as be given authority to enter into deals on behalf of the company.

In September 2023, the partners discovered that Ahmad withdrew 50,000 AED from the company's account to finance his luxurious summer holiday in Cyprus. Nasser and Viktor decided to fire Ahmad from his job, but Buti objected to that decision.

In February 2024, Viktor transferred his share in the company to Global Domination LLC, a company in which Viktor is a majority equity shareholder. The other partners signed-off on the transfer.

Answer the following questions with specific reference to relevant Articles of the Commercial Companies Law:

What is the liability of Nasser and Buti for the debts and other financial obligations of their company?
Was the appointment of Ahmad, a non-partner, as a manager of the company in accordance with the law?
What is Victor's liability for debts and other financial obligations of the company (assume the necessary formalities were fulfilled)?
Has Viktor acted in contravention of the law by performing managerial duties and entering into deals on behalf of the company?
Did Ahmad violate any rules by withdrawing the 50,000 AED from the company's account?
Was Ahmad's dismissal lawful and in accordance with the law?
What is the status of Global Domination LLC under the new company structure? Is the transfer of shares considered complete?

Reference no: EM133678611

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