Meyer, Nap, and Cavanna establish a partnership to operate a window washing service. Meyer contributes $10,000 to the partnership, and Nap and Cavanna contribute $1000 each. The partnership agreement is silent as to how profits and losses will be shared. One month after the partnership begins operation, Nap and Cavanna vote, over Meyer's objection, to purchase another truck for the firm. Meyer believes that because he contributed $10,000, the partnership cannot make any major commitment to purchase over his objection. In addition, Meyer claims that in absence of any provision in the agreement, profits must be divided in the same ratio as capital contributions
2007-09-18 05:06:22 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
if they are 50 - 50 partners then they can do what they want even if they didnt put in as much money.
2007-09-18 05:10:37 · answer #1 · answered by Stephanie 7 · 0⤊ 0⤋
If they are a "partnership" then things must be devided equally, and if voted against, regardless of the contributions, the one can be decided against or even done away with.
When you give your money to something then that's a risk you are willing to take; losing it.
Next time write up a specific contract that you are willing to live with and also not willing to budge from and see if the others are willing to sign and date it and get it notarized, otherwise, no matter the money put in, you're on the same level as the other partners.
2007-09-18 12:11:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Try the Homework section of Yahoo Answers. If you do your own homework, you will learn how to write a contract in business partnerships.
2007-09-18 12:27:13 · answer #3 · answered by sensible_man 7 · 1⤊ 0⤋
Meyer's right.
Now start paying attention in school.
2007-09-18 12:10:29 · answer #4 · answered by Ricky T 6 · 0⤊ 0⤋
This is not a homework forum. Why don't you use your own brain?
2007-09-18 12:09:11 · answer #5 · answered by Flatpaw 7 · 0⤊ 1⤋