Adams and Baker formed a general partnership to establish a stock farm to raise quarter-horses...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Adams and Baker formed a general partnership to establish a stock farm to raise quarter-horses for sale. They acquired a herd of brood mares for that purpose. Without the knowledge or consent of Baker, Adams sold the entire herd to Lowman, and gambled away the substantial down payment given to Adams by Lowman. After the down payment, the partnership received no further payments from Lowman. Baker refused to surrender the herd to Lowman and Lowman brings a replevin action (an action to obtain possession of the herd) against the partnership, Baker, and Adams.
(a) Discuss and fully explain any and all legal ramifications of the above facts.
(b) Assume the same facts as in question 6(a) hereinabove, except Adams forms a member managed limited liability company (LLC), rather than a partnership. Again, discuss and fully explain any and all legal ramifications of the above facts.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.