Part 9- Partnerships, Chapter 37: Introduction to Forms of Business, Doc 6 | Indiana University Bloomington - Edubirdie

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Indiana University Bloomington
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Financial and Managerial Accounting: Information for Decisions - John J. Wild
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2024
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2
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Analysis of Case Scenarios on Partnerships and Business Ownership 7. Joint Office Space: Lawler and Claydon    Issue: Can sharing office space and using joint branding create partnership liability? Risk: High. The use of a joint name ("Claydon and Lawler"), shared stationery, and verbal identification as "partners" may lead to a purported partnership under RUPA. Both could be held liable for contracts or torts if third parties relied on their representations of a partnership. Recommendation: They should clarify their separate practices through disclaimers and avoid using joint branding to limit liability exposure. 8. Ownership of Intellectual Property in LLP   Facts: Allen’s software will be used by the LLP, requiring regular updates. Suggestion: o Ownership and Licensing: Allen should license the software to the LLP, detailing use terms, updates, and ownership retention. o Protection in LLP Agreement: Include clauses specifying that the software remains Allen’s separate property, and outline how its improvements or derivatives created during the LLP’s operation will be handled. 9. Ownership of Ranch in Partnership Dissolution    Facts: Steve contributed his ranch to the partnership but later deeded it to Mike for loan benefits. The ranch was still treated as partnership property operationally. Analysis: The ranch remains a partnership asset, despite the deed transfer to Mike, as: o No financial exchange occurred. o The ranch was used and managed as partnership property. Outcome: The court likely views the ranch as a partnership asset, subject to distribution upon dissolution. 10. Condominium Project Partnership   Facts: Yan and Fu agreed to share proceeds based on ownership (75% Yan, 25% Fu). Fu later assigned his interest to Suen. Outcome: o Suen is entitled to Fu’s 25% share of the sale proceeds ($2.3 million * 25% = $575,000) as per the original agreement. o Key Point: Assigning a partner’s interest transfers financial rights but not management rights unless explicitly agreed. Legal Research on RUPA Adoption To check if your state has adopted the Revised Uniform Partnership Act (RUPA): 1. Visit the Uniform Law Commission. 2. Navigate to the Acts section and select Revised Uniform Partnership Act (RUPA). 3. Use the Legislative Fact Sheet to find adoption status in your state. This provides insights into whether RUPA governs partnerships in your jurisdiction.

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