Dan, Kaye and Umi are general partners in a merchandising firm. Having contributed equal amounts to the capital, they also agree on equal distribution of whatever net profit was realized per fiscal period. After two years of operation, however, Umi conveys her whole interest in the partnership to Jessie, without the knowledge and consent of Dan and Kaye. Can Jessie participate in the management of the partnership? What is the right of Jessie with respect to the distribution of a net profit of 360,000 pesos which was realized after the purchase of Umi’s interest
Dan, Kaye and Umi are general partners in a merchandising firm. Having contributed equal amounts to the capital, they also agree on equal distribution of whatever net profit was realized per fiscal period. After two years of operation, however, Umi conveys her whole interest in the partnership to Jessie, without the knowledge and consent of Dan and Kaye. Can Jessie participate in the management of the partnership? What is the right of Jessie with respect to the distribution of a net profit of 360,000 pesos which was realized after the purchase of Umi’s interest
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 51P
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Dan, Kaye and Umi are general partners in a merchandising firm. Having contributed equal amounts to the capital, they also agree on equal distribution of whatever net profit was realized per fiscal period. After two years of operation, however, Umi conveys her whole interest in the
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT