In January, Dr. Vidricksen contributed $250,000 to become a limited partner in a Chevrolet car agency business with Thom, the general partner. Articles of limited partnership were drawn up, but no effort was made to comply with the State’s statutory requirement of recording the certificate of limited partnership. In March, Vidricksen learned that because of the failure to file, he might not have formed a limited partnership. At this time, the business developed financial difficulties and went into bankruptcy on September 1. Eight days later, Vidricksen filed a renunciation of the business’s profits. Is Dr. Vidricksen a general partner? Why or why not?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
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In January, Dr. Vidricksen contributed $250,000 to become a limited partner in a Chevrolet car agency business with Thom, the general partner. Articles of limited partnership were drawn up, but no effort was made to comply with the State’s statutory requirement of recording the certificate of limited partnership. In March, Vidricksen learned that because of the failure to file, he might not have formed a limited partnership. At this time, the business developed financial difficulties and went into bankruptcy on September 1. Eight days later, Vidricksen filed a renunciation of the business’s profits. Is Dr. Vidricksen a general partner? Why or why not?

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