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Partnerships excon 02/06/06

    Hello:

    If Herb and Steve are equal partners in a general partnership, and then Herb (with authorization from Steve and on behalf of the partnership) negotiates a general partnership with Jackie (with equal shares), would that make Steve and Jackie partners?

    What if Jackie and Herb are general partners first, and then Herb negotiates a deal with Steve?

    Would it make a difference which partnership came into existance first?

    excon

      Clarification/Follow-up by excon on 02/06/06 5:06 am:

      Hello again:

      More specificity was needed:

      Ok, here's the deal. I guess it's more complicated than I first lead on. Herb and Jackie formed a partnership first - Herb 49%, Jackie 51%. This partnership was never formalized.

      Subsequent to that, Herb and Steve formally formed a partnership (50/50 of Herb's 49%) specifically to work with Jackie, and with the full knowledge of Jackie.

      In exchange for their 49%, HS associates transferred assets to Jackie. If fact, they were STEVE'S assets primarily. Then she "fired" Steve and kept the assets claiming that she had no partnership with Steve. She also claims that Steve wasn't her employee, nor her contractor either.

      Steve has won a default judgment against Herb, but he's judgment proof. Is Steve going to win against Jackie. If he does, can he collect ALL of it from Jackie?

      Ok, that's it.

      excon

      Clarification/Follow-up by Bishop_Chuck on 02/19/06 7:07 pm:
      Taking contract law excon??

      reminds me of first year law school stuff.

      Clarification/Follow-up by excon on 02/19/06 8:46 pm:

      Thanks, Padre.

      No, I'm Steve, and I'm suing Jackie. Will I win? My entire future is at stake.

      excon

 
Summary of Answers Received Answered On Answered By Average Rating
1. Hope it is not over a drug empire. Just joking on that but ...
 02/19/06 Bishop_ChuckExcellent or Above Average Answer
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